Bitcoin Forum

Today i got this email from Binance.
The sender was do_not_reply@mailersp2.binance.com and the email did contain anti phishing code , which I have configured in my Binance account. This means that the email is legit.

Now what is binance concerned about here? If we received bitcoin from sanctioned country or person, our account will be at risk ?


https://i.imgur.com/BXlE4rI.png

I guess that best would be to ask the support people about the e-mail.
I have no idea if it's about the source of some coins or fiat, I have no idea if it's about their so-called p2p platform. But maybe, with some luck, the support knows this.

It is not your keys on blockchain, you have no full control, Binance has the control. If you received coins from someone from a sanctioned country, likely the coins would be seized and your Binance account may be freezed or blocked.

Use noncustodial wallet instead, for you to have full control, especially if you do not know the person that is sending the coins in real life and if you do not know the country the person is from.

I'm sure the user probably has a good idea as well.  Was crypto recently deposited into Binance from a trade with a partner you may not know well?  Did you receive a wire transfer from someone else?  I would assume a person knows if their deposits came from their bank, legitimately earned coins, or if a 3rd party sent coins to their account for some reason.  My guess is that OP probably bought crypto or traded for it with someone who did something shady, or maybe they funneled their deposits through a coin mixer, leaving Binance feeling the need to send a warning to make sure the OP knows that how they're getting crypto is not the right way to do it and they won't be able to continue letting them trade using this method.

My first thought when I hear 'Binance email' is always phishing. It can get very elaborate, including mails sent from what can look like a corporate address, and it's hard to always be up-to-date on what's possible and what isn't with mail scam. So I don't know whether your anti-phishing thing is something reliable, to be honest.
But I think this email is most likely legit, and not just a random reminder or the ToS out of the blue.
My associations about the meaning are primarily with Russia. Are you Russian? Do you send money to anyone who is Russian or get money from Russians? Same questions with Iran. I don't mean you should answer them here. I mean, you should answer them for yourself. If you are unaware of dealing with sanctioned users or entities, then I'd follow the advice of NeuroticFish regarding contacting support.

If they would have been concerned about what you already did you would most likely have had your account frozen by now and not a warning of please don't do more money laundering or we will be upset with you.

It's a general reminder that has been already sent to thousands of accounts and made some already panic on Twitter, it's just Binance way of claiming it does something against money laundering and warning those who know they are in shady deals to pack their bags and go away in silence without a tantrum when shit hits the fans.

I'm quite curious if I'm going to get one since I haven't gone through the new verification and my account and card are frozen already!

I guess this is about Binance p2p trades but how do we know what is their source of funds? Or their country of origin to find whether they are living in restricted or supported for cryptocurrency trading. It makes sense if they terminate the accounts which are from restricted countries so others won't be worried with each trade.

Will Binance also warn about funds coming from casinos?

I didn't get such a warning though, I did make a withdrawal from a Russian exchange to Binance but not a word from them.  If it's true then binance is becoming a political platform already which could cancel users. This is where the DEX will be useful already for someone who are making deals with sanctioned countries.

Because one can pass KYC verification with an EU ID card or passport and then in p2p ask you to send money to some bank account that is not in Europe at all but in a sanctioned country or he could make you accept money from a sanctioned country by offering you a better price with a 5-10% premium.
Binance has no control over what you deal with the other guy in private.

Once you logged into your account, what are you able to do/what are you now unable to do? Is your account completely restricted from withdrawals or usage? Or was the email a warning?

If Binance is now restricting withdrawals based on which countries users interact with and there is no way to lift restrictions, then a lot of people will have just gotten blocked...This is going to be interesting.

They should be way  more explicit, as the referenced Terms of Service (https://www.binance.com/en/terms) doesn’t really detail explicitly the prohibition trades, except for what their chapter on prohibitions of use dictates, which I find vague, leaving the reader needing to jump to external lists to try to interpret his personal circumstances:

Decapitalized (for being painful to the naked eye) quote from their TOS:
Since you have seemingly received just a warning, and not a de facto sanction, it’s possible that they have linked one of your inbound/outbound TXs with someone that fall into the above vague categorization, but either through probabilistic heuristics, or a few step backs in the chain. I’m not sure if the message would be such as the one displayed if there was a complete certainty.

As suggested, I’d reach out to their support to clarify the case, and see how they’ve reached their conclusion.

you are not offering a solution here.
what should he do if he does not primarily want to use Binance as a wallet, but wants to trade there? at the same time, he will claim the funds he received for some previously completed deal and he did not check whether they come from a sanctioned country.

