Binance Forced to Respond to “False” Fraud Handling Allegations

Binance Forced to Respond to “False” Fraud Handling Allegations

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform.

The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds stolen from a Korean cryptocurrency project back in 2018.

It was alleged that this project had been the victim of B.K. and had exchange funds in return for listing on Binance. However, B.K. had no association with the platform but via this illusion managed to scam 10 billion KRW from the victim which were then stored on Binance.

Binance was then contacted by South Korean law enforcement in order to oversee the return of the funds from B.K.’s account. They obliged and ensured the funds were returned to the victim before making B.K. aware of the fact that the situation had led to a criminal investigation. They were then contacted by law enforcement authorities in Ukraine, the origin of B.K., who thanked them for the corporation. Therefore, any information to the contrary which you may have heard has been deemed false by Binance.

They have stated, “We remain committed to combating fraud without compromising the truth, and would like to provide context and clarify the situation.” They then threatened legal repercussions for “anyone who deliberately tarnishes its reputation through misrepresentation or misinformation.”

Register for Latest Updates & News

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

Binance,Cybercrime,Exchange Platforms,Fraud

Exploring the Rise of Crypto Casino Japan: Top Picks for 2025

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

12 March, 2025
Binance,Cybercrime,Exchange Platforms,Fraud

Bitcoin Soars as Trump Unveils Strategic Cryptocurrency Reserve

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

3 March, 2025
Binance,Cybercrime,Exchange Platforms,Fraud

Bitcoin Price Predictions and Market Trends: March 2025 Insights

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

3 March, 2025
Binance,Cybercrime,Exchange Platforms,Fraud

What happened to bitcoin this week?

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

28 February, 2025
Binance,Cybercrime,Exchange Platforms,Fraud

Franklin Templeton Files for Solana-Based ETF as Cryptocurrency Investment Products Grow in Popularity

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

24 February, 2025
Binance,Cybercrime,Exchange Platforms,Fraud

Ethereum Outlook for 2025

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

19 February, 2025
Binance,Cybercrime,Exchange Platforms,Fraud

SEC and Binance Hit Pause: A 60-Day Legal Truce Amid Regulatory Changes

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

17 February, 2025
Binance,Cybercrime,Exchange Platforms,Fraud

Unraveling the Crypto Coin from Trump Scam: What You Need to Know

Exchange platform, Binance has been forced to post a response to “false information” that was spread about the platform. The incident revolved around an account that was blocked on the platform after being suspected of being involved in fraudulent activity. The account which was named only as B.K. was said to have been handling funds […]

13 February, 2025