A Binance user holding over 1200 Bitcoin on his account has complained of arbitrary behaviour and a lack of transparency from the world’s leading cryptocurrency exchange after his funds – valued in the region of $8 million – were locked down without any clear explanation.
Deciding to take his complaint public, the user has now leveraged Binance’s subreddit to seek out answers. “I provided all my documents (even more that it was necessary), passed video verification and fund verification as well,” stated skilledguyfx, adding that “they [Binance] changed the reason for blocking my account a few times.”
The user – who appears to be a high volume arbs trader – has had his account locked for over a month now as he continues to wait for signs of a resolution.
A Binance support representative does appear to have acknowledged the user’s original complaint via email, stating that “the account has been locked down at request of law enforcement” although no specific details were provided of which law enforcement authority may be involved.
“These [fraudulent] activities may not be your intention but somehow have you involved,” the support representative added.
In other words, Binance is stating that, for reasons unspecified at the request of persons unknown, the user’s account has been blocked for an indefinite period of time for reasons that may not relate to the user himself. “Please, connect me directly with Law enforcement representative!” was the reply from the user. The Reddit thread has itself since been locked down by Binance moderators.
“The Binance responses are unsettling,” commented an observer on the subreddit.
Update / edit: Binance has reached out to ICOExaminer in relation to the above episode, stating that it has concerns regarding the account and that it is “actively investigating this case and will continue to keep the account on hold until the investigation is complete,” and “will guarantee the security of the account’s assets during this time.”