RATE Group | Don’t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns
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Don’t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns

19 Dec Don’t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns

Posted at 18:39h in Bitcoin News by

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Binance Singapore has purportedly abruptly suspended a Bitcoin withdrawal from a trader using a wallet with a coin-mixing service, a harsh reminder that large exchanges aren’t the best place to hold coins if one values anonymity and accessibility. 

Binance Account Suspended

Twitter user Catxolotl (@bittlecat) received a message from Binance Singapore informing them that their Bitcoin withdrawals were suspended due to “risk management.”

The reason? The company believed the individual was using coin-mixing service CoinJoin, part of the privacy-focused wallet Wasabi.

“I’m very concerned that Binance knew I was sending to wasabi, when all I input was a bc1 address, nothing more,” they said.

In attempts to fix the issue, Binance then asked Catxolotl to provide some rather discerning personal information:

  1. The purpose of withdrawing to the Wasabi wallet
  2. Supporting documents
  3. Current occupation
  4. Annual income range
Bitcoin

Bitcoiners be warned: this is what happens if @BinanceSGD finds you…

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