Binance Denies Mass Account Blocks for Ukrainian Users

On March 1, media outlets reported that Ukrainian users of the cryptocurrency exchange Binance faced “mass account blocks followed by their removal from the system.” A representative of the platform, in a comment to ForkLog, denied the existence of a problem affecting all clients in the region.

“At present, no specific actions are being taken against users in Ukraine,” he stated.

To comply with regulatory norms of specific jurisdictions, Binance assists law enforcement agencies in investigating cryptocurrency-related crimes. This often requires the temporary blocking of accounts when there is reason to believe that their owners are violating the exchange’s Terms of Use.

“Law enforcement often needs to freeze several accounts to determine which are involved in their investigation. Unfortunately, this means these investigations can often temporarily affect innocent users,” explained the Binance representative.

He reminded that the responsibility for managing assets also lies with users. Therefore, when conducting transactions, it is important for them to track both the source and the recipient of the funds.

“On our part, we make every effort to promptly review and verify each specific case, and our teams actively work with users who have encountered this issue,” the company added.

Possible reasons for account blocking on Binance can be found at this link.

In March 2023, Ukrainian cryptocurrency exchanges reported a temporary suspension of operations through hryvnia bank cards. It was later revealed that this was related to combating money laundering and tax evasion in the gambling industry.