Binance Australia

Complaints

Formatted document with same content, can be found here for easier reading: https://www.dropbox.com/scl/fi/q2soikd20knz08ru120a6/Robert-Krause_Binance_Complaint-main-document.pdf?rlkey=onoqor8a2hrfz9vcx7v7s6k08&dl=0 Supportive documents are deemed unnecessary at this stage as support tickets contain all information. To the Binance Australia complaint department From: Robert Krause (robert@wip.me – 0457 2457 55) Dear Madam, Sir, The following complaint mainly refers to the conversation in Binance Case ID #119666117 which originated from Binance Case ID #119378783. On the 16-Feb-24 I accidentally sent 16451.59 ORN tokens from my Swyftx account to my gate.io account via the wrong chain (BNB instead of Ethererum) Transaction ID: 0x2339f30522d3a8de9ab7fbdb8edf130490d425c45d14dc8106a6ee858035e869 The transaction was done via the Binance BNB smart chain and the process involved SwyftX sending the tokens to the BNB Smart Chain, then the BNB Smart Chain sending it to the destination address on the other exchange (gate.io). On 23-Feb-24, after filling in the recovery form on gate.io, the tokens were sent back into the "Binance Hot Wallet 6" . Transaction ID: 0xd04e9fd0f5efa5b64b966bcfc34f000335d84376a82ec4eb48f753f6c54b00f9 This proves that the tokens are moveable from a technical point of view. I then filled in the recovery form on Binance a few days later, using my Binance account (robert@wip.me) Application ID: r2fwSHeH9MQfIj6hpEn1r2fwSHeH9MQfIj6hpEn1. I was told that the recovery was rejected, because the original transaction has been done through an exchange/broker (Swyftx) and the exchange would have to fill in this form instead of me. As the appeal team confirmed the broker need to record the video and show ID on the video and mention previously he show the video of the client. Which I responded to: "So, I am the Client. It is me in the video that they (the recovery team) have. I don't understand how Swyftx (the exchange/broker) can do a video on my behalf when it is my account" The outcome of this was that I recorded a video (again) and Swyftx submitted that video from their main account on my behalf Application ID oUBJQj0wedZCkAvGWm3l Following up on this application with Binance support, I was told that the broker (Swyftx) needs to do one of the following things: As the appeal team confirmed broker need to send the video as below 1. Broker may record the video with his ID and mentioned previously he showed the video from his client 2.If they cannot record the video Please ask the broker to contact Binance and provide the declaration that they use there client ID for Appeal oUBJQj0wedZCkAvGWm3l + show there ID in chat The instructions lack details, contains spelling mistakes and bad grammar which are all signs of poor English /communication skills. This has made following the Binance procedures for recovery further difficult. At this point in time, I expressed my thoughts that this is getting unnecessarily complex. It appeared that the Binance recovery team was just putting up one more hoop after another to jump through. After further checking on updates with Binance support, I received the following answer: thanks for your patience here, our team has an update, since this is a returning transaction, we will credit the funds back to the Binance account that has initial withdrawal transaction record with Binance however in this case, since the withdrawal transaction will belong to the broker. Please again, contact the broker and broker can contact Binance to solve the issue . Once the funds returned to the broker, then you can seek for the refund solution with the broker This was the first glimpse of hope to getting the funds back. "We will credit the funds" was so good to hear/read. A few days without any update passed, I tried to provide multiple alternative solutions to Binance. Solution A: Send the tokens directly to my hardware wallet address and document the case in order to be able to defend any transactions when audited. I have offered to: I am happy to make another video to confirm that I have received the tokens showing it on screen if that helps with the documentation of this case. If there is anything else I can do, please let me know. The reply was that "It has to be returned the same way it was sent" and I should get in touch with Swyftx. Solution B: Send the tokens to gate.io using the same wallet address, but via the Ethereum chain rather than the BNB chain. Both solutions have not had positive responses from the recovery team.   Current Status / Summary: • At the time of writing this, 9am (Brisbane time) on 10-Apr-24, Swyftx has informed me that Binance's application Id oUBJQj0wedZCkAvGWm3l has been "rejected with no reason given". • The instructions on what Swyftx has to do in order to retrieve the tokens have been inconsistent and continue to be added to • At no time, any information was provided as to there being a technical issue with this recovery case. And again, no information was provided as to why the application was rejected. After making a less detailed complaint about this case inside the support ticket, I received the following response (from the complaints team?): we, as Binance, don't have the ability to directly handle this due to the structure of the transaction and our internal policy. As we have mentioned and I understand that you have been aware of as well, we can only return the tokens to the original account from which the withdrawal was made, in this case, Swyftx's account. It's not within our policy to redirect transactions to a different account, even at the user's request, for the sake of funds' safety and regulatory compliance Binance admits that the reason for not releasing funds is, at least partially, due to "our internal policy". Looking at the simplicity of the task to transfer the tokens from a Binance controlled wallet (e.g. Binance Hot Wallet 6) to another Binance controlled wallet (e.g. Swyftx's Binance wallet), It seems that the "structure of the transaction" is not a problem that would require third party developers (e.g. Swyftx) to come in and help. Internal Binance policy is what seems to prohibit execution of the return transfer. When rules prevent one from fixing a mistake, then there is something wrong with the rules. I have been personally fighting my case since the 16-Feb-24 (45 days) which has been a very traumatic experience. I have developed sleep problems. In addition to not being able to sleep, when I eventually can, the recovery is manifesting as nightmares and I wake up thinking about this case. I have also noticed anxiety manifesting in my body through unpleasant feelings in the stomach area and a feeling of having to throw up whenever I attempt a crypto transaction. I understand that it is crucial for ensuring the security and transparency of each transaction to follow policies in place and I also understand that Binance is under a lot of pressure from the situation in Africa and the US government. I hope that Binance will come out of it stronger. However, at this point, it is fairly clear that the only thing in the way of getting this resolved is Binance internal policy. If a policy is written in a way that results in Binance keeping tokens that are perfectly recoverable, then is this the correct business practice or should the policy be reviewed/overuled? I hope that the above is enough reason for you to consider doing the following things: 1. Forward this complaint to an authority within Binance who has the power to overrule existing guidelines/policies or to make an exception 2a) Provide detailed instructions for recovery into the Swyftx Binance account and reasons for previous rejection of recovery application and return the tokens to the Binance Swyftx account or 2b) Return the tokens to either my hardware wallet directly (screenshot from iphone in support ticket) or send it to the same wallet address as originally done (but via the Ethereum network) 2. Start an internal investigation for potential fraud, if none of the above can be done Solving this issue only appears very complex when the communication chains are too long (i.e. not direct) and the wrong form of communication is chosen. Current channels: Swyftx -> support staff -> Binance recovery team Me -> Swyftx support staff -> Swyftx Developer Binance recovery team -> Binance support team -> Swyftx developers -> Swyftx support staff Ideal channels: Swyftx developers + Binance developers/recovery team -> Zoom Swyftx developers/supporters -> Me In my view, direct communication in form of a Zoom video (recorded) could probably allow for this to be put to bed? I really hope that all this just turns out to be a prime example of bad communication, Chinese whispers and overworked individuals trying to get through the day. As mentioned before, this experience has traumatized me, probably for life. Could you please imagine, for a moment, how you would feel after a 7+ week battle to claim hard earned savings of 6 years? And the tokens are held hostage due to some guideline that the organisation holding the funds has set… Thank you for reading all the above and I hope I have summarised everything enough for a swift resolution of this case. Best regards, Robert --- END OF DOCUMENT ---

