Binance Singapore Blocks Withdrawals to Privacy-Focused Bitcoin Wallet

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A user of Binance Singapore has reported a rather worrying development for those Bitcoin users that value their privacy. The exchange platform has apparently banned the customer in question from withdrawing its funds because it suspects that he or she has previously used a wallet with a built-in coin mixing tool.

Twitter user Catxolotl (@bittlecat) reported that it received a message from Binance Singapore informing them that their withdrawals have been suspended due to “risk management.” The trader queried this with the exchange, which responded by stating that the company has reason to believe the individual used coin-mixing service CoinJoin. This is a standard feature of the privacy-focused wallet Wasabi.

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