Cryptocurrency exchange Binance has suspended the institutional account of Tezos ecosystem-focused startup Baking Bad. The latter described the platform’s actions as illegal.

our corporate @binance The account has been blocked without any explanation since July 1st. All our balances are set to zero today (more than $1M). We have all the materials to start the investigation and inform the community, but for now stay away from Binance and @cz_binance #SAFU pic.twitter.com/PpZSBhYpZS

– Bad Baking (@TezosBakingBad) August 25, 2022

“July 1, our corporate account on Binance was blocked without any explanation. All of our balances have been reset today (more than $1M). “We have all the materials to initiate an investigation and inform the public.”

The cryptocurrency exchange denied these accusations. The company said the Baking Bad account was blocked at the request of law enforcement “who knows very well” about the venture.

The account in question was restricted as a result of a law enforcement request. @TezosCookingBad He is well aware of this as he has been repeatedly informed and provided the LE contact form via our support chat system on 7/6, 7/12 and 7/22.

— Binance (@binance) August 25, 2022

Binance added that the platform has a procedure to challenge such blocking – for this you need to submit a request through a special form. The startup insists it has already contacted support, but has not received a response.

“As we said before, Binance, like any other exchange, is obligated to respond to such requests. If you want to go that route, there is a procedure by the agency to appeal your arrest. However, this is done through an agency, the company has no control over this process,” he said.

It is not known which law enforcement agency is involved. Based on the Baking Bad LinkedIn page, the startup is registered in Estonia. Earlier, the country’s authorities announced their intention to tighten the fight against money laundering.

Recall that in July 2022, the Council of the European Union and the European Parliament reached a preliminary agreement on the provisions of the bill on the regulation of cryptocurrencies. Mica.

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