Binance CEO responds to a Singaporean Binance user whose account has been suspended
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Binance CEO responds to a Singaporean Binance user whose account has been suspended
We are working on the Arab Bitcoin website to follow up on the encrypted digital currency market, follow up on its merits, and follow what is happening in it constantly, and we are working to complete and supplement the topics in the event of new updates.
We reported last Friday about: User warns… My Binance account has been suspended for this reason!
For the crypto audience to react to what was exposed to this the user He ran into a problem when trying to withdraw his money towards the privacy-focused “Wasabi” wallet that uses the “CoinJoin” service that mixes cryptocurrency transactions.
Read:This digital currency has outperformed Bitcoin in investment returns since the beginning of 2019
As a result, the Binance platform was criticized for stopping the withdrawal of Bitcoin to the Singaporean Binance user, which it argued was part of “risk management.”
The platform notified the user that the withdrawal was suspended because the user made some cryptocurrency withdrawals using the “CoinJoin” mixing service, which is part of the privacy-focused “Wasabi” wallet.
Among the other inquiries made by Binance to this user is the question about the purpose of withdrawing his funds to this wallet.
The Bitcoin blockchain appears public, so transactions can be easily tracked.
Therefore, users resort to using some tools to get more privacy. Among these tools and services is CoinJoin, which is basically a way to obfuscate transactions on the chain.
Trading platforms do not like these tools:
Since Binance Singapore blocked one of its users’ Bitcoin withdrawals due to “risk management”, the community echoed the old saying:
“You don’t have your keys, you don’t have your coins”
Mr. CZ, CEO of Binance, reacted and tried to mitigate the problem by clarifying:
For both KYC and AML procedures, there are specialized service providers that analyze exchanges and regulators.
Read:A South Korean security agency expects more exchange hacks in 2020
In practice, banks ask for information about sources of funds, proof of address, etc.
In the crypto world, there are service providers that analyze transactions across the blockchain and assign different degrees of risk to different transactions.
Read:Binance partners with Orbs to launch DeFi accelerator
Most regulators require trading platforms to use third-party providers.
According to another Binance blog post, CZ says:
We have no choice and people don’t realize it and blame the trading platform.
He also continued by saying:
Users who focus on privacy should use privacy coins and choose the trading platform wisely as there will be risks and laws associated with both regulated as well as unregulated platforms.
Read also:
Binance Invests in FTX Crypto Derivatives Trading Platform
Binance is accused of disabling margin trading when negative news appears
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time