Crypto Feb 10, 2020

Binance Freezes the Account of a Suspicios Trader

Accounts of Binance users frozen

Ukraine's cyber intelligence unit earlier last week sent out a letter to the operators of a fast and rising cryptocurrency trading platform, Binance, to block individual user accounts.

One individual affected by the account limitation is a trader by the name Alexander who had a staggering sum of cryptocurrencies in his account.

The account restriction means the account is frozen, and the holder cannot initiate a withdrawal. Upon inquiring from the customer support service, Alexander was informed that he would have to sit out for thirty days. It was, however, strange that they did not inquire anything about the particulars of the account.

Upon deeper reflection, Alexander inferred that the reason his account was limited is because of a huge amount he received from a friend around Christmas of 2019. His friend's account was also blocked.

Upon inquiry of the account limitation, Alexandre was referred to investigators from the cyber intelligence unit.

Upon contacting the authorities, he was told that his Binance account was under investigation for a suspected theft complaint from an anonymous tipper.  

Alexander purported to have personally known the seller and that he had bought the crypto asset in cash from an unmentioned third party.

The sum in question here is estimated to be over $500k. Other traders affected by the ban include Mikhail and Konstantin.

This shows that some cryptocurrencies are not entirely anonymous, as some parties think it is. However, the use of tumblers and more private-eccentric coins enable crypto users to stay more anonymous.

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