Consumer complaint received 2021-05-26
Company: BAM Management US Holdings Inc.
State: MO
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Money was not available when promised

Complaint:
I have purchased cryptocurrency from Binance.US and also transferred cryptocurrency from other wallets to my Binance.US wallet. I have been unable to access any of those funds, withdraw any of the cash I've had ( XXXX ), or even withdraw any of the cryptocurrency for at least 3 weeks. The last time I was able to successfully withdraw funds was XX/XX/2021. 

I have reached out to Binance.US NUMEROUS times, including about this issue. I issued my first ticket to them when I had trading disabled in XXXX, and I still have not received a response even to that inquiry, despite having submitted something in response to an automated message that purported to allow me to " escalate '' my issue. 
I have tried every form of communication they have for contacting them and have received nothing in response. At this point, I have {$5200.00} of assets and can not withdraw any of them. I can sell cryptocurrency ( albeit at a worse exchange rate than the market since " trading '' has been disabled for me since XXXX XXXX, but I can not withdraw the USD after doing so. I am still able to deposit from the bank accounts to which I sought to withdraw funds. So they allow me to put money or coins into my wallets with Binance.US, but I can not take anything out. I have tried various currencies and various amounts, and I keep getting the automated message " withdrawals suspended due to risk management. '' Researching this issue online provides a number of possible reasons for this message, but none of them apply to me. 

I do have two cryptocurrency purchases that are still within a 10-day hold period, so I understand that I would not be able to completely liquidate my account, but I was unable to withdraw cash prior to making these purchases, and I have tried withdrawing assets that have been in the account since early XXXX and get the same message. Those would not be subject to any sort of hold. In any event, I am extremely alarmed because I can not access any of these assets and can not get ANY response from them about anything and haven't been able to do so for months. I would like to be able to withdraw everything and cancel my account, but there is not even a way for me to do that. 

I have threatened them with legal action if they did not respond by Friday, XX/XX/2021, but they did not respond. I wanted to seek CFPB 's help before filing a lawsuit because of the costs associated with filing suit. 

I did have a few failed deposits in the past, and one chargeback, but those were some time ago, and were for small sums under {$300.00}, and I immediately replenished the account, so certainly that does not justify a complete lockdown of my account and in particular an inability to withdraw assets that I didn't even purchase through Binance.US. Those were mistakes due to me using the wrong account in the app, which is somewhat difficult to navigate. Certainly, it is not excuse for essentially converting over {$5000.00} in assets.

Company response to consumer: Closed with explanation