Binance Locked Your Funds? — Here's What You Should Do

Frozen Crypto Funds Binance Locked Your Funds? — Here's What You Should Do

How to Recover Binance Locked Funds in a Snap

Binance is one of the largest cryptocurrency markets in the world, operating officially in several countries including Binance US and Binance Australia.

The platform makes it possible for users to trade a few dollars or hundreds of thousands of dollars in their own funds by purchasing crypto currency, transferring their funds between coins, and - theoretically -making withdrawals.

However, since at least 2020, thousands of users around the globe have found their accounts frozen for unjustified reasons with elusive customer service or impossible-to-achieve requirements to reaccess their accounts. Some have even found they are still able to put money into Binance, but can't take any out for "security reasons."

Is your Binance account suddenly unable to withdraw? Are some or all of your Binance funds locked for reasons that make no sense and/or can't be resolved? Have you been stonewalled by Binance customer service or even had your support tickets closed without resolution? Are you ready to call the CEO's mother just to get your funds back?

 DoNotPay can help you take legal action to unlock your account and/or retrieve your Binance locked funds the fast way, without months of being strung along.  

What Is Binance?

Binance is a global cryptocurrency market. It's supposed to be one of the most secure and trusted crypto marketplaces in the world, which is why avid investors of every financial level have invested personal and business funds through the platform. Binance is integrated with Know Your Consumer (KYC) and works with government agencies to ensure regulated and legal transactions, and has a rigorous internal security system that involves freezing  - or partially freezing - accounts that have been flagged for unusual activity or account details. Some would say a too-rigorous security internal security system.

The problem that thousands of global users are having with Binance is not - necessity - how quickly Binance locks funds when there's a possible flag. It's how slowly they unlock funds. Some people wait months with little to no help from customer service - some are still waiting after two years of being unable to reach their funds. 

How to Withdraw Funds from Binance

When Binance is working correctly, you can follow these steps to withdraw cryptocurrency as national fiat currency - also known as spendable cash.

How Do I Link My Bank Account to Binance?

  • There are two types of bank account connections to Binance. The one Binance leads you to is for Payments, not withdrawals. Do not simply add your bank account to P2P, as this is for putting money in, not taking money out.
  • To withdraw Binance funds into your bank account, try the following steps.

How Do I Cash Out of Binance and Transfer Crypto Funds to My Bank Account?

  1. Setting Up the Withdrawal
  1. Log Into Binance
  2. Select your Wallet from the upper right-hand corner
  3. Select "Fiat and Spot (Deposit and Withdraw)" from the drop-down menu
  4. Choose your fiat currency. Ex: "USD" at the top of the Fiat and Spot page
  5. Select "Withdraw" from the row of Actions listed in the table beside "USD"
  6. On the next page "Bank Transfer (SWIFT)" will be automatically selected, with the listed fee for withdrawal.
  7. Click "Continue"
  8. Enter the amount you wish to withdraw in the right-hand panel and click "Continue"
  1. Entering Your Bank Information
  1. On the next page, fill out your receiving bank account information.
  2. Verify and click "Continue"
  3. Then click "Confirm" to complete the transfer, which usually take "under 30" minutes," if it works at all.

How Long Does It Typically Take to Withdraw from Binance?

A Binance withdrawal should process within the day. They make a note that the time the money appears "Depends on the speed of your bank" and that "a delay may occur". However, Binance claims its transfers will be ready within 30 minutes. So after 30 minutes, call your bank and/or check your online bank account to discover if there is a Binance transfer pending.

Why Can't I Withdraw My Funds from Binance? 

Why can't you withdraw funds from your Binance account? Good question. This is a question thousands of people are asking and have been asking for the last two and a half years. Binance gives a few reasons on their "Why is my account locked and what can I do" info page:

  • A hacker tried or succeeded in accessing your account. Your funds were locked to protect them.
  • You might have recently interacted with a scammer.
  • You are living in a sanctioned location or have access to a sanctioned (disallowed) individual or entity.
  • You have traveled to a sanctioned location and cannot trade while there
  • You have violated the terms of use
  • Something is missing from your KYC or AML documents
  • Your funds are associated with a hack or scam
  • You might be a hacker or malicious user
  • Law enforcement asked Binance to freeze your account

None of these items apply to you? You're not alone. Binance has frozen thousands of accounts - or partially frozen - without any clear reason. The stated reasons often have something to do with security, but the necessary steps to regain account clearance are sometimes actually impossible to perform. Customers have been asked to upload PDFs to the chat - which it cannot do  - or upload videos of processes too long for the Binance website to accept the video.

It's probably that Binance's internal system made a mistake, and they don't have the manpower or customer service ethos to fix it. Plus, many "frozen" Binance accounts can still deposit and trade, but not withdraw - which is suspicious all on its own and in violation of security protection claims.

What to Do If Binance Unfairly Froze My Account? 

Binance account frozen or Binance funds locked? The first thing to do is contact Binance customer service through in-app chat, Zendesk support, or their internal ticket form. However, recent users with the same problems have had little to no success -either due to unresponsive customer support or having their tickets actually closed and left unresolved.

Binance Customer Support PlatformSupport Page
Binance Support Live ChatIn-app chat feature in left hand corner.
How to use Biance SupportResource Page
Binance Social Media Facebook

Twitter support: @BinanceHelpDesk

 

What Else Can You Do If Binance Unfairly Locked My Funds? 

Contact the Police

  • If your cryptocurrency was stolen and you can track the crime through the blockchain, you might report the theft and crime to the police. Binance will then be obligated to cooperate

Notify the Cryptocurrency Authority

  • If you believe that fraud or theft has occurred on the part of or permitted by Binance, you can report them to the Cryptocurrency authority in your country.

Take Legal Action

  • If Binance is denying access to your funds unlawfully or in violation of contract (not in good faith) then you can sue them in small claims court for losses up to $10,000 depending on your state and jurisdiction.

What's the Fastest Way to Unfreeze My Binance Funds? 

DoNotPay is the fastest way to legally demand access to your account and your funds by automatically sending the exchange a demand letter.

The best way to get your Binance locked funds unfrozen is to bother the company directly. The rare occasions where customers get satisfaction from Binance have involved contacting them in ways that cannot be ignored. One user even texted the CEO's mother.

DoNotPay will go one step further by sending a formal letter of demand indicating that you are ready to take the necessary steps to regain access to your funds. We can make sure your complaint is escalated inside Binance corporate offices from "Bothersome support ticket" to "Dangerous lawsuit risk" so that your locked Binance account is soon addressed and released.

All you have to do is:

  1. Search "Crypto" on DoNotPay.

     

  2. Select the crypto exchange platform you use.

     

  3. Tell us when this problem started and estimate the losses you incurred from your inability to make trades/cash out.

     

How To Fix Other Cryptocurrency Account Problems with DoNotPay

What Else Can DoNotPay Do?

You don't have to put up with being stolen from, ignored, or having your accounts mismanaged by large organizations or financial institutes. DoNotPay has an entire toolkit that can help you turn these red-tape-ridden struggles into a snap-solutions.

Sign up for DoNotPay today to reclaim your funds from Binance (and others) to defend your user rights. We'll help you unfreeze your funds on Binance the easy way!

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