I’m making this post to help US citizens who have their money on Binance.US.
Recently, I made a trade and sold off some crypto to keep some funds in USD for a move down I anticipated happening. Everything was going according to plan and the next morning I got up to make my trade, only to find more than $1000 was missing from my USD funds.
The $11 buy was with separate money
This is the amount I woke up to
Confused, I tried to reach out to Binance.US to no avail. I did some research and found out people have been waiting months for tickets to be resolved. That was unacceptable to me, so I filed formal complaints with the BBB and the SEC, of which both cases are still open at the time of this writing.
Today, Binance.US emailed me back and notified me they removed $1000 from my trade because “their records” show a deposit I made on the 25th of June never went through.
This is the first indication I got of where the money went
Confused, I logged into my bank account to check my account and sure enough, there was a transaction for $1000 on June 25th.
The most alarming thing about this is that Binance.US gave me ZERO indication that they were doing this, and if I wasn’t the type of person who pays very close attention to his account, that money would have been gone forever with me being none the wiser. There were no emails, no alerts, nothing on my account, zilch, to indicate what they did. And to top it all off, it was done in the middle of the night, somewhere between 3-4am PST, as the market was falling. So when I woke up, the PNL looked as if it was a normal red day. To top it all off, they took MORE than $1000 when they removed the money from my account.
If you guys are using Binance.US, get your money off of that exchange ASAP and watch your funds like a hawk. There will likely be a lawsuit that stems from these types of practices, and it shows that Binance.US is being grossly incompetent with people’s money to the point of negligence. Please do not use them and use this message to protect yourself.