Post
Topic
Board Trading Discussion
Re: Binance exchange - blocks money withdrawal!
by
o_e_l_e_o
on 25/07/2020, 10:34:55 UTC
Why should I reveal myself if all the conditions are met
Binance cover their own backs with the following lines from their Terms of Use:

Your registration of an account with Binance will be deemed your agreement to provide required personal information for identity verification.
By accessing Binance Services, you agree that Binance has the right to investigate any violation of these Terms, unilaterally determine whether you have violated these Terms, and take actions under relevant regulations without your consent or prior notice.
You agree that Binance shall have the right to immediately suspend your Binance Account (and any accounts beneficially owned by related entities or affiliates), freeze or lock the Digital Assets or funds in all such accounts, and suspend your access to Binance for any reason including if Binance suspects any such accounts to be in violation of these Terms, our Privacy Policy, or any applicable laws and regulations.

This is why I said you will be unlikely to get your coins back. Although what they are doing is incredibly scummy, they are simply following the rules laid out in their Terms of Use. If you don't like giving Binance the ability to unilaterally lock your account, freeze your funds, and demand KYC, for no reason whatsoever without ever having to reveal the logic (or lack thereof) behind their decision, then you shouldn't use them.

I also take massive issue with them advertising their "2 BTC a day with no verification" accounts, when it says right there in their Terms of Use that as soon as you open an account they can and will demand KYC from you.