Consumer complaint received 2023-02-07
Company: BAM Management US Holdings Inc.
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Other transaction problem

Complaint:
Good afternoon. My name is XXXX XXXX. I initiated a wire in the amount of {$51000.00} to Binance US on XX/XX/2023. Here is a summary of the matter after plenty of correspondence : They felt like they needed to verify that it was really me sending funds via wire from my bank account so they made me submit a video of myself holding my driver 's license and answering questions according to a format/template that they sent me. I also had to provide a bank statement to them. After submitting those things, they came to the determination that they needed to conduct a phone interview with me. They asked me to submit some days and times that I would be available. Almost immediately after I gave them my availability, they responded that my account access with them had been XXXX and that I could not login. They instructed me to contact my bank and have the wire recalled. My bank ( XXXX XXXX XXXX ) told me that it was far too late to have the wire recalled because Binance US had already received it and the time frame was beyond the wire recall option. After submitting a support ticket in reference to the details above on or before XX/XX/2023, Binance still hasn't returned my funds. Furthermore, my account access is still restricted and I can not even login to initiate a return of the funds myself. 

It's {$51000.00}. That's a lot of my money to be holding without them even giving me a time frame of when they will properly address the matter. Please see below for their most recent correspondence to me today XX/XX/2023 when I told them I was going to submit a complaint to the CFPB : " Since you are no longer permitted to use Binance.US services, we recommend initiating a wire recall by contacting the XXXX of your bank that was used to sent the wire deposit. They should still be able to recall the wire, since it has not been accepted by our payment processor. 
If they are not able to recall the wire, please continue to await communications from our back office team regarding the return of these funds to your bank account. Unfortunately I can't offer an exact time frame as to when, but you will likely be given a window of time to withdraw your funds before your account is officially closed. That said, this decision will be at the discretion of our back office team, and it will be communicated via your email support ticket. 
I do apologize for any inconvenience surrounding the length of this process. I can assure you that our back office team is still working to complete their review of your account though, and you can expect to receive further communications from our team via your email support ticket as they make progress with this process. '' I've been in communication with them since XX/XX/2023. They already knew I sent the wire from my account and have already known that my bank said they couldn't initiate the wire recall a long time ago. At this point they are just an egregious amount of time to refund my money and are just being downright disrespectful. 

Thank you for your assistance in the matter. 

XXXX XXXX

Company response to consumer: Closed with explanation