Announcing a Return to our Roots: The All-New Bitcoin Magazine
Verified on Created with Sketch. Verified on

Binance Freezes Funds on Multiple Accounts with Dubious Crypto Exchange


        Binance Freezes Funds on Multiple Accounts with Dubious Crypto Exchange
Binance Freezes Funds on Multiple Accounts with Dubious Crypto Exchange

Binance has frozen multiple accounts associated with the cryptocurrency exchange Wex, citing money laundering concerns.

The CEO of Binance went on Twitter recently to announce the freezing of multiple accounts owned by Wex, claiming that Binance will cooperate with law enforcement in any way possible should a criminal investigation result from alleged money laundering.

Wex, a Russian-based cryptocurrency exchange, has had a troubled history, to put it mildly. Going formally under the name of btc-e, it drew community unrest when its alleged operator, Alexander Vinnick, was arrested. It subsequently rebranded to the current name and set up a New Zealand-based server.

People using this exchange have reported being unable to actually use or withdraw their money, with a dedicated website of aggrieved users meeting to share information about possible allegations of theft.

Per the CEO of Binance’s Tweet, it seems as if large amounts of this missing money is being moved through Binance, presumably for the purposes of fraud. To this end, Binance has agreed with the general consensus that criminal activities could be involved.  

The CEO went on to state that circumstances such as this are often an unpleasant point in favor of increased centralization for cryptocurrency, as someone does have to be on the hook to help stop fraudulent activity.


BitConnect's Alleged Ringleader Arrested in India: Local Reports

Divyesh Darji, the alleged leader of BitConnect’s Asian team, was arrested this Saturday, August 18, 2018, in the Delhi airport by the Gujarat Criminal Investigation Department (CID).

Colin Harper

This Crypto Scam Botnet Consists of Over 15,000 Separate Bots

Researchers at Duo Labs have discovered that Twitter is home to at least 15,000 scam bots and have published their findings in a new report.

Nick Marinoff

South Korean Bithumb Exchange Loses $30M in Latest Cryptocurrency Hack

The exchange states that due to the hack, deposits and withdrawals will be temporarily suspended until further notice.

Jimmy Aki

U.S. and Canadian Regulators Investigating Crypto Scams

"The actions announced today are just the tip of the iceberg."

Shawn Gordon