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Will Binance Confiscate My $1.2M in 24 hours?

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Will Binance Confiscate My $1.2M in 24 hours?

PLEASE HELP WITH UPVOTES!

$1.2M AT RISK

US resident here that originally created a Binance account in 2017 which I had fully verified with KYC in 2018. I understand that US customers are no longer served and I have opened a fully verified Binance.US account.

However, when I went to withdraw/transfer my funds from Binance.com, I was given a notification that my account would be terminated in 48 hours and my withdrawal limits have been kicked down from 100 BTC to 2 BTC per 24 hours. If my account is terminated in 48 hours, this only leaves me with the ability to transfer 4 BTC out of 20+! How can I extend this timeline and salvage my funds?

After the 48 hours are expired, what will happen to the remaining balance since I am restricted to withdrawing only 2 BTC per day? It would take at least 10 days to get all my funds out -- not 48 hours!

I am in desperation mode! I have currently tried:

  • submitting a support ticket on Binance, only to have 1 person look at the issue and close it after saying everything looks good -- WHAT! I have currently reopened the support case 72236506
  • posting on Reddit (multiple threads and the weekly support thread)
  • messaging every mod on r/binance
  • posting on Twitter
  • DMing every C suite member I could find on Twitter + help desk from both Global and US versions of Binance
  • messaging every C Suite member I could find on LinkedIn

At a loss of what else can be done. Please help! I just want to transfer my funds to Binance US or my own wallet. I was not aware of the US restrictions as I had not logged into Binance in a few years.

CASE ID: 72236506

REFERRAL ID: 13291389

https://preview.redd.it/h7imcr4pr8z61.png?549&format=png&auto=webp&s=ae776fdc80e25cd172fe3631596a42fee33c3564

UPDATE: As of 21:27 Pacific Time on May 15, 2021, the funds have been successfully withdrawn! My deepest thanks goes out to this Reddit community, as it could not have been done without you guys! Thank you so very much--especially to all the people that reached out to genuinely help and work through various solutions. