Blocked 1200 BTC Binance Account: Lost in Doubts

[Erasmuss]

Hi everyone.

I would like to let the Bitcointalk community know about the situation with my Binance account that has 1200 BTC locked.

I’m writing this post just to let you guys know how I’m doing while I wait.

I’ll spare most of the details but I’ll remind everyone just a little. A bunch of weeks ago, Binance blocked my account that had 1,200 BTC in it. I went through this long process to get it unblocked and nothing came of it. Binance wasn’t clear or open with me the whole process, changing their reason for blocking 3 times, ultimately settling on an “internal investigation”.

So basically, my lawyer has already started actions in regards to the account, and I still have hope but I’m also worried I’ll never get access to my account again. I keep losing money because Binance is just holding all of mine for no reasons. Moreover, not all of the funds on the account were mine, some of them were borrowed at interest. Being such a big exchange, I really can’t do much to fight them so I’m feeling quite hopeless honestly. I never had any other problems on any other exchanges, but with Binance, I’m having such a huge problem.

It’s a really weird place to be; I don’t know what’s going to happen and the uncertainty is awful. I’ve now been trying for months to get it unblocked to no avail; so much time has passed already and I still remain in limbo. It’s been such a stressful process and I’m still not sure if I’ll ever get my money back. I continue to suffer losses and it sucks. I’ll keep trying to get access to my account back and I’m just glad for everyone’s support and understanding. I also keep writing because I want as many people as possible to know what can happen with big exchanges so that you can all be cautious. Anyways,

To everyone that has helped me, I just want to say thank you and that I appreciate your support and help.

[LeGaulois]

That's a horrible story. How long ago was the last contact with Binance? With all the time, they got enough time to do their internal investigation. I doubt your lawyer will be helpful, I would rather rely on communication with Binance and try to deal with it in a "soft" way.
(Another reason to not store your coins on an exchanges, even with a reputed one you don't know what can happen tomorrow)

[Potato Chips]

Oh boi 1200BTC, I would really advice anyone not to store/deposit such large amount in one exchange even if you're fully verified. I've read lots of thread about frozen funds and I can really say that ppl who transacted with huge amounts of money are more inclined to get flagged as they are more noticeable.

I don't know if it'll work but its worth the try to link your forum threads when you contact them because public image is really important for companies, it could make them feel alarmed. I hope you can get your money soon!

[1Referee]

I don't know if it'll work but its worth the try to link your forum threads when you contact them because public image is really important for companies, it could make them feel alarmed. I hope you can get your money soon!

I think this is a pretty effective action moving forward. It's the first time I see someone having problems like this with Binance, and I am sure they want to do as much as they can to preserve their almost 'spotless' reputation in the industry. It's of course not a guarantee that it will help, but it's better than not doing it.

I'm sure that if everything checks out and you can prove that the funds are not related to criminal acitivity at all (if that's what Binance's concern is), then the odds of seeing your funds back are pretty high.

[Erasmuss]

That's a horrible story. How long ago was the last contact with Binance? With all the time, they got enough time to do their internal investigation. I doubt your lawyer will be helpful, I would rather rely on communication with Binance and try to deal with it in a "soft" way.
(Another reason to not store your coins on an exchanges, even with a reputed one you don't know what can happen tomorrow)

Hey, thanks for your support! The last contact with Binance was about a couple of weeks ago, and during the initial correspondence they haven't shared any kind of details regarding my case.
All of my previous communication brought me nowhere, as it seems that they don't even want to share any details. So the lawyer is my last hope.

Agreed that one doesn't have to keep such amount of funds on the exchange, but that't the only way for an arbitrage trading.

[Erasmuss]

Oh boi 1200BTC, I would really advice anyone not to store/deposit such large amount in one exchange even if you're fully verified. I've read lots of thread about frozen funds and I can really say that ppl who transacted with huge amounts of money are more inclined to get flagged as they are more noticeable.

I don't know if it'll work but its worth the try to link your forum threads when you contact them because public image is really important for companies, it could make them feel alarmed. I hope you can get your money soon!

Agreed, but I used these funds for an arbitrage trading, that's why I've kept them on the exchange.

I also thought that making such posts should bring a lot of attention (including Binance's attention), but for now it seems that they either don't care or just don't want to get it solved.

Thanks so much for your support!

[Erasmuss]

Can you paste screenshots of the support communications?

Sure, here are some screenshots of our communication sent by their support team:

https://i.redd.it/0l16loiyfjr11.jpg

https://i.imgur.com/H38qLmC.png

[Erasmuss]

I don't know if it'll work but its worth the try to link your forum threads when you contact them because public image is really important for companies, it could make them feel alarmed. I hope you can get your money soon!

I think this is a pretty effective action moving forward. It's the first time I see someone having problems like this with Binance, and I am sure they want to do as much as they can to preserve their almost 'spotless' reputation in the industry. It's of course not a guarantee that it will help, but it's better than not doing it.

I'm sure that if everything checks out and you can prove that the funds are not related to criminal acitivity at all (if that's what Binance's concern is), then the odds of seeing your funds back are pretty high.

I also thought that their reputation is clear and spotless, but I suddenly found a lot of users who had the same problem, and were able to unblock their accounts only with lawyer's assistance. Anyways, I'd be very grateful to get the situation solved soon, but it lasts for so long, and I keep losing money because of it.

[audereyy]

Sincerely, if your lawyer is unable to resolve it for you, I doubt you will get your money back.

It looks like this exchange decided to throw AML policy as excuse and put your money under investigation in order to increase their capital, hoping you will not pursue a legal action against them. Basically, "hey, we are a licensed exchange and we decided to confiscate your illegal bitcoins".

As they said 'Go ahead and report us to your local law enforcement' in the support ticket, it looks like they prepared some proof (probably fake one) that your money have illegal sources and they are ready to defend themselves. In the worst scenario they will say your BTC came from SilkRoad or equal, showing that some of your transactions from a btc mixer has intersected with some darknet market. They will also defend themselves buying a team of lawyers using your money...


What I can only say is this case exposes Binance as true scammers and I am glad I didn't put a cent on their exchange. Thank you for notifying the community, I hope smart people will stop trading on that dirty player.

P.S. it looks you are not unique, some people have reported the same situation on this forum for amounts >20 BTC