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Binance 1.2k BTC account used for arbitrage still blocked and seeking assistance
by
Erasmuss
on 17/01/2019, 16:13:25 UTC
Hello, everyone! Sadly, I’ve returned this week with no update on my account. As many will remember, my account that had a significant amount of money in it on Binance was blocked months ago and still hasn’t been reactivated. I tried to get my account unblocked by giving Binance all the information that they requested. Throughout the whole process I’ve been informed of different reasons for why it was blocked in the first place, and the last reason was “it’s an internal investigation” and I should contact local authorities (unfortunately I’ve received the same answer from them every time).



I only used the account for arbitrage, in the same way that I do on other big exchanges where I haven’t had any problems with my accounts.



Why I’m coming to the public with this is that I’m asking for more assistance from Binance because I’ve already given them all necessary information that proves my identity and proves the credibility of my money. I’m open to any communication and assistance and I’m willing to provide any extra information they need from me to resolve the problem and move forward.





I already have a lawyer currently working on the problem, but government regulation in the crypto industry depends on where you live, and in turn, how much assistance the local authorities can truly provide. That’s why resolving my problem could take anywhere from a few months to a few years, and it’s already been quite a few months. I’m incurring losses because part of the funds in the account I borrowed at interest and I need to return them but can’t as they are frozen. I do believe that Binance can hear me out and meet me halfway.



Again, thanks to everyone for sticking with me and supporting me through this tough time. Hopefully they will get back to me soon and I can have my account back.
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Re: Binance 1.2k BTC account used for arbitrage still blocked and seeking assistance
by
Erasmuss
on 17/01/2019, 16:11:37 UTC
Quote from: mjglqw on January 17, 2019, 03:41:54 PM
If you're 100% sure you complied with all their requirements, then as with any other problems concerning exchanges, I suggest posting your problem on Reddit(assuming you haven't yet). Sometimes bringing the exchange to a bad light would force them to act accordingly, as to not spoil their name.

Yes, there's no guarantee for this move to solve your problem, but you got nothing to lose by posting on Reddit. Cross your fingers in the hopes that you get many upvotes from the community, for better publicity. Also, give as much details as you can in your post.

Best of luck.

https://reddit.com/r/cryptocurrency
https://reddit.com/r/binance
https://reddit.com/r/binanceexchange

Hey there, thanks for your comment. Actually, I've submitted a lot of posts on Reddit, and even Binance has commented these posts, but it haven't yet made me much closer to the solution. Anyways, thanks for your comment. I'll keep this thread updated.
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Topic OP
Binance 1.2k BTC account used for arbitrage still blocked and seeking assistance
by
Erasmuss
on 17/01/2019, 15:26:33 UTC
Hello, everyone! Sadly, I’ve returned this week with no update on my account. As many will remember, my account that had a significant amount of money in it on Binance was blocked months ago and still hasn’t been reactivated. I tried to get my account unblocked by giving Binance all the information that they requested. Throughout the whole process I’ve been informed of different reasons for why it was blocked in the first place, and the last reason was “it’s an internal investigation” and I should contact local authorities (unfortunately I’ve received the same answer from them every time).



I only used the account for arbitrage, in the same way that I do on other big exchanges where I haven’t had any problems with my accounts.



Why I’m coming to the public with this is that I’m asking for more assistance from Binance because I’ve already given them all necessary information that proves my identity and proves the credibility of my money. I’m open to any communication and assistance and I’m willing to provide any extra information they need from me to resolve the problem and move forward.





I already have a lawyer currently working on the problem, but government regulation in the crypto industry depends on where you live, and in turn, how much assistance the local authorities can truly provide. That’s why resolving my problem could take anywhere from a few months to a few years, and it’s already been quite a few months. I’m incurring losses because part of the funds in the account I borrowed at interest and I need to return them but can’t as they are frozen. I do believe that Binance can hear me out and meet me halfway.



