Consumer complaint received 2026-03-03 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: BAM Management US Holdings Inc.
State: OK

Complaint narrative:
To the Consumer Financial Protection Bureau, I am writing to file a formal complaint against BAM Trading Services Inc., operating as Binance.US ( www.binance.us ), a cryptocurrency exchange based in XXXX, Florida. I am an ordinary consumer not a financial professional who made an honest mistake while transferring my own savings and is now being denied access to {$4900.00} that a company admits they can recover, but refuses to. ================================================================ SECTION 1 : PLEASE READ THIS FIRST A SIMPLE EXPLANATION ( For those unfamiliar with cryptocurrency ) ================================================================ I understand that cryptocurrency can be confusing. Please allow me to explain my situation in plain English before presenting the technical facts. WHAT IS A CRYPTOCURRENCY EXCHANGE? Binance.US is like an online bank for cryptocurrency. Just like a regular bank gives you an account number to receive money, Binance.US gave me a " deposit address '' a unique code to receive my cryptocurrency. WHAT WENT WRONG? I sent {$4900.00} worth of digital currency ( called XXXX a stable digital dollar ) to MY OWN Binance.US deposit address. However, I made a mistake : I used the wrong " network '' to send it. Think of a network like a delivery service. Imagine sending a XXXX package using XXXX tracking the package goes to the right address, but the recipient 's system doesn't automatically recognize it because it arrived via a different carrier. WHERE ARE MY FUNDS NOW? My funds arrived at the correct address MY Binance.US address but via the wrong delivery network ( called " XXXX '' instead of " XXXX '' ). The funds are NOT lost. They are sitting safely at an address that Binance.US owns and controls. Binance.US can see them. Binance.US can access them. Binance.US simply refuses to return them to me. WHY CAN BINANCE.US RECOVER THEM? In cryptocurrency, an " address '' works the same way across multiple networks like how your home address is the same regardless of whether XXXX or XXXX delivers to it. The same " key '' ( password ) that Binance.US uses to access my deposit address on the XXXX network also works on the XXXX XXXX Any experienced cryptocurrency developer can confirm this is a simple, routine technical procedure. THE MOST IMPORTANT POINT : Binance.US 's own rejection email ADMITS the funds can be recovered. They wrote : " When new networks are supported, the assets deposited on them may become available to recover. '' This is a direct admission that : ( a ) My funds are NOT permanently lost ( b ) Binance.US HAS the technical ability to recover them ( c ) They are CHOOSING not to recover them right now This means Binance.US is knowingly holding nearly {$4900.00} of my money that they admit they can return and refusing to do so. ================================================================ SECTION 2 : MY PERSONAL CIRCUMSTANCES ================================================================ I am an ordinary consumer. I took out a personal loan to fund this transfer. This {$4900.00} represents significant financial hardship for me and my family. I am not a sophisticated trader I made an honest mistake selecting the wrong network, sent the funds to MY OWN address, and am now being denied access to my own money by the company that holds it. ================================================================ SECTION 3 : RESPONDENT INFORMATION ================================================================ RESPONDENT : Company : BAM Trading Services Inc. ( Binance.US ) Website : www.binance.us Headquarters : XXXX, Florida ================================================================ SECTION 4 : COMPLETE TIMELINE AND CORRESPONDENCE ================================================================ XX/XX/year> : I transferred XXXX XXXX via the XXXX XXXXXXXX XXXX to my official Binance.US ETH deposit address : Address : XXXX Transaction ID : XXXX Date/Time : XX/XX/year> at XXXXXXXX XXXX XXXX Confirmations : XXXX ( only XXXX required ) fully confirmed Evidence : TXXXX ( Uploaded ) XX/XX/XXXX, XXXX LIVE CHAT WITH BINANCE.US SUPPORT ( AGENT XXXX XXXX