Hi When i start trading crypto, I had little experience in buying and selling crypto but never had any kind of experience in margin trading, once I start trading with Binace in late 2021, they start offering online crypto asset loan upto 80% value and margin trading, Binance was banned from doing Derivatives (Margin Trading ) in Australia from 19/08/2021 please check the link below https://www.binance.com/en/support/announcement/restricting-of-derivatives-products-offerings-in-australia-a671a8fcc5e04eabab485f82566a0db5# Even after they are not legally allowed to offer margin trading in Australia they keep offering margin trading online, with little or no experience i started depositing all the money and crypto i had into a binance margin account. After I deposited all my funds into a binance account, they offered me a loan against crypto assets which I had in the account upto 80% of the value, if market drops 5% my account gets liquidated, I need to keep constantly monitoring and adding crypto into account so the account wont get liquidated. The loan i had borrowed in the form of USDT and BUSD (crypto ) was deposited into Margin Account along with other Cryptos Currently BUSDT is completely banned by the US Govt as it was a scam by binance. I had tried contacting Binance on 6th Jan 2022, but I had no response, regarding help in binance margin trading as I was completely new to this deposited millions, I had attached the screenshot of the email I sent to them but I had not received any reply. In February 2022 all my margin trading and loan accounts got liquidated which was more than 2.8 million us dollars, just after my account got liquidated within 2 days they stopped offering margin trading to Australian customers. again in May 2022 i had lost 700,000 usd for a luna coin trading in binance, which was a scam too below link https://www.forbes.com/sites/siladityaray/2023/03/24/terra-luna-coins-founder-do-kwon-charged-with-fraud-by-us-prosecutors/?sh=4ecc97cb83e6 I am a father of two childrens 4 years old and 1.5 years old married, we all are Australian residents, my daughter is Citizen of Australia, we currently have no place to stay, I had lost all my family inheritance to this Binance, now living in india which we cant afford australian life, my family is devastated by this company plz help us to get back our money lost to this scam.

Just spend time with customer service to find out a simple response to the fact of weather or not earn and stake was reenabled to australiens citizens the response was vague and had out of subjects response so I transferred aud with a instant loss of value to to corporation greed or social acceptance and systematic fresh with the crypto market only to find out that earn and stake is not available to australiens so sums up I have lost value to to the inability of a corporation to have acceptable customer service agents with required knowledge or ability to respond correctly and in timely manner. Next losing more to fees and closing account arfter transfer