Bitcoin Forum

just saw this news: https://www.livemint.com/market/cryptocurrency/ed-raids-binance-freezes-bitcoins-worth-rs-22-82-crore-11668162296465.html

https://twitter.com/ANI/status/1591007537851420678


i have never used binance and don't want to use it either but wasn't aware that they have offices in india.

or is it something else?

This is why they say media is the best friend and worst enemy of mankind, The news actually is this:
https://twitter.com/dir_ed/status/1591005053984583682?ref_src=twsrc%5Etfw

The official tweet from ED, it's actually a user account that got frozen and seized, the account belongs to some person who is involved in the gaming application namely E-nuggets. They might have been involved in some illegal money laundering using bitcoin not sure.

yeah, i understood it was money laundering case.

but instead of mentioning that it was just a user's account that got seized.

they had to sensationalize it using only the company's name.

It's just standard practice of Indian news channels, their intent with news is not to enlighten and inform people but to make money and views, I have seen that newspapers are really better sources of information and news because editors double-check their facts before just posting them without reason.

The worst part is many news channel will pick up their news from ANI as it's their primary source and play the same thing repetitively without any fact-checking on their part as well, all this will spoil the name of crypto in India.

Yeah, moreover, Binance co-operated with ED on this matter. They froze and seized the user's funds in the favor of ED after receiving the request from ED. But media is projecting it if Binance has made the default. Classic Indian media.

On the different note, this case could be seen as a warning by the Indian traders. They consider Binance as a safe haven and think that if they move funds from Indian exchanges to Binance, the authorities can't trace it anymore. However, this isn't the case. As long as their identities are linked, the authorities have the rights under PMLA Act, 2002 to seek for such help from the foreign companies.

Indian media or you can say the global mainstream media are know for creating sensation otherwise how will they sell any news and gain high TRP. This is how they generate revenue from advertisers.

If you want to check and verify any news then check reddit or twitter. There are many subreddits available where you can check the authenticity of any news all you need to do is to use the search option on it. If you do not want to check it then just it then just create a topic on this board and we as a community will help you further.