Copy link
Increase text size
Decrease text size
Link copied

Binance addresses B.K.user case, crypto exchange committed to combating fraud

Image by Binance from Twitter

Mon, 13 Apr 2020, 01:46 am UTC

Crypto exchange Binance released a statement about the controversial B.K. user case.

In a lengthy statement, Binance explained that it came across false information against them relative to a user account that was blocked after an investigation from law enforcement. The exchange stressed that “We remain committed to combating fraud without compromising the truth, and would like to provide context and clarify the situation.

The victim of a listing fee scam who lost 3,995 ETH in funds ($625, 257 as of press time) was a Korean cryptocurrency project. It immediately reported the incident to Korean law enforcement agencies. Based on the reported file, an unidentified person gained unauthorized access to the victim’s emails and found that the victim was trying to list its cryptocurrency on various exchanges.

The suspect pretended to be a Binance representative and promised to help with the listing for a fee. As a security deposit, the suspect transferred the majority of the crypto worth 10 billion KRW to one account. The user behind the account which received the money was identified as someone with initials B.K.

The Korean law enforcement agency reached out to Binance and the latter cooperated.

“On January 18, 2019, a Korean law enforcement agency reached out to Binance requesting for a transfer of the scammed funds from B.K.’s account back to the victim. After we performed all necessary due diligence steps internally, Binance complied with the request from Korean law enforcement and completed the return of funds. The owner of this account, B.K., was informed of the Korean law enforcement agency’s criminal investigation into this case and their decision. Additionally, we provided him with the contact details of the Korean law enforcement agency should he decide to pursue further. He was also advised to contact his local law enforcement agency,” Binance wrote.

In April 2019, the Ukrainian law enforcement agency reached out to Binance to inform it that it acted in accordance with the guidance from the Korean law enforcement. The Ukraine agency thanked the crypto exchange for its cooperation and confirmed that no further assistance was required.

“Binance works closely with law enforcement agencies around the world and we are ready to provide additional information and documentation if requested by the law in order to fight fraud and bring justice to these cases. Binance will not hesitate to take legal action against anyone who deliberately tarnishes its reputation through misrepresentation or misinformation,” Binance concluded.

Meanwhile, Binance also published an open letter to air its side about the controversy between TRON CEO Justin Sun and the DPoS-based crypto platform STEEM. Binance decided to stay neutral and insisted that it has no interest in the on-chain government beyond its ecosystem.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • rachelm03
  • 2020.04.15 18:03:05
All these binary options, trading and cryptocurrency companies are scams, I lost a huge amount of money because they locked me out of my account. Things have turned out good for me, as I was able to recover my money thanks to a Recovery Pro. You can reach me if you're interested in finding out how I recovered my money. Rachelmillr4 {at} gmail ,com
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $10,161.90 (+6.31%)
  • Ethereum (ETH) $251.10 (+5.50%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $264.80 (+8.88%)
  • Bitcoin SV (BSV) $206.89 (+6.28%)
  • Bitcoin (BTC) $10,161.90 (+6.31%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft