Binance successfully stops a scammer on its platform

Binance successfully stops a scammer on its platform

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Answer Binance successfully stops a scammer on its platform

Changping Zhao, co-founder and CEO of Binance, the largest cryptocurrency exchange by trading volume, stopped a scam that could have occurred. This comes after Joseph Young, a cryptocurrency trader, reported a scam on his Twitter account.

The accused party was the MapleChange platform. On October 28, 2018, it was reported that Bitcoin had been stolen from Canadian platform MapleChange and allegedly lost 8 BTC. According to the platform’s Twitter account, the funds have been returned to some customers who lost their altcoins. However, customers who lost bitcoin [BTC] And Lite Queen [LTC] They are not returned. Furthermore, the platform’s official website has been temporarily closed.

This is what John James, an investor in the cryptocurrency world, also called, referring to another fraudulent platform. The exchange platform that was exposed was the platform (WEX NZ), which provides trading services for cryptocurrencies such as: Bitcoin [BTC]Bitcoin cash [BCH]Lite Queen [LTC]Ethereum [ETH]Monero [XMR].

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Moreover, this happened to the same trading platform that had previously evaluated the price of Bitcoin [BTC] Close to $10,000 in July 2018, when it was trading above $8000 levels.

James claimed that the exchange was transferring funds belonging to its customers from their cold wallets through Binance, accusing the largest cryptocurrency exchange of aiding money laundering. And he said:

“An interesting new development. Wex cold wallets transfer funds via Binance platform. Meaning, the Binance platform could be an aid in laundering millions of dollars from Wex users. We have proof, too.”

Additionally, there were reports claiming that trading services were not working properly on the trading platform earlier this week.

This is when the CEO of Binance stepped in and announced that he had frozen accounts on the Wex platform. He also said that customers should file a legal complaint on the platform. Changping Zhao said:

“Selected accounts will be frozen, please report to law enforcement agencies and obtain the case number. We will work with a judicial authority to enforce the law. This is a part of centralization that we also hate, dealing with the chaos of other cryptocurrency exchanges (we don’t even know the details). But we will do what we can.”

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He added that he will do the same through the decentralized platform Binance which is due to be launched soon.

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