30 August 2026
Leading Crypto Exchange Binance Accused With Embezzlement Charges
<p><a href="https://coinscapture.com/exchanges/binance">Binance</a> the <a href="https://coinscapture.com/exchanges">leading crypto exchange</a> has been charged for breach of trust from an owner whose account consists of $1 million frozen. However, Binance has denied this charge and said they were following the instructions given by South Korean police.</p><p>According to the Forklog report, Binance in 2018 froze an account of an individual that holds $850,000 worth of crypto funds and the holder has charged Binance for stealing the money. The owner believes that Binance has frozen the crypto funds which includes <a href="https://coinscapture.com/coins/TRX">TRON</a>, 128 <a href="https://coinscapture.com/coins/XMR">XMR</a>, 365 <a href="https://coinscapture.com/coins/ZEC">ZEC</a>, 1170 <a href="https://coinscapture.com/coins/USDT">USDT</a>, 765 <a href="https://coinscapture.com/coins/BCH">BCH</a>, and 6 <a href="https://coinscapture.com/coins/DASH">DASH</a>.</p><p>Due to this reason, Binance was charged for embezzlement as it froze the account with cryptos. Binance claims that they followed the KYC/AML verification procedures regarding the origins of the funds. Binance stated that the South Korean Police had asked them to freeze the account to which the owner claims that he has not received any complaints from the authorities. The account was frozen after <a href="https://coinscapture.com/coins/eth">ETH </a>transaction took place where Binance noticed 2,844.881 <a href="https://coinscapture.com/coins/eth">ETH </a>transferred to the account. The holder said that he had explained the origins of the funds to Binance but still account was frozen.</p><p>One of the Binance executives told that <a href="https://coinscapture.com/coins/eth">ETH </a>funds were stolen from a Korean project and they transferred the funds to South Korean police. After investigating more on the issue, the police stated that they did not ask for account freeze of crypto funds transfer.</p><p>The user added that he sent the correspondence with the South Korean police to Binance and the exchange didn’t provide an answer so he concluded:</p><p>The owner claims that he sent the correspondence with the South Korean police to Binance but didn’t receive any response: ‘’I have every reason to believe that Binance misappropriated my money for itself. Communication with them continues from November 21, 2018. It has been 18 months already.’’</p>Explore related on CoinsCapture
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