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<a href="https://www.coingabbar.com/en/exchanges/binance" rel="noopener noreferrer nofollow">Binance</a>, a major cryptocurrency exchange, has revealed that it has restricted account access to $1 million in cryptocurrency for a Tezos tool contributor after being called out on social media.On Thursday, Binance announced that it had restricted the account of Tezos staking rewards auditor Baking Bad in response to a request from law enforcement. The Tezos contributor claimed that Binance had barred access to its business account holding Bitcoin, Ether, Polygon, Tether, and other tokens without explanation since July 1 — an allegation that Binance denied.“BakingBad is completely aware of Binance’s operations since he was informed of them and provided the LE contact form via our support chat system on the 6th, and 22nd of July,” according to Binance. “Unfortunately, trying to mislead the public about your issue will not make a difference.”The exchange also stated that “Binance, like any other exchange, is compelled to cooperate with such inquiries. There is a procedure in place if you want to contest the seizure with the agency. But that is done through the agency, over which Binance has no influence.”Given that the exchange and its subsidiaries operate in several nations throughout the world, it’s unclear exactly which law enforcement body Binance was referring.Baking Bad’s LinkedIn page revealed that the platform was domiciled in Estonia, where many companies providing crypto-related services were subject to stricter Anti-Money Laundering restrictions beginning in February.Binance has previously adhered to several law enforcement and regulatory authorities that placed restrictions on Russia-based businesses and individuals following the outbreak of the Ukrainian conflict. In February, a representative for Binance stated that the exchange will not arbitrarily freeze the accounts of millions of innocent customers, and CEO Changpeng Zhao stated that the exchange must comply with penalties in the same manner that traditional financial institutions do.In April, the exchange restricted Russian nationals and residents’ accounts, preventing them from depositing or trading using Binance’s spot, futures, and custody wallets, as well as staked and earned deposits. What’s your opinion regarding Binance’s move to restrict users’ and companies’ crypto accounts in Russian?Get the more crypto related updates :-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow"> https://www.coingabbar.com/en/crypto-news-english</a>

Top Cryptocurrency News: Binance froze $1 million corporate account in response to a law enforcement request

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