Consumer complaint received 2025-05-31 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other service problem — 
Company: BAM Management US Holdings Inc.
State: CO

Complaint narrative:
Subject : Complaint Against Binance.US Unexplained Account Restriction I am submitting this complaint regarding Binance.US, operated under BAM Trading Services, due to an unexplained restriction placed on my account and Binances failure to provide adequate communication or resolution. It should be known that the asset I was looking for was supported by only a few exchanges and in fact to this date I haven't found another source. 

Issue Summary -When trying to transfer money from my bank to Binance in order to purchase cryptocurrency, the transaction did not go through -When I tried to enter my account to see what I might learn, Binance.US restricted my account without notice, preventing me from accessing my funds or services.

- Despite multiple attempts to contact Binance through their support system, email and appeals, I have received no response or explanation for this restriction. 
-When I inquired as to what happened I received an email stating the following : " Hello XXXX XXXX Upon completing a review of your Binance.US account, we regret to inform you that we will no longer allow you to use Binance.US services. 

We are closing your account due to a violation of our Terms of Use. Our decision is based on numerous factors, including but not limited to speculative login behavior and account activity, our commitment to abiding by all Federal and State laws and regulations, as well as adherence to our policies and procedures. Unfortunately, our decision is final. 

XXXX Customer Experience Customer Experience Specialist Binance.US | https : XXXX '' My response was the following : " Thank you for your response. While it is regrettable can I please ask you to be specific so that I can learn how to better invest in this field which is new to me. I do not want to repeat this but I dont know what I did wrong. I know you want to protect the safety of this field, as do I, but I will need to learn from my mistakes. I am a physician and my life is dedicated to helping others and living by a strict ethical code. I do not want this to contradict these values. Thank you for your help. '' This was written on Wednesday XX/XX/25 at XXXX. When I heard nothing back I reached out to them on Saturday XX/XX/25 at XXXX. They claimed they sent me a return email but none was there nor in my junk mail. They wanted a copy of my inbox which I felt was very intrusive and inappropriate. Nevertheless I provided that to them. Upon reflection, this was extremely unprofessional and ironic since they have written all over their website that they will never ask for personal information, - Binances lack of transparency regarding the reasoning behind the restriction raises concerns about unfair financial practices and poor consumer protection. I am a Neuropsychiatrist who holds ethical issues to an extremely high degree in all aspects of my life. If I did something wrong I wanted to know what it was as I didn't want to carry it into other exchanges I might have to deal with, especially because I am new to this field. I wasn't even asking them to reverse their decision, but rather to give me transparency and feedback. 

Desired Resolution - Clear explanation of why my account was restricted. 
- Restoration of account access or guidance on how to resolve any outstanding verification issues. 
- Improved customer support practices to ensure consumers are informed about account restrictions in a timely manner. 

Binances failure to provide transparency and customer service violates basic consumer rights, and I urge the CFPB to investigate this matter. I appreciate your assistance in ensuring fair and responsible financial practices within the cryptocurrency industry. 

Sincerely, Name Withheld upon Directive of the Bureau.

Company response to consumer: Closed with explanation