Consumer complaint received 2025-01-05 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: BAM Management US Holdings Inc.
State: MA

Complaint narrative:
Executive Summary : On XXXX Binance.us allowed me to deposit XXXX tokens worth roughly $ XXXX into my binance.us account in three transactions over the course of about 15 minutes. However, once the tokens had been verified into my account they would not let me transfer them out to my wallet. Despite over 72 hours of elapsed time with binance.us on their support Chat ( over 450 lines of messages ), I am not able to withdraw the tokens to my wallet and they are unable or unwilling to escalate my case ( ticket XXXX ) to someone who can resolve the matter and return $ XXXX of tokens to my control. 

To prevent such ad hoc freezing of customers ' assets I would recommend a regulatory policy change that requires exchanges to only accept Deposit of funds and tokens that they can guarantee can be Withdrawn in a timely fashion. 

Details : I am based in XXXX, Massachusetts, XXXX. On XXXX I tried to use binance.us exchange to transfer Binance Coin ( XXXX ) tokens between two wallets I have that would not talk to each other directly. I have a Basic subscription plan for my account. The website highlights the kinds of deposits, withdrawals, swaps, etc that you can do with Basic. There is nothing that I have found online yet regarding details about withdrawal limits for Basic and effectively freezing access to your tokens. 

Once I had determined that my tokens were frozen by a " Withdrawal limit '' I started a Chat with their support team. According to the Chat person I learned that with a Basic subscription you have withdrawal limits : " For Basic is $ XXXX daily and {$9900.00} lifetime ( Worth of crypto ). For Advanced is up to XXXX USD equivalent ( daily not lifetime ). '' So, my first complaint is that binance.us let me deposit more into my account in just 15 minutes than they would ever let me withdraw in a lifetime. 

I learned from Chat that in order to withdraw my tokens I would have to upgrade to Advanced which required " verification ''. The Chat representative sent me a link to start my upgrade to Advanced. So I followed the typical Know Your Customer verification with photos an ID and then a selfie. But, the third-party Plaid service verification using my driver 's license failed. It said " Your ID document country is unsupported ''. 

Since then ( 72 hours elapsed ) I have been on the Chat trying to find a way to withdraw my XXXX tokens. They had me wait a day while the Chat person got a support team to investigate. The result of the investigation was to send me links to give me two other tries to get Validated. At their recommendation I tried a different ID. These two times the Plaid validation app said I was " Verified ''. The Chat representative marked the " case closed ''. But after each such Verified success my account is still Basic and I can not withdraw my tokens.

At this point binance.us have my name, my email address, my phone number, my home addresses, my XXXX Authenticator credentials, three sets of photos of my IDs, three selfie photos, two Verified successes from their Plaid partner, and 450+ lines of Chat messages with me asking for a way to withdraw my tokens. They will not escalate the issue to let me speak with a manager with any authority resolve the situation. From my perspective, they do not do anything but try to reassure me with statements like " No worries '' and assurances that their internal team has me " on the radar ''. 

In short, with no prior warning, after accepting tens of thousands of dollars of my tokens over the course of a few minutes, binance.us has frozen access to my tokens ( over 72 hours and counting ) while making me jump through validation hoops that don't solve the problem, claiming at least 6 times that the " case is solved '', and only ever letting me interact over Chat with someone who has no problem-solving authority.

Company response to consumer: Closed with explanation