{"id":408021,"date":"2019-12-19T18:00:57","date_gmt":"2019-12-19T18:00:57","guid":{"rendered":"https:\/\/ktsl888.com\/?p=408021"},"modified":"2024-06-11T09:29:49","modified_gmt":"2024-06-11T09:29:49","slug":"what-a-binance-bitcoin-withdrawal-suspension-shows-about-privacy-kyc","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/what-a-binance-bitcoin-withdrawal-suspension-shows-about-privacy-kyc\/","title":{"rendered":"Don&#8217;t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns"},"content":{"rendered":"<p class=\"p2\"><span class=\"s1\">Binance Singapore has purportedly abruptly suspended a Bitcoin withdrawal from a trader using a wallet with a coin-mixing service, a harsh reminder that large exchanges aren\u2019t the best place to hold coins if one values anonymity and accessibility.\u00a0<\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Binance Account Suspended <\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">Twitter user Catxolotl (@bittlecat) received a message from Binance Singapore informing them that their Bitcoin withdrawals were suspended due to &#8220;risk management.&#8221;<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The reason? The company believed the individual was using coin-mixing service CoinJoin, part of the <a href=\"https:\/\/ktsl888.com\/2019\/11\/20\/bitcoin-wallets-under-review-consultancy-firm-grades-btc-storage-methods\/\"><span class=\"s2\">privacy-focused wallet<\/span><\/a> Wasabi.<\/span><\/p>\n<blockquote>\n<p class=\"p2\"><span class=\"s1\">\u201cI&#8217;m very concerned that Binance knew I was sending to wasabi, when all I input was a bc1 address, nothing more,\u201d <a href=\"https:\/\/twitter.com\/bittlecat\/status\/20951552?s=20\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s2\">they said<\/span><\/a>. <\/span><\/p>\n<\/blockquote>\n<p class=\"p2\"><span class=\"s1\">In attempts to fix the issue, Binance then asked Catxolotl to provide some rather discerning personal information:<\/span><\/p>\n<ol class=\"ol1\">\n<li class=\"li2\"><span class=\"s1\">The purpose of withdrawing to the Wasabi wallet<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">Supporting documents<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">Current occupation<\/span><\/li>\n<li class=\"li2\"><span class=\"s1\">Annual income range<\/span><\/li>\n<\/ol>\n<figure id=\"attachment_408022\" aria-describedby=\"caption-attachment-408022\" style=\"width: 322px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-408022\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/12\/tweetcyborg-3.png?resize=322%2C460\" alt=\"Bitcoin\" width=\"322\" height=\"460\"><figcaption id=\"caption-attachment-408022\" class=\"wp-caption-text\">Bitcoiners be warned: this is what happens if @BinanceSGD finds you withdrawing to @wasabiwallet (Source: @bittlecat)<\/figcaption><\/figure>\n<p class=\"p2\"><span class=\"s1\">In response, <a href=\"https:\/\/twitter.com\/walerikus\/status\/64550919?s=20\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><span class=\"s2\">one Twitter user<\/span><\/a> stressed that the freezing of funds and request for information is an invasion of privacy and questioned whether the exchange has made it to clear in their terms that users may be blocked from withdrawing Bitcoin. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">While the story is still progressing, there are already some key takeaways: t<\/span><span class=\"s1\">he adage &#8220;not your keys, not your Bitcoin,&#8221; comes to mind. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The whole philosophy behind Bitcoin and other cryptocurrencies is tied to decentralization, and giving your coins to giant exchanges like Binance also means giving away control. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">It also reminds one to be diligent if going with an exchange, and make sure to know the ins and outs of said exchange\u2019s <a href=\"https:\/\/ktsl888.com\/2019\/12\/16\/crypto-ctfc-chairman-wants-us-to-lead-regulation-what-does-this-mean-for-the-industry\/\"><span class=\"s2\">KYC\/AML<\/span><\/a> protocols. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">A better option for many, providing traders with more-direct control over their assets as well as an added layer of anonymity, is peer-to-peer (P2P) exchanges. <\/span><\/p>\n<h2 class=\"p2\"><span class=\"s1\">Bitcoin Coin-Mixing<\/span><\/h2>\n<p class=\"p2\"><span class=\"s1\">First proposed by Bitcoin Core contributor Gregory Maxwell back in 2013, CoinJoin is one of the most prominent attempts to solve one of Bitcoin\u2019s biggest challenges: privacy. <\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">While addresses are pseudonymous, all transactions are publicly recorded on the blockchain, potentially undermining user privacy. <\/span><span class=\"s1\">Wasabi\u2019s use of CoinJoin has largely made\u00a0the bid for anonymity\u00a0possible.<br \/>\n<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">The feature allows users to bundle their wallet balances together, effectively shuffling their Bitcoin to obscure the sender, the receiver, and the coins\u2019 point-of-origin information.<\/span><\/p>\n<p class=\"p2\"><span class=\"s1\">Unfortunately in this case, Catxolotl\u2019s mistake was letting Binance make the connection between the two wallets. Updates on the situation, and hopefully a statement from Binance, will be made available as the story progresses.<\/span><\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Binance Singapore has purportedly abruptly suspended a Bitcoin withdrawal from a trader using a wallet with a coin-mixing service, a harsh reminder that large exchanges aren\u2019t the best place to hold coins if one values anonymity and accessibility.\u00a0 Binance Account Suspended Twitter user Catxolotl (@bittlecat) received a message from Binance Singapore informing them that their Bitcoin withdrawals were suspended due to &#8220;risk management.