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Crypto News1

Binance Blocks Withdrawals to Privacy-Focused Bitcoin Wallet Wasabi

The leading cryptocurrency exchange Binance Singapore has blocked his attempts to withdraw to Wasabi Wallet.

Wasabi Wallet is a non-custodial privacy-focused Bitcoin wallet that offers the feature of CoinJoin.

Because Bitcoin isn’t private by default, one can use tools like CoinJoin to use Bitcoin more privately. It requires multiple parties to jointly sign an agreement to mix their coins making it harder for outside parties to determine who is making which particular transactions.

To continue with the withdrawal process, Binance asked the user to submit information regarding the nature of transactions and supporting documents. It also asked for the individuals’ current occupation and annual income range.

The user got his sats back, “but not without promising Big Brother I wouldn't mix those utxos.” Binance also warned that it “does not tolerate any transactions directly and indirectly with gambling, P2P, and especially darknet/mixer sites.”