Consumer complaint received 2021-05-08
Company: BAM Management US Holdings Inc.
State: AZ
Product: Money transfer, virtual currency, or money service
Sub-product: Foreign currency exchange
Issue: Fraud or scam

Complaint:
XXXX BAM Trading Services Inc. d.b.a. Binance.US NMLS ID : XXXX XXXX XXXX ( CEO ) I will be posting correspondence and proof of my awful experience with the Binance.us customer service department. After months of support ticket submissions with lackluster response, I reached out to their Binance.us Customer Support XXXX Account ( XXXX XXXX ) and I still am not getting any resolution to my issue.

At this point in time they are simply ignoring my constant emails asking for resolution and I fear that my account will be blocked/deleted soon as it appears many individuals are dealing with similar situations : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX They are currently holding over {$18000.00} of my funds and are claiming that I do not have a Binance.us account and currently ignoring my customer service tickets even when documented proof has been sent.

Unfortunately, I feel that this problem may be significantly larger than a few disgruntled investors who had bad experiences. I am creating this post not only as record of my current dealings with Binance.us but as warning to other investors who may be considering using their exchange or are already using their exchange and have been lucky enough not to have issues thus far. 

Timeline of events : XX/XX/XXXX XXXX PST I registered for a Binance.us account and was instructed to complete the basic verification so I would be ready to trade. I was having a very hard time completing this as the verification system does not work very well and my personal photo and proof of ID were not accepted. 
XX/XX/XXXX XXXX PST After an hour of attempts, I submitted by first support ticket ( # XXXX ), to which Binance.us support responded requesting further documentation in the form of my Drivers License, a personal photo of me holding my license, documentation showing Proof of Address, and a photo of my Social Security card. At this point in time, I decided that I was not going to send in that information. 
XX/XX/XXXX XXXX PST I received an email from Binance.us customer support asking if I still needed help with my Binance account. I would say this is the end of what I would consider to be prompt/good customer service. 
XX/XX/XXXX XXXX PST Nearly a month later I decided that I wanted to try again and I started the verification process with the same results. 
XX/XX/XXXX XXXX PST Exactly 2 weeks later I received an email stating my verification was unsuccessful. 
XX/XX/XXXX XXXX PST I decided to try and create an account with an alternate email to see if I had better luck with the process. 
XX/XX/XXXX XXXX PST registration seemed to be going well this time around so I went ahead and funded my Binance.us account with XXXX XXXX and converted it to USD in Binance.us. 
XX/XX/XXXX XXXX PST I submitted my first support ticket with my new email ( second overall ) ; ticket # XXXX and received a response to my request asking for more information. I replied stating that I had already sent my drivers license and utility bill and attached a copy of my most recent bank statement per their request. 
XX/XX/XXXX XXXX PST I sent a follow up email to customer support explaining how I believed part of the problem with my registration may have been the fact that I tried registering with a different email address earlier in the year, and the SSN provided was creating a conflict because the system was stating that the SSN already existed ( ticket # XXXX ). I gave emails for both accounts in an attempt to help quickly resolve the issue. 
XX/XX/XXXX XXXX PST After two weeks of not hearing anything from customer service I submitted yet another ticket with the first email address I tried using to create an account ( ticket # XXXX ) and received confirmation it was successfully sent in. 
XX/XX/XXXX XXXX PST I received an email from customer service rep XXXX about my account claiming they could not manually verify my account until I had initiated my verification. I had already sent in all supporting documents confirming my identity and initiated my verification several times and already had wired roughly $ XXXX into my Binance.us account by this time. 
XX/XX/XXXX I sent a follow up email stating that I disabled my first account with my first email due to the SSN conflict and my inability to verify my account. I was hoping that would rectify the issue and allow me to complete the verification process so I could withdraw funds from Binance.us if I needed to. Its now been over a month since my funds were deposited and I have been unable to withdraw them. I also posted my ticket number on their twitter account so that my issue could be escalated. 
XX/XX/XXXX I received an email response from customer service stating that they were unable to locate the email address or UID associated with my account and to contact Binance.uss customer service when I very clearly have an account with Binance.us. I replied immediately with screenshots of my login page showing my user ID and balance. 
XX/XX/XXXX I sent a follow up email with a screenshot of what happens when I try to verify my account and provided all of my personal information in the email. I also again explained that I felt the conflict was because of an old Binance.us account which I had already disabled.

I contacted the Binance.us support team via their twitter account ( private message ) again on XX/XX/XXXX asking for assistance rectifying the issue and received no response. On XX/XX/XXXX I received an email from Binance.us customer support stating they are escalating ticket number XXXX and have yet to hear back as of todays date XX/XX/XXXX. 
I can provide email proof of all of the correspondence above should it be requested. 
Any help in resolving this matter would be greatly appreciated. 

They are ripping off hundreds of millions at a minimum, most likely billions.

Company response to consumer: Closed with explanation