Binance Frosted WEX Accounts After Users Report Money Laundering on the Platform — Coinzdaily

Binance Frosted WEX Accounts After Users Report Money Laundering on the Platform — Coinzdaily

Bitcoin Investment Regulation
October 31, 2018 by magiccryptocurrency
307
The company Binance froze the accounts of the cryptocurrency company WEX.nz after the users of the platform reported that WEX.nz were involved in money laundering. Changpeng Zhao reported this decision on social networks on October 29. After one online trader, known as John James, on Twitter reported on the illegal activities of WEX.nz, Zhao reported
Binance Frosted WEX Accounts After Users Report Money Laundering on the Platform — Coinzdaily


The company Binance froze the accounts of the cryptocurrency company WEX.nz after the users of the platform reported that WEX.nz were involved in money laundering. Changpeng Zhao reported this decision on social networks on October 29.

After one online trader, known as John James, on Twitter reported on the illegal activities of WEX.nz, Zhao reported that Binance had frozen accounts related to the platform. On Twitter, Zhao reported:

“[T]he identified accounts are frozen, please report to law enforcement and have a case number. We will work with LE [law enforcement]. ”

He later added:

“This is part of centralization we hate too, dealing with other exchange’s mess (we don’t even know the details). But we will do what we can.”

Also, Zhao noted that in the future, people using a cryptocurrency to launder money are likely to use decentralized platforms to avoid blocking accounts.

It should be noted that this is not the first precedent associated with the WEX cryptocurrency platform. Earlier it became known about the illegal activities of the head of the Russian branch of the company. In addition, legal proceedings related to WEX.nz are being conducted in Greece and the USA.





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