Cryptocurrency exchange Binance has purportedly blocked 1,200 BTC on a user account for more than a month.
$8 Million Worth of BTC Locked In
Almost $8 million worth of BTC has been allegedly locked in a user’s account on Binance – the world’s largest cryptocurrency exchange by means of traded volumes.
According to the user, his account was created and used for arbitrage on the cryptocurrency market and had already reached 3rd level status before the exchange allegedly went on to block it. The owner of the account claims that it has 1,200 Bitcoins on it.
The owner also says that he has other accounts on different exchanges, all of which are operating normally and that he fails to understand the reason for which Binance take these measures.
My accounts on other exchanges are active, so, I’m just wondering for what reasons is Binance holding my money with no rules or reasons for it? – He says.
Questionable Explanations
The user also notes that the cryptocurrency exchange has given him somewhat questionable explanations for the reasons for their actions. Purportedly, the account is locked it has been “reported for fraudulent activities and some malicious hacking operations.” According to Binance’s support team, this has caused “law enforcement” to lock in the account.
However, before that, the user claimed that Binance gave him another reason, briefly summarizing it as “security.” In another Reddit thread, the user explains how he was asked on a Skype call where he had to provide personal information, which he did.
Community members were quick to react, outlining that he has likely fallen for a phishing scam as Binance is not supposed to ask for a user’s Skype contacts, let alone personal information.
What do you think of Binance locking in nearly $8 million in a user’s account? Let us know in the comments below!
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