Consumer complaint received 2021-03-12
Company: BAM Management US Holdings Inc.
State: NJ
Product: Money transfer, virtual currency, or money service
Sub-product: Domestic (US) money transfer
Issue: Other transaction problem

Complaint:
I initiated what was supposed to be a wire transfer on XX/XX/XXXX to Binance US in the amount of {$10000.00}. It was completed from my XXXX  XXXX XXXX account to the XXXX XXXX XXXX account Binance US uses on XX/XX/XXXX ( Routing number : XXXX, Account number : XXXX ). XXXX XXXX XXXX confirmed the transfer was completed and received. This transfer was intended to fund my Binance US account so I could purchase cryptocurrency. When making the transfer I accidentally checked the next business day box instead of same business day. This caused the transfer to be completed as an ACH transfer rather than a wire ( ACH trace number XXXX ). Signature Bank ( the bank where the account is held ) uses the same routing number ( XXXX ) for wires and ACH transfers so the money goes through to the account regardless of the method. As of today ( XX/XX/XXXX, over 1 month later ) my funds have not been returned to me or placed in my Binance US account. When you request a wire transfer Binance US sends an email with instructions ( copy attached ) and asks that you put a reference code in the transfer comments to track the funds. The code given to me was XXXX and it was placed in the comment box. I have tried to contact Binance US on two occasions which is an absolute nightmare. There is no customer service phone number so I opened two support tickets one on XX/XX/XXXX ( # XXXX ) and one on XX/XX/XXXX ( # XXXX ) with more accurate information regarding the details of the transfer including the ACH trace number XXXX. I received an automated response from Binance US on XX/XX/XXXX apologizing for the delay and asking if I still needed assistance. I replied with the details of my situation. To my surprise, I actually received a response from a customer service agent named XXXX on XX/XX/XXXX. He asked me to provide more information which I did. I explained my situation in detail and provided him with the ACH trace number to locate my transfer. He replied and said that he would get in touch with their financial partner ( XXXX XXXX XXXX ) and get back to me. I reached out the next day ( XX/XX/XXXX ) and asked for an update and he replied a couple of hours later stating that he was sorry but they were unable to accept my transfer but that they were working on getting it back to the originating account. It is now 9 days later and I still do not have my money back in my account. I reached out 3 separate times for an update since XXXX 's last contact on XX/XX/XXXX and have been completely ignored by Binance XXXX. A copy of most of this email chain is attached. The fact that a company like Binance Us that controls billions of dollars of people 's hard-earned money does not have a protocol in place to automatically send back transfers they can not accept is ridiculous. Them recognizing and acknowledging the issue and still not sending the money back is criminal. Customer service should be a company 's number one priority when dealing with customer 's money directly. One does not have to investigate the r/binance subreddit or the @ BinanceUs and @ BinanceUShelp XXXX accounts to see that many people have similar issues involving their hard-earned money and customer support is near non-existant. The craziest part is that including the missing {$10000.00} that this complaint is about I gave this company {$50000.00} worth of business in my first 10 days of signing up. I actually enjoyed using the platform before realizing they provide zero customer service. The bottom line is I just want what's right. I am a hardworking XXXX  XXXX  that worked my tail off during this pandemic for that money. I was just trying to invest some of my hard-earned money into cryptocurrency. Instead, I have been essentially robbed for {$10000.00} of my hard-earned money with no way to talk to anyone directly to help resolve my issue. I ask that Binance US does what's right and sends my money back to my XXXX XXXX XXXX account immediately.

Company response to consumer: Closed with explanation