&#8221; The reason? The company believed the individual was using coin-mixing service CoinJoin, part of the privacy-focused wallet Wasabi. \u201cI&#8217;m very concerned that Binance knew I was sending to wasabi, when all I input was a bc1 address, nothing more,\u201d they said. In attempts to fix the issue, Binance then asked Catxolotl to provide some rather discerning personal information: The purpose of withdrawing to the Wasabi wallet Supporting documents Current occupation Annual income range In response, one Twitter user stressed that the freezing of funds and request for information is an invasion of privacy and questioned whether the exchange has made it to clear in their terms that users may be blocked from withdrawing Bitcoin. While the story is still progressing, there are already some key takeaways: the adage &#8220;not your keys, not your Bitcoin,&#8221; comes to mind. The whole philosophy behind Bitcoin and other cryptocurrencies is tied to decentralization, and giving your coins to giant exchanges like Binance also means giving away control. It also reminds one to be diligent if going with an exchange, and make sure to know the ins and outs of said exchange\u2019s KYC\/AML protocols. A better option for many, providing traders with more-direct control over their assets as well as an added layer of anonymity, is peer-to-peer (P2P) exchanges. Bitcoin Coin-Mixing First proposed by Bitcoin Core contributor Gregory Maxwell back in 2013, CoinJoin is one of the most prominent attempts to solve one of Bitcoin\u2019s biggest challenges: privacy. While addresses are pseudonymous, all transactions are publicly recorded on the blockchain, potentially undermining user privacy. Wasabi\u2019s use of CoinJoin has largely made\u00a0the bid for anonymity\u00a0possible. The feature allows users to bundle their wallet balances together, effectively shuffling their Bitcoin to obscure the sender, the receiver, and the coins\u2019 point-of-origin information. Unfortunately in this case, Catxolotl\u2019s mistake was letting Binance make the connection between the two wallets. Updates on the situation, and hopefully a statement from Binance, will be made available as the story progresses. Featured Image from Shutterstock<\/p>\n","protected":false},"author":521,"featured_media":393903,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,1558,1973,2683,3871,65167],"class_list":["post-408021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-cryptocurrency","tag-exchange","tag-kyc","tag-singapore","tag-suspended-account"],"acf":[],"yoast_head":"\n<title>Don&#039;t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns<\/title>\n<meta name=\"description\" content=\"Binance Singapore has purportedly abruptly suspended a Bitcoin withdrawal from a trader using a wallet with a coin-mixing service, a harsh reminder that\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Aside from being part of NewsBTC\u2019s journalism team, I am a writer and analyst for Ohio State\u2019s Risk Institute at the Fisher College of Business, and run operations for two local, independent online businesses.\",\"sameAs\":[\"https:\/\/x.com\/tjdelahunty\"],\"url\":\"https:\/\/ktsl888.com\/author\/thomasdelahunty\/\"}]}<\/script>\n","yoast_head_json":{"title":"Don't Withdraw Bitcoin From Binance to Privacy Wallets, User Warns","description":"Binance Singapore has purportedly abruptly suspended a Bitcoin withdrawal from a trader using a wallet with a coin-mixing service, a harsh reminder that","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ktsl888.com\/news\/what-a-binance-bitcoin-withdrawal-suspension-shows-about-privacy-kyc\/","og_locale":"en_US","og_type":"article","og_title":"Don't Withdraw Bitcoin From Binance to Privacy Wallets, 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Delahunty, born in Lancashire, England, but raised and currently residing in Columbus, Ohio where I attended The Ohio State University studying English and History. After writing in the Fintech and Forex spaces, I began to focus on blockchain and cryptocurrencies \u2014 Bitcoin in particular \u2014 in 2016. Aside from being part of NewsBTC\u2019s journalism team, I am a writer and analyst for Ohio State\u2019s Risk Institute at the Fisher College of Business, and run operations for two local, independent online businesses.","sameAs":["https:\/\/x.com\/tjdelahunty"],"url":"https:\/\/ktsl888.com\/author\/thomasdelahunty\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Don&#8217;t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns","url":"http:\/\/ktsl888.com\/news\/what-a-binance-bitcoin-withdrawal-suspension-shows-about-privacy-kyc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/what-a-binance-bitcoin-withdrawal-suspension-shows-about-privacy-kyc\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/shutterstock_387741175-e32.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/shutterstock_387741175-e32.jpg?fit=3000%2C2000"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Thomas Delahunty"}],"creator":["Thomas Delahunty"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","cryptocurrency","exchange","kyc","singapore","suspended account"],"dateCreated":"2019-12-19T18:00:57Z","datePublished":"2019-12-19T18:00:57Z","dateModified":"2024-06-11T09:29:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Don&#8217;t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/what-a-binance-bitcoin-withdrawal-suspension-shows-about-privacy-kyc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/what-a-binance-bitcoin-withdrawal-suspension-shows-about-privacy-kyc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/shutterstock_387741175-e32.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/shutterstock_387741175-e32.jpg?fit=3000%2C2000\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Thomas Delahunty\"}],\"creator\":[\"Thomas Delahunty\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"cryptocurrency\",\"exchange\",\"kyc\",\"singapore\",\"suspended account\"],\"dateCreated\":\"2019-12-19T18:00:57Z\",\"datePublished\":\"2019-12-19T18:00:57Z\",\"dateModified\":\"2024-06-11T09:29:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/shutterstock_387741175-e32.jpg?fit=3000%2C2000","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/408021"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/521"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=408021"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/408021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/393903"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=408021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=408021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=408021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}