Binance Suspends Tezos Startup Baking Bad Account

by in Cryptocurrency News


Cryptocurrency exchange Binance has suspended the corporate account of Tezos ecosystem-focused startup Baking Bad. The latter called the actions of the platform unlawful.

“July 1, without any explanation, our corporate account on Binance was blocked. Today all our balances were reset to zero (more than $1 million). We have all the materials to start an investigation and inform the community,” the statement said.

The cryptocurrency exchange denied these accusations. The company said that the Baking Bad account was blocked at the request of law enforcement agencies, of which the startup was "well aware."

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.

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“As we have said, Binance is obliged to respond to such requests, like any other exchange. There is a procedure for challenging the 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 response.

It is not known which law enforcement agency is 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.