Again, thanks to everyone for sticking with me and supporting me through this tough time. Hopefully they will get back to me soon and I can have my account back.
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Topic
Board Bitcoin Discussion
Re: Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 29/11/2018, 17:09:06 UTC
Quote from: ralle14 on November 29, 2018, 02:54:47 PM
Quote from: Smokey23 on November 29, 2018, 01:21:00 PM
He probably does have the money but involved in shady trading tactics, so his account was flagged.

You should contact them on twitter and see what they say.
Contacting them on twitter is no use they're going to say the same thing to him since OP already received a response from their support if you look at the reddit post linked by oeleo.

Quote from: Raja_MBZ on November 29, 2018, 11:18:27 AM
It's surely insane to keep 1200 BTC on an exchange, bad to post the same thing again & again and even worse to image edit the official e-mail by Binance (as Binance support team told at Reddit); however, the issue is starting to get "very old". IMO, Binance should've been able to resolve it by now, or at least they should constantly update him on the issue.
They shouldn't because he's already doing shady things like altering the replies. We all don't know the exact details of how it all started but who knows maybe he could be the scammer that's trying to claim the funds. If they speed up the process only because of these posts then Binance might give it to the wrong person plus he mentioned in the reddit thread that not all of the 1200 BTC belongs to him.

Hey, thanks for your comment. As I've already mentioned, my computer system just automatically translates texts so there are maybe a few words that aren’t the same but the meaning wasn’t changed at all so the difference in wording is totally obsolete.
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Board Bitcoin Discussion
Re: Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 29/11/2018, 16:19:02 UTC
Quote from: dothebeats on November 28, 2018, 03:34:00 PM
This is infuriating. Legal action must be taken in order for them to at least give a definite statement as to why they blocked your account. If they are inconsistent on their updates, something must be wrong on their side and not yours. For as long as you haven't done anything legal or breaking their terms of service, you're good, but then again we're talking about 1200 BTCs in here and that's not a small amount to not be worried about.

And on a quick note, try to save a copy of their terms of services too, just in case.

Quote from: bob123 on November 28, 2018, 02:58:16 PM
In the end, binance is a globally acting company. They won't steal your funds and risk their reputation.

One can never be sure these days, knowing that several 'reputable' exchanges have done exactly the same to their customers (Mintpal, anyone?).

--

One more thing, this should go to Service Discussion for appropriateness and more visibility towards service-related issues and concerns.

Thanks so much for your comment! I totally agree that at least they had to share any proper reason for blocking my account, but they keep telling me that I have to remain patient. I'll keep this thread updated.
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Re: Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 29/11/2018, 16:14:03 UTC
Quote from: 1Referee on November 28, 2018, 11:14:53 PM
Quote from: Potato Chips on November 28, 2018, 08:42:11 PM
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.
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Re: Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 29/11/2018, 16:10:54 UTC
Quote from: bitproxy on November 28, 2018, 10:01:54 PM
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
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Re: Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 29/11/2018, 16:06:46 UTC
Quote from: Potato Chips on November 28, 2018, 08:42:11 PM
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!
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Re: Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 29/11/2018, 16:03:17 UTC
Quote from: LeGaulois on November 28, 2018, 07:28:22 PM
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.
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Board Bitcoin Discussion
Re: Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 28/11/2018, 15:17:24 UTC
Quote from: bob123 on November 28, 2018, 02:58:16 PM
Quote from: Erasmuss on November 28, 2018, 02:50:36 PM
I don’t know what’s going to happen and the uncertainty is awful.

You have mentioned it yourself:

Quote from: Erasmuss on November 28, 2018, 02:50:36 PM
[...] ultimately settling on an “internal investigation”.


If you are not involved into wash trading or anything other illegal, you don't have to worry.

If you however are involved into shady things, this might take longer than you want it to last.

In the end, binance is a globally acting company. They won't steal your funds and risk their reputation.

