Binance Co-Founder 何一 Warns Users Some Deposits May Be Frozen

Binance co-founder 何一 warned users on Nov. 8 that deposits tied to informal transfers and overseas business activity could face law-enforcement freezes that Binance cannot reverse.

She listed five examples: a friend’s discounted “U” tokens, cryptocurrency sent by a relative over a blockchain, money from business in Myanmar, collections in Cambodia, and funds passed through an account for a friend. The examples include both the source of funds and the route they take before reaching the exchange.

Binance is a cryptocurrency exchange. 何一 said it follows global compliance standards and its compliance team can recognize these kinds of funds. She said the relevant addresses have already been flagged before funds are transferred.

Law enforcement may freeze the funds after they reach Binance. 何一 said these cases can be complicated and take a long time to resolve. Binance has no authority to lift a law-enforcement freeze.