How Binance love freezing miner’s accounts to show they are acting against criminality, but in fact they don’t!
Tags: Freezing, Account, Exchange, Ethereum, Pool

This month I met a disabled friend, an old guy passionate of crypto currency and Ethereum miner, while talking he explained me he was testing the last big opening on Binance exchange, the Ethereum mining pool.

Unfortunately his test did not last very long, from an economic point of view given his state of handicap he is supported by his government and receives an aid about 1000 dollars per month for food, clothes, his apartment as well as any extra expense … He has the right to work at 30% and earn an additional 1000 dollars which counts as hobby.

At the end of 15 days of intensive mining, obviously the electricity as well as the miners besides currently very expensive sometimes exceeding 5000 dollars for a part are paid by the miner himself. The mining pool just wait for the results of the block calculations, pays the miners and takes their percentage without sometimes worrying about the miner and all the money invested to provide the pool with these much requested solutions.

His account reached 0.64 Ether that day, which corresponds to approximately 400 dollars today. From that moment he trade these Ether in usdt (stable coin) and takes the steps to withdraw his money to either place them in his bank account or pay what he needs.

He clicks on “WITHDRAW” ….Instead of the process being started he receives his first error message explaining that “withdrawals are deactivated for risks management”, immediately he understands that his account without notice comes to be frozen. Immediately he try to join the binance support send a ticket, as an answer almost from a full month today, received everytime same automatic messages, nothing to do with the problem he encountered.

He even tries to withdraw in Euros directly to his own Bank account in his name, even damn messsage. The problem, he has planned this money to buy and spend Christmas with his mother who helps him a lot and he wants to make a gest to say thank you, but impossible, because his binance account remains frozen without any additional information, no excuse, total emptiness.

I asked myself a question? Wouldn’t an exchange the size of Binance do better to freeze the accounts from Darknet dealers coming to change everyday their Monero for clean money and not just 400 chf but thousands and thousands of dollars for a single transaction. But no it seems that this kind of situation is very rare, obviously it is always better for the giant to tackle low-income clients, they do not have much to lose than big mafia leaving sums (fees) astronomical during each exchange on the world’s number 1 crypto-currencies platform. It turns out at the legal level, Binance absolutely does not have the right to freeze accounts or money does not belong to it, but it is certain when targeting low income clients they are not likely have a lawyer or prosecutor on their back …

Hear my word !!! For each crypto currency miners, I would strongly advise you to stay on Sparkpool or F2pool where you get everyday your payout and forget and avoid Binance new pool!!!

Much respect!!!To crypto miners…