• Binance has blocked Colombian users in response to a Dutch police investigation

  • Binance blocked access to 20 Colombian users’ accounts following a criminal investigation by Dutch authorities.

    According to a local news source, the Dutch Attorney General ordered a freeze on these assets because they were “criminal.” As a result, Binance complied and barred at least 20 Colombian users from accessing their accounts.

    The message that appeared when users attempted to access their account portals, which was originally in Spanish, provided little information about the suspension.

    “Many thanks for utilizing Binance. The Dutch law enforcement authorities are currently investigating your account. Please contact the officer in charge of this case for more information on the status of your account.”

    Only after users responded to the message in a help chat did a Binance representative refer to the suspension as “risk management.”

    Some claimed inability to access “lifetime savings,” some of which exceeded the value of one bitcoin (BTC). According to a local source, some of the affected users have already contacted legal aid for assistance in gaining access to their assets.

    Furthermore, according to the source, Binance has not only blocked withdrawals, but some users are unable to view their balance. The majority of the affected users claim to be using a peer-to-peer (P2P) platform.

    Compliance Commitment

    When questioned, Binance reaffirmed their commitment to complying with local authorities, according to the local news source. According to the exchange, it is collaborating with “entities that enforce the law to ensure the safety of the community and to prevent fraudulent activities.”

    Binance recently hired former IRS agents in another compliance bid.

    Despite the fact that some users completed identity authentication, the problem with their accounts was not resolved. Binance requested legal identity and income documents from some users in their home country of Colombia. Some, on the other hand, were told to contact Dutch authorities and a state agency in the United States.

    This is the most recent of Binance’s many compliance-related initiatives. Other examples include the discontinuation of service offerings in places such as South Africa and Singapore.

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