Binance’s Help to Regulators Generates Controversy

Recently, a few Binance consumers from the Chinese jurisdiction discovered a momentary suspension of their accounts because of the requests made by the regulators. As the screenshots describing the respective event spread, the community was filled with panic. At this, Binance was compelled to issue a couple of consecutive statements.

Binance’s 2 Opposite Statements Create Controversy in the Community

On 19th August, while discussing the recent events of account blocking to help in the inquiry, a response was given by Binance Chinese Channel. It claimed that the exchange will never be a part of anything that could damage the interests of its consumers due to self-interest, particularly the rumors that spread recently. They added that across the globe, the venue is responsible to offer the required help when the regulatory entities in several countries raise the rational requirements for help in the inquiry.

Nonetheless, a few recent events were based on complete malicious distortion, the venue mentioned, and the customers should not think about them rationally. After that, another statement was released by the platform on 24th August, providing additional information. They asserted that their prominent goal has always been the security of the consumers. Then the company added that they have the obligations and responsibilities to help the regulatory bodies in their inquiries.

Affected Consumers Will Be Updated Separately, Says Binance

Along with this, Binance also mentioned that the exchange has firm unchanging operating procedures which are a part of the regular practice and attitude of the company throughout the world. As per the firm, the Binance customers’ funds are guaranteed. They also stated that the locked accounts and the assets will be again opened by the platform in a short time if no additional judgment is provided by the regulators.

Simultaneous to that, Binance categorized this episode to be a reminder for the clients to be more cautious to obtain assets from anonymous sources via OTC transfers. The exchange moved on to say that after the involvement of some black property, the accounts of the consumers may become liable to such investigation as well as the measures related to risk control.

The company persuaded the users to timely contact customer service for help and further information about the situation will be provided to the consumers according to the individual scenario. Another recommendation was that the clients should select official merchants and platforms to stay away from the risks.