XXXX XXXX ) : I contacted Binance.US support immediately. Their XXXX XXXXgent collected my transaction details and escalated to a human specialist. XX/XX/year> LIVE CHAT WITH AGENT XXXX : Agent XXXX reviewed my case and stated : '' XXXX ( XXXX ) is not supported on Binance.US. Binance.US can not accept transfers of any assets not supported on its platform. '' However, when I clarified that I used MY OWN Binance.US ETH deposit address, XXXX also stated : " Your transaction is currently being processed. Please allow up to 24 hours. '' This contradictory response first saying funds are unrecoverable, then saying the transaction is being processed demonstrates that Binance.US 's support agents were not conducting any genuine technical review. Evidence : BinanceUS-XXXX XXXX Uploaded ) XX/XX/year> LIVE CHAT WITH AGENT XXXX : A second agent, XXXX, provided the same scripted responses as XXXX, directing me to the Deposit Recovery tool without any genuine investigation. Evidence : BinanceUS-XXXX ( Uploaded ) XX/XX/year> DEPOSIT RECOVERY SUBMISSION : I submitted a formal Deposit Recovery Request through Binance.US 's official recovery tool.Recovery Submission ID : XXXX Status shown : " Processing '' Evidence : XXXXXXXX XXXX XXXX ( Uploaded ) XX/XX/year> REJECTION EMAIL FROM BINANCE.US : I received the following rejection email from Binance.US ( reproduced in full ) : Evidence : BinanceUSXXXX ( Uploaded ) Critical Observation from the email : The sentence " when new networks are supported, the assets deposited on them may become available to recover '' is a direct admission by Binance.US that : 1. My funds STILL EXIST and have NOT been lost 2. Binance.US HAS the technical ability to recover them XXXX. They are making a deliberate CHOICE not to recover them now This is not a case of funds being technically unrecoverable. This is a case of a company admitting they can recover customer funds and choosing not to. XX/XX/year> I reached to XXXX XXXX ( Binance.us CEO ) through XXXX for the help regarding the same. Unfortunately, I did not hear anything from him. Evidence : Email to BinanceUS XXXX ================================================================ SECTION 5 : LEGAL BASIS FOR COMPLAINT ================================================================ 1. UNJUST ENRICHMENT : Binance.US controls the private keys to the address holding my funds. They admit the funds are recoverable. Their refusal to return accessible funds while retaining their financial benefit constitutes unjust enrichment. 2. UNFAIR PRACTICE UNDER CONSUMER FINANCIAL PROTECTION ACT ( 12 U.S.C. 5531 ) : Binance.US 's practice of : ( a ) Retaining customer funds in addresses they control ( b ) Issuing automated rejections without genuine case-by-case review ( c ) Admitting recoverability while refusing to act ... constitutes an unfair practice that causes substantial consumer harm. XXXX. DECEPTIVE PRACTICE : Binance.US 's statement that they are " unable '' to recover funds is demonstrably false given their own admission that recovery becomes possible when they choose to support the network. This is a material misrepresentation to consumers. 4. PRECEDENT OF SELECTIVE RECOVERY : Binance has documented evidence of recovering {$98000.00} for another customer ( XXXX XXXX ) in a nearly identical situation proving they selectively apply recovery capabilities. ================================================================ SECTION 6 : SUPPORTING DOCUMENTS ================================================================ I have the following documentation available to support this complaint : XXXX ( screenshot from XXXX ) : It shows the transaction detail fromXXXX XXXX XXXXXXXX BinanceUS-XXXX : It shows the chat conversation with the Binance.US agents XXXX XXXX XXXX XXXX Record of Deposit Recovery Submissions Request sent to Binance.US XXXX attempt to reach to the Binance support team for the help BinanceUSXXXX : Binance response to my 2nd attempt Email to BinanceUS XXXX : Screnshot of an attempt to reach to the Binance.US CEO for the help BinanceUSXXXX : Screenshot form Binance showing XXXX confirmation on the above transaction I certify that all information in this complaint is true and accurate to the best of my knowledge. Respectfully

Company response to consumer: Closed with explanation