Binance has faced regulatory challenges for several years. Notably, in 2022, the UK’s Financial Conduct Authority (FCA) expressed concerns about its inability to oversee Binance‘s operations effectively. The situation escalated in November 2023 when Binance and its CEO, Changpeng Zhao (CZ), admitted to breaching U.S. financial laws and engaging in money laundering activities. This admission led to a hefty settlement of $4.3 billion, with CZ‘s sentencing scheduled for February 2024.
Binance Not Welcome
As part of the settlement, Binance agreed to exit the U.S. market. Furthermore, Binance has yet to secure registration as a Crypto Service Provider in the UK. Recent reports from UK customers reveal troubling practices, including unexplained account freezes that prevent trading or fund withdrawals.
Despite inquiries, Binance‘s customer service offers little to no explanation, attributing the issue to ongoing account reviews that could last up to 30 days. Moreover, Binance‘s terms of service apparently allow for account suspensions without justification.
In addition, customer service recommends contacting local law enforcement if you have complaints against Binance. They would be happy to communicate with them. This all sounds very cynical.
Read our Binance reports here on FinTelegram.
Urgent Warning to Binance Users
Given these developments, we urge all Binance customers to exercise caution. Binance has been added to our Red Compliance List. We strongly advise clients to consider withdrawing their funds from Binance to safeguard their assets.
Under the new CEO, Richard Teng, Binance has not yet made any recognizable progress toward regulatory recognition.
Seeking Information from Affected Individuals
If you’ve experienced issues with Binance, including account suspension, or if you possess insights into their practices, we implore you to come forward. Your information could be crucial in understanding the breadth of these issues. Please utilize our whistleblower system, Whistle42, to share information anonymously. Your voice is vital in ensuring transparency and accountability within the cryptocurrency space.
