UK Court Ordered Binance To ID And Freeze Accounts Of Crypto Hackers

The UK Court ordered Binance’s exchange to identify and to freeze the accounts of entities involved in an alleged hack as we are reading more in today’s binance news.

London’s High Court ordered to help identify and freeze the accounts of those involved in an alleged $2.6 million hack. The company Fetch.ai filed the request. The UK Court ordered Binance, the world’s biggest crypto exchange to identify and freeze the accounts of the hackers involved in the alleged $2.6 million heists on the platform. The order follows a request from the crypto company Fetch.ai that says that the exchange is able to identify and freeze the accounts of the hackers that were compromised back in June. As per the transcript of the High Court proceedings and Fetch.ai alleges that the hackers made off with plenty of cryptocurrencies like Tether, Bitcoin, Binance Coin, and FET.

The spokesperson for Fetch.ai said that the tracing work is already underway and that the company has the ability to freeze or halt the trades. Privacy purists tend to prefer decentralized exchanges and unhosted wallets that let traders hold their own keys. In 2019, the High Court decided that BTC will be legally considered property and will pave the way for requests like Fetch.ai, and even it is now rare for British courts to mandate the kind of deliberate tracing. Although Binance could freeze certain accounts and Fetch.ai will have to prove it is actually been the victim of a fraud scheme before it is able to ask the court for its money back.

As recently reported, Binance restricted derivatives products in Hong Kong effective immediately so now users will no longer be able to open new derivatives products accounts. This is not the first time Binance made a decision to pull the derivatives from the exchange but a week ago, Binance did announce it was winding down its futures and derivatives products for the EU market. At the time, the exchange said that the shutdown will start in Germany before moving to the Netherlands and Italy. Unlike the announcement from today,  last week’s announcement was not made with compliance in mind but because of the needs of the exchange’s users.

Source: https://www.dcforecasts.com/binance-news/uk-court-ordered-binance-to-id-and-freeze-accounts-of-crypto-hackers/