Binance Suspends User Account With Asset Worth $1,000,000

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One of the largest crypto exchanges globally, Binance, has been called out over an alleged case of violation of users’ rights. The allegations stated that a platform user lost access to its million-worth corporate account on the Binance platform.

The suspended corporate cryptocurrency platform had holding and virtual assets worth $1 million before the ban. However, Binance has come out to address the public why the account was suspended on the platform.

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Why Binance Suspended The $1 Million Worth Corporate Account

After the allegation made by a user against the crypto exchange, Binance, the platform came out to refute the claims. The platform cleared the air about the restriction that the users’ account was locked following an order from the authorities.

The exchange platform revealed that the user was being investigated by the authorities, who ordered restrictions on the account. The account belonged to a Tezos (XTZ) tools developer named Bakingbad. The account was locked in July after the order was made.

The developer reached out to the platform, demanding the reason for the restriction. All necessary information and support were given to the user, as he was ordered to settle his scores with the agencies on three different occasions

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“Bakingbad was informed of the restrictions on his account by the authorities but chose to instigate crypto and platform users against the exchange. The restriction happened after order by authorities, probably investigating the account owner, a developer”.

Account Owner Refutes Claim, Accuse The Crypto Exchange 

Following the claims made by the exchange platform, the suspended user, Bakingbad, has denied the platform’s announcement. The user revealed that his Binance account was suspended on the 1st of July, and he lost access to his assets and funds. 

The account owner alleged that Binance gave no information or reason for the action. The exchange customer support was reached out to. However, they gave no reply on three different dates and occasions.

The developer alleged that it did not get any response from the exchange after 20 days of filing a report. Later on, the platform later alleged that the BakingBad account had been moved from the platform until the law agencies ordered otherwise. 

BakingBad alleged that there was no law enforcement agency request sent to Binance. The users revealed that Binance made the decision and decided to restrict him from his million worth account. The suspended account owner warned crypto users to avoid the exchange platform.

However, Binance stated that it provides full support for law authorities when the need arises in a bid to eliminate illicit crypto activities. The exchange also warned the developer to resist damaging its image with groundless rumors being told to the crypto community.

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