Binance Freezes WEX Exchange Accounts Caught Moving Customer’s Funds

Binance Freezes WEX Exchange Accounts Caught Moving Customer’s Funds

Cryptocurrency News
November 1, 2018 by Jane
1134
Changpeang Zhao, the co-founder, and CEO of Binance, the biggest cryptocurrency exchange platforms by trading volume announced by Twitter that they had frozen all accounts belonging to Wex cryptocurrency exchange, citing money laundering concerns. The decision was made in response to an alert made by Twitter user RedDragon, who warned the public about the suspicious activities happening
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Changpeang Zhao, the co-founder, and CEO of Binance, the biggest cryptocurrency exchange platforms by trading volume announced by Twitter that they had frozen all accounts belonging to Wex cryptocurrency exchange, citing money laundering concerns.

The decision was made in response to an alert made by Twitter user RedDragon, who warned the public about the suspicious activities happening in the Wex exchange.

Leah Li, the global PR manager at Binance, confirmed on October 25th that the accounts were under investigation as WEX users had informed Binance’s management team that they had been unable to make withdrawals from WEX.

Leah Li announced that accounts which received 93,000 ETH from August 2018, have been frozen on Binance exchange on October 25th.

Per the CEO of Binance’s Tweet, it seems as if large amounts of this missing money is being moved through Binance, presumably for the purposes of fraud. To this end, Binance has agreed with the general consensus that criminal activities could be involved.

WEX has previously frozen withdrawals and it seems likely that the problems on the exchange continue. Previous to its negative coverage regarding the withdrawal problems and its strange prices, WEX was an unknown quantity.

Frequently people run into trouble when dealing with small, unknown exchanges, leading experts to advise that people stick with large-scale, regulated, known exchanges in all cases.

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