Thanks for your comment. I do hope that the situation is going to be finally resolved, however, it lasts too long, without any update from their side.
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Topic
Board Bitcoin Discussion
Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 28/11/2018, 14:50:36 UTC
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.
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Blocked 1200 BTC Binance Account: Lost in Doubts
by
Erasmuss
on 28/11/2018, 14:05:18 UTC
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.
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Board Tokens (Altcoins)
Re: ⭐🚀 POMZ — The Next Big Step in the Evolution of Digital Marketing ⭐🚀
by
Erasmuss
on 14/11/2018, 12:21:11 UTC
Quote from: Stezzer on November 14, 2018, 12:19:23 PM
Hello!, I'm afraid to do or where to invest in these difficult times, when all coins drop in price. With POMZ will the same situation?

Here is how the star will fall. Each project wants to show itself stronger, but time will tell - what to do next. Are you newmember?
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Re: My 1200 BTC Account Is Blocked By Binance
by
Erasmuss
on 30/10/2018, 16:51:42 UTC
Quote from: dewildance on October 25, 2018, 05:23:41 AM
Wooww. You own 1200 BTCs and you sent all of it to Binance? What were you thinking about doing this? Didn't you know about the paper wallet? Or the hardware wallets.

The only reason for keeping such amounts on the exchange is the ability for the fast trades. Surely, I am keeping the other funds on hardware wallets, but in that case I'm not able to trade via API.
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Re: My 1200 BTC Account Is Blocked By Binance
by
Erasmuss
on 30/10/2018, 16:24:24 UTC
Quote from: DJ_Rick on October 28, 2018, 09:54:17 PM
Thanks for sharing your story as i think it will be useful for everyone who uses Binance. I have never known that it is possible, for example but now i know it is like this and what to do?

The only advice you should follow (in the case you're not doing arbitrage) is to keep your assets on your end. It may be either hardware wallets or client-side wallets, or any other ways to keep your keys privately. In this case, a centralised exchange won't be able to froze your account, as well as the suspicious attackers won't be able to hack your account.
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Re: My 1200 BTC Account Is Blocked By Binance
by
Erasmuss
on 30/10/2018, 16:19:06 UTC
Quote from: Naughty Princess on October 29, 2018, 11:57:04 AM
Quote from: mekie on October 28, 2018, 10:21:44 PM
Firstly I have to ask, why on earth did you keep $7.68 million dollars worth of bitcoin on any exchange? Such large amounts will attract attention and if they have any reason to suspect everything is not one hundred and ten percent legit and perfect with an audit trail they will certainly  ask questions and freeze the account until they are happy. Good luck getting it unfrozen.
That is the reason why to not trust on every exchange the big volume of potential coin because that attracts everyone and think badly and be greed. Even strong security had been there when the develop has own interest on it, they will do everything. That is very bad experience because you put all your time to collect profit and then other people will get it. Hopefully, there is only wrong on the system and unblock your account.

Exactly, I agree with you. But one has to keep such amounts on exchanges for the arbitrage needs, otherwise, you won't be able to proceed with transfers between the exchanges that fast.
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Re: My 1200 BTC Account Is Blocked By Binance
by
Erasmuss
on 30/10/2018, 16:05:51 UTC
Quote from: hastag_80 on October 28, 2018, 09:34:07 PM
Quote from: Erasmuss on October 24, 2018, 01:40:18 PM
Hello everyone,

I would like to share my story with the Bitcointalk community, in order to notify you that anyone may simply be scammed by Binance exchange with no access to their funds.

To begin with, I’ve created a Binance account this May for arbitrage trading via their API through the bot that I’ve made. I’ve made a few large deposits and was trading for about 3 months using the arbitrage strategy for some time. My total balance was around 1.2K BTC (bitcoin veterans know how it’s possible) at the beginning of September, and everything went pretty fine until the middle September, when I’ve received the message claimed that my account was blocked because of the several suspicious login attempts, which confused me a lot. My account was protected by a very complicated password, 2FA and the email that I’ve never used anywhere else.

