Consumer complaint received 2021-04-02
Company: BAM Management US Holdings Inc.
State: OR
Product: Money transfer, virtual currency, or money service
Sub-product: Mobile or digital wallet
Issue: Fraud or scam

Complaint:
In XXXX, I opened and funded a consumer account with BAM Trading Services , Inc. on their platform located at www.binance.us. The BAM platform allows users to purchase, sell and store digital assets and XXXX currencies. BAM has three levels of personal verification Basic Verification, Advanced Verification and Cash Account Verification. After I submitted identity, address, government ID, and a Prime Trust questionnaire to BAM, I was approved under all three verification levels which purported to allow crypto withdrawals of up to {>= $1,000,000} and US dollar withdrawals of up to {$5000.00}, daily. For many months, I was able to deposit funds, withdraw funds, and purchase and sell digital assets on the BAM platform. 

In XXXX of XXXX, without any notice or warning, BAM suspended all trading and withdrawal functions on my account. I was unable to withdraw US dollars and digital assets as well as prohibited from selling or purchasing digital assets or fiat currency. I discovered that BAM has no telephone number whereby consumers can talk to a real person. Instead, BAM requires consumers to resolve issues through their email ticketing system, which I attempted to do without success. 

On or about XX/XX/XXXX I submitted an inquiry asking why my account had been suspended XXXX Support Ticket No. XXXX ). I received an automated response stating : We are working through a high volume of customer inquiries. Our dedicated support team is answering all queries in the order received and one of our representatives will respond to you as they are able. 

On XX/XX/XXXX, BAM responded requesting that I provide them with the following : 1 ) Video of you holding your ID along with you stating the following inside the video : " My name is [ First and Last Name ], today is [ Today 's Date ] my e-mail is [ your email used for registration ] and I acknowledge that I registered for a Binance.US account and I will be the only person with access. In addition, I confirm that I have read the Binance.US terms and conditions and I'm aware that the company provides financial services. '' 2 ) Recent bank statements for all linked plaid accounts. 

3 ) Attach the files to this message in your next reply so that our team can verify it.

As of today, my account remains locked with no reasonable path for discovering why it was locked, how to reasonably unlock it, or how to reach a real person at BAM. The only reason BAM provided was a generic statement when I attempt to withdraw my funds stating Withdrawals suspended due to risk management and Order failed : trading disabled. At the time of this letter, the value of the digital assets and US dollars BAM is holding and refusing to return is {$98000.00}.

Please investigate this company. A quick internet search yields numerous complaints from consumers who are in a nearly identical situation, unable to speak with anyone at BAM or access their funds. Please let me know if you need anything else from me.

Company response to consumer: Closed with explanation