Binance Quietly Closing Some Accounts! Here are the details –

Binance says it has unblocked 90% of crypto accounts suspended due to Bitzlato investigation. We have compiled the details of Binance’s blocking of accounts in this case for you.

Binance blocks some accounts in Bitzlato lawsuit

According to several users, cryptocurrency exchange Binance is quietly closing multiple accounts on the platform in connection with the Bitzlato investigation.

On January 18, a group of Russian-speaking Binance customers complained about blocked accounts and the inability to withdraw their funds from the exchange. Affected users created a Telegram group chat to report the issues and stated that the accounts were blocked without warning.

Members of the group, which now has over 1,000 members, immediately drew parallels between the blockades and sanctions imposed by the United States Department of Justice against crypto firm Bitzlato. The US Financial Crimes Enforcement Network also listed Binance among Bitzlato’s top Bitcoin counterparts.

Many chat members openly admitted to using Bitzlato, including for inbound and outbound transactions between Bitzlato and Binance accounts. Some affected users also expressed anger and confusion about the action against Bitzlato.

Users see these bans as unlawful

“Even though I haven’t been banned anywhere yet, I lost a bit on BTC-e, Wex, now it’s Bitzlato, but I see these bans as unlawful,” one chat member wrote. Another user commented, “Bitzlato-related blockchains are bullshit. So far they haven’t been proven guilty just because there were charges, so how can this money be dirty?” said.

A Binance spokesperson said that the recent suspensions are indeed linked to Bitzlato. “Last week, in relation to the Bitzlato case, our compliance and investigation team suspended the accounts of some users from several countries, including Eastern Europe and the CIS.” Emphasizing that the vast majority of suspensions are temporary, a Binance spokesperson said:

“Currently more than 90% of accounts are unlocked, users have been informed about it. All funds are safe. Affected users have been provided with relevant law enforcement contact information.”

Binance Quietly Closing Some Accounts!  Here are the details

The crypto exchange also advised users to check out Binance’s article, which contains multiple reasons why their Binance account might be blocked and what to do in such a situation. As previously reported, Bitzlato was a little-known cryptocurrency service that allowed users to trade crypto via an exchange and peer-to-peer services. It is known that the platform maintains important operations in Russia, allegedly operating from the Federation Tower skyscraper in Moscow.

According to the US government’s claims, Bitzlato ran its operations without proper Know Your Customer procedures, helping it become ‘a haven for criminal proceeds and funds intended for criminal activity’.

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