Binance Confirms Restricting Tezos 31e1w Linked on Legal Grounds, Similar Cases Continue to Rise

In a Twitter conversation with Baking Bad, Binance claimed that the entity was aware about the law enforcement request. 4f4y4y

By Radhika Parashar | Updated: 29 August 2022 13:37 IST

Binance Confirms Restricting Tezos-Linked on Legal Grounds, Similar Cases Continue to Rise

Photo Credit: Facebook/ Binance 2s6t5z

Binance has not specified the law enforcement agency that directed it to freeze the corporate

Highlights

Binance had restricted Russia-related s previously
Tezos has not commented on the development
Industry experts suggest people to use self custodial wallets

ment

Owing to requests from the law enforcement agencies, Binance crypto exchange froze access for a Tezos staking rewards auditor named Baking Bad. This corporate had a sum of $1 million (roughly Rs. 8 crore) in the form of Bitcoin, Ether, Polygon, and Tether. Baking Bad, in a thread of tweets claimed that no information was shared by Binance before the crypto exchange decided to restrict access to Baking Bad's . For now, it is also unclear as to which law enforcement agency ordered Binance to take the action. As per Baking Bad's LinkedIn page, the entity claims to be based in Estonia.

In a Twitter conversation with Baking Bad, Binance claimed that the entity was aware about the law enforcement request.

Binance was replying to Baking Bad on a Twitter thread that claimed that its had been sealed shit since July 1 without any explanations and that their balances of over $1 million (roughly Rs 8 crore) were set to zero.

August End Strikes Majority Cryptocurrencies With Losses

Our corporate @binance is blocked since July 1 without any explanations. Today all our balances were set to zero (more than $1M). We have all the materials to begin the investigation and inform the community, but for now just stay away from Binance and @cz_binance #SAFU pic.twitter.com/PpZSBhYpZS
— Baking Bad (@TezosBakingBad) August 25, 2022

The crypto sector, that usually prides itself on giving its community the freedom to access their deposits anytime and from anywhere, has been seeing several cases where exchanges have frozen s, defying the sense of freedom they promise their customers.

In April, the exchange restricted s of Russian nationals and residents so they could not deposit or trade using Binance amid Russia's war with Ukraine.

GameSwift Aims to Build Web 3 Gaming Ecosystem Similar to Steam

Not just Binance, other crypto-related firms have also come into the limelight for restricting access for s.

After Celsius lawyers recently claimed that custody holders may have lost the ownership of their assets, these s have ed forces against the crypto lending firm to get the collective amount of $180 million (roughly Rs. 1,415 crore) in question back.

Celsius filed for bankruptcy earlier in August. The company is trying to retain the funds of custody s who used Celsius for storage, not to put their money to work.

For now it remains unclear how Binance and Baking Bad will handle the situation going further.

Given these back-to-back incidences of s being frozen by exchanges, industry experts have advised crypto community to use self-custodial wallet services or hardware crypto wallets.

This week, we discuss Android 13 on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

links may be automatically generated - see our ethics statement for details.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Tezos

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More