As it turns out, Binance does in fact have the power to freeze private wallet addresses on BNB Chain, albeit only with the consensus of all its validators.
Source: https://cointelegraph.com/public/index.php/news/binances-indecision-to-freeze-bnb-wallets-drew-controversy-in-this-11m-rug-pull
Binance's indecision to freeze BNB wallets drew controversy in this $11M rug pull
