RATE Group | Binance Returns Frozen BTC After User ‘Promises’ Not to Use CoinJoin
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Binance Returns Frozen BTC After User ‘Promises’ Not to Use CoinJoin

21 Dec Binance Returns Frozen BTC After User ‘Promises’ Not to Use CoinJoin

Posted at 23:36h in Bitcoin News by

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Bitcoin (BTC) users who employ privacy tool CoinJoin to add anonymity to their transactions face a major wake-up call after exchange Binance froze a withdrawal.

In an ongoing Twitter debate which began Dec. 19, a user by the name of Catxolotl uploaded what appeared to be correspondence from Binance Singapore staff stating they had launched an “investigation” into a withdrawal of an unknown amount of BTC.

Binance: we “do not tolerate” CoinJoin

The reason, they said, was Catxolotl was using CoinJoin via wallet provider Wasabi. A Binance representative confirmed the problem in private comments, explaining:

“Binance SG operates under the requirements as set forth by MAS and our MAS regulated partner, Xfers. Hence there are AML CFT controls set in place for the Binance SG. Unfortunately, this user has triggered one of our risk control mechanisms and thus we are conducting a deeper investigation.”

CoinJoin refers to a method of grouping together Bitcoin transactions, “mixing”…

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