I’ve contacted Binance support as soon as I’ve noted the message from them, in order to clarify this issue. They have asked me to verify my account and pass a KYC (my account wasn’t verified before), in order to prove my identity and show that the name that I’ve provided with them matches with my real name. I’ve provided them with the documents, but during our negotiation, they have changed the reason of blocking of my account to the “internal investigation process.” As for now, my funds are locked by Binance, and every single time when I’m reaching them out they keep telling me that my account now is a subject of the investigation, and that I have to contact the local law enforcement if I conduct the reason of block unwarranted.

Surely, I’ve already contacted a lawyer, in order to speed up the process of getting an access to my funds, however, I still can not find a reason of this block by Binance. Anyways, this message is a notification for every trader that one has to avoid he exchange, if they want to have an access to their funds.

P.S.: Funds are not SAFU, guys.



Will in ny own opinion about this issue in binance ,maybe there is something a different story thats never been discuss in this issue and why should binance blocking to access of your account,maybe theres a rule there in doing account in binance thats once you wrong to put a several attempt to unlocking your account password or  2FA its make to block your account and whole scene so in order to protect your acccount on hacking they need to contact the real owner of this asset,because binance based on my experience are a good exchange or otherwise binance can make trouble now on there trading site.

Hey, thanks for your feedback.

I'm not saying that Binance is a bad exchange, but the fact is they have blocked my account and now claim that there's an investigation. They still keep silence, while my money (btw, it's more than 1/10 of their trading volume) are kept frozen. I have no idea why do they still keep it frozen, as there are no reasons for that.
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Re: My 1200 BTC Account Is Blocked By Binance
by
Erasmuss
on 30/10/2018, 15:56:21 UTC
Quote from: Cryptostruck on October 29, 2018, 12:02:37 PM
This is really sad if this is really true, don't give up you'll get your funds back.

Thanks for your support!
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Re: My 1200 BTC Account Is Blocked By Binance
by
Erasmuss
on 30/10/2018, 13:09:08 UTC
Hello everyone,

No news is good news, but not in my case. I still haven't received a feedback from Binance regarding the actions that they are about to proceed, so the situation remains the same. Funds are still locked, as I don't even have an access to the account.

I've never expected that my story is able to grab so much attention. I would like to thank you guys who sympathise my issue, and I do hope that the situation will be solved sooner or later.

I'll keep you posted and will share any updates from their side. Funds are not SAFU.
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Re: My 1200 BTC Account Is Blocked By Binance
by
Erasmuss
on 25/10/2018, 13:44:47 UTC
Guys, I'll try to answer most of the questions in one message:

- Yes, I really was keeping 1200 BTC on Binance. The reason that I was keeping too much coins there was an arbitrage trading. Surely, no one has persuaded me to do that, but I do consider the fact of blocking of my account unwarranted.

- Binance (or any other exchange) doesn't have any limits for the deposits, only for the withdrawals. Moreover, some of the exchanges (mostly Asian) require verified  
accounts for withdrawals, even if you are trying to withdraw 1 sat.

- I have already contacted Binance support a lot of times, but still haven't received a proper feedback (see the video that I've attached on the 1st page of this thread).

- I don't have any reasons to attract more attention to my persona (this bitcointalk account, as mentioned above, isn't even linked to my identity) or to scam Binance's reputation. As I've said earlier, all that I want is to notify users that Binance may just lock your account without having an access to the funds. Moreover, I do consider that Binance may speed up the process of unlocking my funds if I continue making such posts.

I would like to thank the guys who have advised me to contact some influencers (such as mcAfee) and shared the posts about unlawful operations suspected by NY attorney.

I would also like to know if there's someone who was also blocked by any cryptocurrency exchange, and how have they unlocked their funds.