Binance Suspends Tezos Startup Baking Bad Account

Binance Suspends Tezos Startup Baking Bad Account

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<p>Binance cryptocurrency exchange has suspended the corporate account of Tezos ecosystem-focused startup Baking Bad. The latter called the platform's actions illegal.</p>
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Our corporate @binance account is blocked since July 1 without any explanations. Today all our balances were set to zero (more than $1M). We have all the materials to begin the investigation and inform the community, but for now just stay away from Binance and @cz_binance #SAFU pic.twitter.com/PpZSBhYpZS

— Baking Bad (@TezosBakingBad) August 25, 2022

https ://twitter.com/binance/status/1562890554668511233?ref_src=twsrc%5Etfw

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

“As we said, Binance is obliged to respond to such requests, as well as any other exchange. There is a procedure for challenging an arrest by the agency if you want to go that route. But this is done through an agency, the company does not have control over this process,” the exchange said in a response.

It is not known which law enforcement agency in question. 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 preliminary agreed on the provisions of the MiCA cryptocurrency regulation bill.

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