Topic: How Binance STOLE my BTC, a WARNING to Others - page 2. (Read 408 times)

That's a bigger question mark then if they required KYC/AML even if you didn't switch geo-locations. One thing's for sure, this is the first instance I've known about Binance doing such thing(though I haven't went to Reddit for a while soo..). You definitely got unlucky.

Surely looks really really bad in a privacy conscious person's point of view, but I just don't think the case is black and white. I'd probably ever-so-slightly understands Binance's stance because though Binance has been a shady platform, I don't believe they're 100% evil; and I definitely think the possibility that it's simply the case of them just wanting to protect their users is there, but apparently OP didn't even change IP geo-locations so that definitely changes everything.

Can we hear the side of Binance here? Is there Binance support account in the forum? His partial withdrawal doesn't come close to their daily 2BTC limit, so why asked for KYC? Is that because he just changed his IP address? But the OP said that he even completed the 2FA and email verification. Is Binance strict with IP change? What if you don't have your static IP at home but a dynamic one? Want to hear the side of BNB if they have support here regarding this matter. If the OP wants, he can create a thread in the Scam accusations board, so they may respond fast to this problem.

Binance widely advertise their non-verified account which they state is allowed to withdraw up to 2 BTC per day without undergoing any form of KYC. If OP has deposited, traded, tried a partial withdrawal, and then been blocked, then Binance are lying. What OP has done is the bare minimum of what people may use an exchange account for (short of just depositing and then immediately withdrawing again, which is pointless). If he isn't even allowed to do the bare minimum without Binance reneging on their promise, then Binance are lying to everyone. OP is in the situation where Binance are holding his coins hostage, and he either has to forfeit his coins or forfeit his private information. I'd call that theft.

No, it isn't. If they want everyone to undergo KYC, then they need to stop advertising their unverified account, and they need to force complete KYC before you are able to deposit coins to their platform. Allowing users to deposit and then holding them hostage and demanding KYC is completely unreasonable, and borderline scammy.

Not sure how an ID card would prove I am the owner of the account, what will they compare it to?  There are fake ID's out there.  I offered to prove cryptographically that I am the owner of the BTC address that funded the account and asked them to return my funds to that address.

I created the account a few months ago with a real VPN service.  There was no geo-location change from the session when I deposited the funds to the session when I tried to withdraw only an IP change in the same region.

They should allow competent individuals who know how to store credentials and keep them safe opt out of nanny style "security practices"

I have been using Bitfinex and other exchanges with no issues.  As far as I am concerned they stole my funds because they took away access to funds that I can prove belong to me.  KYC or KFC, you can't use acronyms to justify immoral actions.

The issue with DEX at this point is there is no advanced trading bots that support them.  I spread out my trading funds over multiple exchanges as not to become a target for hacks.

It's all good though, will earn that back in 12hrs of trading 

If you don't want to reveal your real IP address or go through KYC if something terrible happened, DEX is your option.

Centralized services will always do this due to legal and various other reasons. Some of them will return your money to the deposit address that you use but not everybody is that nice.

We can't say exactly that Binance stole your money. Using free VPN everytime you login your ip will change and that's the issue for security of your account. Their intentions isn't to steal your money. What I realize, they just want to make sure you are the real owner of your account. Their requirements to prove yourself is reasonable. If you were worried about your privacy then you shouldn't go with any centralized exchanges either Binance or any other.

Had you read their terms and conditions? Most likely you were agreed to provide you identity if needed. Read again all the information before make a accusation. For future, try to use decentralized exchange so you will not ask for KYC or something similar since you have privacy issue. Or you might use instant exchangers to hide your identity those do not required your KYC.

They technically really didn't steal your funds. While I'm also totally against KYC/AML especially with those kinds of requirements, it's pretty safe to assume that Binance is just trying to make sure that you're actually the owner in this case. Also, did you not use a VPN when you registered your account? Hence the IP geo-location jump?

tldr; you used a centralized service, and they suddenly required KYC/AML. Nothing really suprising.

I am an early adopter of BTC and an enthusiast.  I perform most of my transactions privately via crypto, online and in real life.   I never give out my personal information to anyone, I consider it an insult and disrespectful if some insists to gain my personal information.

I made an account on Binance (https://binance.com) fairly recently so I could test out a trading bot.
I deposited around 0.5 BTC and a few days later I attempted to make a partial withdrawal.

I use a VPN to maintain privacy and prevent ISP snooping.  Binance locked my account and would not allow me to make any withdrawals due to an IP address change.  Despite going through 2FA and email verification they still would not unlock my funds.

I opened a ticket and asked politely to have my account unlocked and even provided additional ways that I could verify that I am the account owner and owner of the funds deposited into the account.

They replied with draconian requests to harvest my personal information.  I refused this.

Binance Requirements
-----------------------------------------------------------------------
>>Security questions: (The registration information could be located by searching keyword [Registration] in your Binance email.)
1. Account registration date
2. Account registration IP

>>Photo verification:
1. Both sides of your ID card or driver license, or If you would like to provide your passport, please attach the information page only.
2. Selfie with ID card, driver license or passport information page.

>>Video verification:
In the video, please provide your withdrawal records and communication records with Binance CS. You also need to appear in the video and hold the information page of your ID document, and clearly say: "Today is the year/month/day, my account is applying for withdrawal of XXX coins with XXX amount. I confirm that it is my own operation. I am Contact Binance CS to resume the withdrawal function of my Binance account [email protected]"

Binance has implemented a number of security measures to ensure that your information is not lost, abused, or altered. We will not disclose or provide any personal information to third-party sources without review from our legal case team and/or prior consent from the user.
------------------------------------------------------------------------

I have continued to contact them and politely demand my funds be unlocked to no avail.

From my perspective the owners of Binance are thieves and everyone should consider closing their account on that platform.
Making sure to specify why you are closing the account.

If you care about your privacy and identity protection do not use this rogue service.  I hope this will help others avoid falling victim to these predators.

Regards