Baking Bad tweets “Our corporate binance account is blocked since July 1 without any explanations. Today all our balances were set to zero (more than $1M).”
Crypto exchange platform Binance restricts access to Tezos tool contributor Baking Bad’s account and sets its crypto assets worth $1M to zero over a law enforcement request. Moreover, it accuses Baking Bad of misleading the community with its false claims.
Baking Bad, the developer of blockchain explorers and DeFi products, revealed on Twitter that Binance had frozen its account without providing any explanation despite sending five support requests through Binance’s LE support forms.
The Tezos contributor further stated that the crypto exchange set its Ethereum (ETH), Bitcoin (BTC), Polygon (MATIC), and other crypto assets to zero.
Furthermore, Baking Bad advised the community to stay away from Binance, citing that the platform is unsafe as it zeroed Baking Bad’s funds without a court ruling and claimed that the Tezos ecosystem contributor possessed enough materials to launch an investigation on Binance.
In response, Binance claimed Baking Bad’s account was frozen due to a law enforcement request and that the Binance team had informed Baking Bad about the same three times through its “support chat system on 7/6, 7/12, and 7/22.”
“There is a process to contest the seizure with the agency should [Baking Bad] wish to pursue that path. But that is done through the agency, Binance has zero control over that process.”
Lastly, Binance refused to disclose the name of the law enforcement agency, stating that the exchange platform had provided Baking Bad with a means to contact said law enforcement firm over a month ago.
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