The organization said it was "responding to another law enforcement request." Representatives of the cryptocurrency exchange Binance reported on Twitter that the platform blocked a $1 million corporate account associated with the remuneration auditor BakingBad on the Tezos network.
Featured book: Global Business Today PDF [Kindle version]
Baking Bad is a team of blockchain developers and crypto enthusiasts known in the crypto community as one of the most active developers of Tezos tools, both for developers and ordinary users. The list of projects is not limited to the Tezos ecosystem and is quite large, you can see it on the official website. The most famous of them are:
Tezos is a software-based blockchain platform that can change and adapt through community consensus with minimal disruption to the network.
The BakingBad account was blocked back on July 1. Participant Tezos claimed that his corporate account was blocked by the exchange "without any warning."
Binance, as is customary in modern SMM, responded to the accuser on his own Twitter. Exchange officials said that the account was frozen at the request of law enforcement, of which the user had been repeatedly notified. Binance also said that the exchange is obliged to cooperate with the authorities and respond to their requests.
"Binance is obligated to respond to such requests just like any other exchange. There is a process for challenging confiscation if you want to go that route. But this is done through the appropriate authorities, we have no control over this process," the crypto exchange added.
However, Binance did not specify from which law enforcement agencies the request came.
Baking Bad's LinkedIn page points to Estonia, where many crypto services companies have come under additional restrictions related to anti-money laundering measures.