Binance cryptocurrency exchange freezes user’s wallet holding 1200 Bitcoins

Binance has suspended access to a wallet holding 1200 Bitcoins, worth around $8m…

by Manoj Sharma for CNR

The largest cryptocurrency exchange by trade volume, Binance, has blocked a user from accessing their wallet – that just happens to contain over 1200 Bitcoins!

The wallet owner goes by the Reddit username, skilledguyfx, and they claimed that the decision taken by Binance team was sudden and that the exchange had been evasive in providing the details for the block.

On the subReddit of Binance, the user has commented that he had complied with all the security requirements imposed by the exchange. He stated that despite meeting all the requirements and providing more evidence than necessary, the Binance team has still not activated the account. According to skilledguyfx, Binance has repeatedly changed the reasons for blocking without providing any solutions.

He adds that “I’ve had a long conversation with their representative where I provided all my documents (even more that it was necessary), passed video verification and fund verification as well. During our conversation, they changed the reason for blocking my account a few times, and as a conclusion, it’s still blocked. The first reason was ‘security’ the last one was ‘law enforcement’ which they don’t want to connect me directly with. And you know what, I don’t believe them at all.”

The user has tried communicating his concern via emails on multiple occasions, but the situation has not been resolved. Apparently, Binance has now blocked him from its subReddit, as mentioned in one of his first posts.

Faced with heavy criticism, Binance simply said that authorities are investigating that specific wallet. However; the team refused to reveal the reasons for the investigation or any information about it. Developments are being watched with interest…