Try and understand my post very well, nothing like he should not use Binance, the reason I included 'especially'.

We get to hear about how laundered money passes through such exchanges without raising any alarms, but someone out there doing their own business uses them for their wallet services.. before you know it they are threatening you with T&Cs and they want to cut ties with you immediately  ::) Jeez these guys have too much power to abuse, if this is true the "Not your private key, Not your coins" movement lives on... Am hoping this isn't a legit email  :P
Shit just got real.

Why punish the receiver.. I just don't get it, honestly if Binance continues on this path I see most of its customers moving to other exchanges where some freedom can be found. Otherwise that top spot won't be there's forever!

I've noticed lately that Binance seems to be acting as a crypto police. It seems CZ is very proud of Binance's achievements in coordinating with the authorities, tracking suspicious users, freezing funds, locking their accounts, and so on. As a matter of fact, in summing up plans for 2023, "compliance" has the number 2 spot, only lower than "education," and above "product & service" and ignoring "FUD, fake news, attacks, etc."^[1] So this email is most probably in line with all of this.

I'm a bit intrigued, however. By warning users to check the source of the funds and not to trade with sanctioned countries and sanctioned individuals, do they only mean directly? Or do they consider transactions and funds up to a certain level like when I'm dealing with a clean person who also dealt with a clean person beforehand but the last one had dealt with somebody who is sanctioned?

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[1] https://twitter.com/cz_binance/status/1610018096122851328?cxt=HHwWgMDT1bO799csAAAA

Luckily I got rid of Binance a while ago, basically I was working on Binance via VPN because my country is blocked but when they sent me a message that I have to complete KYC by verifying identity and residence address, I left Binance permanently.

Of course, not only Binance, but all central exchanges pose a great risk because they have the right and control to freeze your account or freeze your coins for any reason. If they feel that your coins come from a suspicious source in their view, they will freeze your account immediately.

So I think it's time to get rid of centralized exchanges.

I am also using binance, but I have not received any email like you. Are you sure it was sent from the official binance support account? I think to make sure it's official, you need to contact support directly to clarify this, as very few people get this email.


Binance is a centralized company, and to survive, they need to be licensed and regulated by regulators, so it's not surprising that there are political motives here. DEX is always optional, even if there is no news like this, just use the appropriate CEX and DEX in each case.

This should not be related to P2P trades as P2P traders are also registered at binance and there is no way you can distrust them, especially those are doing high volume P2P trading as a business.

Since this email is explicitly send to the OP (and not a general message sends to everyone), the OP should take it seriously and ask support about what went wrong so that he can be careful in the future. Otherwise, the OP may remain ignorant, repeat the same action again and may get his account banned or frozen.

It may happen someday if binance does try to adapt the terms of use to specific regulations (or vice versa, enforce them), especially when these notifications will come to users from countries where gambling is prohibited.
Bear in mind that binance has experienced some regulatory pressure and sanctions in the past.

Reddit and a few other places in addition to twitter are also discussing it. Looks like they decided to send out a bunch over the last few days. Wonder if something changed, or they noticed more funds coming form some locations to some peoples accounts. Or, it could just be random BS. With Binance you just never know.

Not your keys, not your coins. If you need to trade, send the funds, exchange them and withdraw them.  

Side note, mailchimp had a data leak the other day, so double check everything.

-Dave

So you mean to say that it is not only me but other people also receiving the same email from binance. If this is true then in one way it is good for me, as i am not a only target for binance :)

Nevertheless i have most of my funds removed out of binance, after the ftx scam but still i move funds in and out of binance and some funds do remain in binance which are used for trading purposes.

Is it time to move to another exchange and find a better althernative than binance; suggestions ?

A few hours ago I received an email from Binance "Withdrawal Confirmation Pending" while the sender of the email is transactions76447@clientes.clientifymail.com I'm not sure this is an official email from Binance even I have never traded USDC or withdrawn USDC from my Binance account.

After receiving this email, I immediately checked my Binance account and there was no activity there, even there was no USDC coin pending withdrawal, is this really a spam email.

After I checked the IP address came from Germany which is not my location.

https://i.ibb.co/THVFhKy/Screenshot-40.png

I've already mentioned it, you're not alone!!!!
One simple search on twitter:
https://twitter.com/piperbluedj/status/1615355993956696065
https://twitter.com/CryptoAwaz/status/1615324488765263872
https://twitter.com/CristenZack50/status/1615302852431298561


https://www.binance.com/en/official-verification


No, it's not!