Binance responded to allegations of embezzlement of cryptocurrencies.


Binance, one of the world's largest cryptocurrency exchanges, had recently faced allegations that it had confiscated a $ 1 million user account and embezzled assets of its own. If the hard claim against such a large stock market proved true, it could have resulted in the disappearance of all credibility of Binance. 

Binance Responded To The Allegations

B.K. the Binance user, identified as, stated in November 2018 that his account had been frozen and that a total of $ 860k of cryptocurrency assets had been unfairly confiscated. Binance eventually responded to this harsh claim and stated that the situation was not actually caused by them.

It emerged that the Ukrainian citizen was in fact wanted by South Korean police and charged with fraud. Binance said in a statement that the accounts identified and ordered by law enforcement agencies had been frozen and that they had to comply with the law.

Binance officials B.K. he also claimed that the man was the recipient of cryptocurrency funds stolen from a cryptocurrency project in South Korea. It was revealed that the criminals were in fact raising funds in exchange for listing on the stock market by pretending to be a Binance official and defrauding many projects like this. is known that 3,995 ethers were transferred to his account in this way. The suspect confessed to seizing only 2,844 ethers in this way, stating that the remaining $ 251,000 of ETH should be returned to him. Although Binance saw much reaction after these allegations, he was able to resolve the situation with his statement. Binance's credibility has been severely damaged by growing complaints in recent days, and resolving this is a positive development.