Binance Freezed Users Funds Worth $650,000 – Cryptonks

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As part of the source of wealth check required of cryptocurrency exchanges in order to prevent illegal activities such as money laundering, the largest cryptocurrency exchange in the world, Binance, has frozen customer assets totaling $650,000. This action was taken as part of the regulatory compliance required of cryptocurrency exchanges.

Twitter user CryptoJ0e Tweeted –

“3 days since @binance decided to freeze my withdrawals for a source of wealth check. Over $650k in assets frozen.

Every day I’ve replied, the wait time from compliance team increased from 24 hours, to 36 to 48 hours having completed their stringent KYC” Link to Tweet

After the consumer had waited the requested amount of time, which was initially 24 hours but was subsequently increased to 48 hours, the Binance Customer Support team ceased contacting with the customer.

Same response for the third time:

“Please reply to our email”

After confirming on three separate occasions I didn’t receive any email. And completing the Source of Wealth check, which was the content of the email.

@cz_binance Please come fix your clown exchange” – Link to Tweet

Binance CEO Changpeng Zhao Who Claims to put the Users first by protecting Funds. While users are still facing these kinds of Inconvenience With their funds.

Spread the word about this information around the greater cryptocurrency community in order to bring more attention to the problems associated with centralized cryptocurrency exchanges.