Consumer complaint received 2021-05-03
Company: BAM Management US Holdings Inc.
State: GA
Product: Money transfer, virtual currency, or money service
Sub-product: Virtual currency
Issue: Fraud or scam

Complaint:
I Started Investing in CryptoCurrency with Binance.us on XX/XX/2021. I was using two of my bank accounts to fund the purchases of the currencies they hold. After initiating a purchase, you hold the currency with them, but it would take at least 3 days to come out of my Bank Account. Currencies purchased on Binance.us must sit in their exchange for at least 10 days before being exchanged, withdrawn, or sold. On the XXXX I Purchased {$1200.00} of Digital currency XXXX & {$100.00} XXXX successfully. On XX/XX/2021 Purchased {$940.00} of XXXX Successfully. On the XXXX a successful purchase of {$60.00} worth XXXX. On the XXXX, I initiated a purchase of {$940.00} of XXXX which was put into my Binance Account on XX/XX/XXXX. 

On the XXXX of XXXX I received an email from Binance Stating " We were unable to process a charge for your recent deposit or Buy Crypto order below : Chargeback amount : XXXX XXXX Order time : XXXX XXXX ( XXXX XXXX Payment type : ACH '' So I went to attempt again to deposit the amount of {$940.00}, but Binance says my account is locked due to chargeback, no withdrawals, deposits, exchanges are allowed. Binance says I need to verify my account via a support Ticket. On the XXXX of XXXX I placed the Ticket which asks me to provide a Bank Statement from the bank Iused & a video with me in frame stating my name & holding my ID & a piece of paper with binance verification written on it, which I do all of. I then Receive an email stating " Your support ticket is # XXXX. 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. '' Then, on XX/XX/XXXX I received an email stating " Our records indicate you have an outstanding balance from a previous deposit. The status of your deposit appears as a Chargeback that must be settled before access can be reinstated. To confirm the status of your deposit, please visit your deposit and withdrawal here. 
Please understand that failure to settle the outstanding balance will result in possible liquidation of your assets. For information regarding our negative account balance this morning, please refer to our support article here. " I try again to deposit & it fails becausemy account is still locked. I place another ticket asking about allowing me to deposit & receiveemail stating " Your support ticket is # XXXX. 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, I receive another email stating " Our records indicate that we were unable to charge your bank for a recent deposit.To enable our users to trade as quickly as possible, our system pre-credits your account when you initiate an ACH deposit. Your bank is then charged anywhere from 3-7 business days later. This varies depending on your specific financial institution and their processing time. 
Per our FAQ, we recommend ensuring your deposit amount is held in your balance for up to 10 days to avoid any issues. 
At this time, your account shows a negative balance that needs to be settled before your ability to trade and withdrawal can be restored. To re-enable your account, please deposit the amount owed at the Binance.US Deposit Page. 
You can see the status of your deposit by viewing your deposit & withdrawal history.You do not have to create a ticket or follow up about this matter, we will check your accounts status in a few days to see if its been covered to unlock you. 
I attempt to deposit again on the XXXX of XXXX, it fails again. Binance.us has no support Number to talk to a human. It has been more than 2 months and they have not provide a solution or realistic way to fix this issue.

Company response to consumer: Closed with explanation