Binance Releases Frozen BTC After User Promises To Stop Using Coinjoin

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Binance Releases Frozen BTC After User
Promises To Stop Using Coinjoin
On Saturday, Binance released frozen BTC after
the user ensured not to use CoinJoin service in
the future. Binance warned the users who were
using the CoinJoin, one of the crypto
services that make transactions anonymous.   On
December 19, according to an ongoing Twitter
debate, a user named Catxolotl uploaded a
correspondence, appearing to be from Binance
Singapore staff. The correspondence was about an
investigation regarding the withdrawal of an
unknown amount of BTC.
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Binance Not In Mood To Tolerate CoinJoin
CoinJoin refers to a technique in which all
Bitcoin transactions are mixed with unspent
transaction outputs (UTXOs). It also hides the
identity of who initiated the transaction to
improve the users privacy.   Binance stated that
they froze BTC because Catxolotl was
using CoinJoin through a wallet provider, Wasabi.
To confirm the problem, a representative from
Binance, explained that Binance SG works under
the regulatory requirements set by MAS and its
regulatory partner, Xfers. Besides this, AML CFT
controls are also set for Binance SG. He also
stated that Catxolotl accidentally broke one of
their regulatory mechanisms, which resulted in an
investigation from their side.
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Changpeng Zhao statement
The CEO of Binance, Changpeng Zhao, said through
his email that Binance Singapore does not allow
any transaction, directly or indirectly related
with P2P, gambling and darknet/mixer
sites.   Both Binance and Changpeng Zhao are not
feeling sorry about what they saw as abiding by
local laws. An intense debate has also started on
social media, in which some of the most notable
Bitcoin figures are clashing over the decision to
obliterate transactions with improved privacy.  
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The controversy between Wasabi and
CoinJoin
A Bitcoin maximalist, Giacomo Zuccos note said
that some advocates use Coinjoin to please
politicians and bureaucrats, but they dont tell
the risks of using it. This controversy has
further reached to CoinJoin and Wasabi. The
creator of BTCPay, Nicolas Dorier, hit back at
suggestions Wasabi could regulate how exchanges
handle its transactions. Finally, CZ has
published a dedicated blog post stating the
nature of regulations Binance is ready to
compromise with. 
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