I hope this message finds you well. I am writing as a verified merchant on Binance, along with other affected merchants, to raise serious concerns about the recent practice of suspending merchant accounts and blocking withdrawals based on reports from the Federal Investigation Agency (FIA) or other local authorities in Pakistan.
As you may know, cryptocurrency is unregulated in Pakistan, and this lack of regulation often leads to confusion and exploitation by local authorities. In particular, the FIA has used this gap to target cryptocurrency merchants. Many of us have been subjected to unwarranted demands for money or threats of legal action during their investigations, despite our accounts and transactions being entirely legitimate.
The problem arises when Binance acts on these reports without a full investigation, leading to the suspension of accounts and freezing of withdrawals, without giving us a chance to explain or clarify the situation. This creates serious financial distress for merchants who are simply following Binance’s rules.
We respectfully request that Binance addresses this issue by:
1. Ensuring that accounts are not suspended or withdrawals blocked solely based on reports from the FIA or local authorities. Suspensions should only occur after a thorough review and investigation of the allegations. Taking action on unverified reports from authorities without full due process is unfair and detrimental to legitimate businesses operating on the platform.
2. Handling these matters internally and directly with the authorities. Binance should take responsibility for resolving these issues directly with local authorities like the FIA to protect its merchants. As a trusted platform, Binance should not penalize merchants for issues beyond their control, especially when dealing with unclear or coercive actions from local officials.
3. Providing better protection for merchants in unregulated regions like Pakistan. We urge Binance to offer better support and guidance to merchants operating in jurisdictions with unclear cryptocurrency regulations. By ensuring that local authorities are held accountable for their actions and protecting legitimate users, Binance can foster a fairer and safer environment for all its merchants.
We understand the challenges Binance faces in balancing local regulatory compliance with global operations, but we believe that protecting its merchants from such unjust actions is essential for maintaining trust and fairness on the platform.
@Richard Teng @Binance Announcement @Binance South Asia @Binance Customer Support
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