Baking Bad complains to Binance over account blocking

The Baking Bad audit community has accused the cryptocurrency exchange Binance of blocking its account. On August 25, the company posted a corresponding post on Twitter: «Our corporate account on the exchange has been blocked without explanation since July 1. Today (August 25) it was reset to zero. We had over $ 1 million on the account. We have all the necessary materials to launch an investigation. In the meantime, we recommend that everyone sever ties with Binance.»

Later, a post with a similar message appeared on Reddit. According to Baking Bad, they have not received a clear explanation from the crypto exchange despite numerous attempts to contact the control service.

The cryptocurrency community reacted to Baking Bad’s statement with indignation. Binance received a flood of malicious comments, but the Binance press service later clarified the situation.

As it turned out, Baking Bad’s corporate account was closed due to an investigation by the authorities. Moreover, the wallet owner was informed about this three times — on July 7, 12, and 22. The exchange representative also stated that he had provided the client with a form for contacting law enforcement agencies about a month and a half ago. The account was also zeroed at the request of the authorities. In the end, Binance stated that it does not have the authority to carry out or reverse the confiscation, so it has nothing to do with what happened.

There has been no new comment from Baking Bad so far.