Bitcoin Forum

Has anyone else picked up on this news?  

The story goes (as i have heard it)  binance was told by "legal enforcement" his funds looked suspect.

The customer has not been contacted by this branch of legal enforcement  and binance will not even put him in contact or tell him the details

Scary as hell.

Then again if you had 1200btc on a centralised exchange you probably have  thousands elsewhere.

Even so that is not the point.

WHERE ARE THE FUCKING DEX'S ALREADY - come on we need fully operational fully featured dex's with some sensible ux right now  !!!!

Scary having to trust other people with the ownership of your coins whilst you trade them.

Would be great to have such a huge stash but to have it all seized and have no right to even know exactly why or how to contact the apparent legal authorities that have apparently induced binance to freeze them is crazy shit.

One of the Binance's agents responded to this on reddit already.

Apparently his account was flagged for potentially fraudulent activity. Therefore law enforcement will be looking in to it, and there is absolutely nothing Binance can do until the external investigation is complete. This is out of Binance's hands.

Still, as the old saying goes, "Not your keys, not your bitcoin". Storing $7 million on an exchange is crazy.

Terribility of the highest order, i still wonder how on earth will some dude childishly store such huge amount on an Exchange. Investigating such huge amount will not bring back that BTC rather will rust till kingdom come, neither the owner nor the investigators will inherit the locked fund nor Binance.

Found an unconfirmed source here: https://www.reddit.com/r/CryptoCurrency/comments/9lcn2l/12k_btc_has_been_blocked_on_my_binance_account/
It is really crazy and unfortunate if true. People need to start learning how to use  decentralized exchanges getting used to it. Afterall Cryptocurrency use to be much difficult and slower to use than PayPal but look at how far we have gone.   More users on DEXs will help fast track their development.

It's high time people started using Decentralized exchange more and Centralized ones less.
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thanks for source

couldn't agree more about the essential nature for dex's to take off and relieve people from the stress and worry about having coins on centralised exchanges that can be hacked or frozen at any time and you can't even find out exactly why

It not always advisable to stuck huge found on exchange site apart from the law enforcement coming into such exchange what about the activities of hacker what if they made away with all the found on the exchange you will not have any thing to fall back to so the best thing to do is to divide you assets on different platforms. But if law enforcement can still dive into such big exchange as binance then they is a problem with the decentralization of bitcoin which is coming from most centralized exchange.

The rate at which exchanges are hurting it's client is quite unfair I don't know how authentic yours is but I have experience some sort of draw back from some exchanges I was in. We the best way is to be careful and stick to rules

I don't know about this but i thought that you must give me more explanation about when binance has stated if they have been released the decentralized exchange site? Centralized exchange will always be controlled by the regulation. this has been telling the truth if there was a lot of differences between binance and idex.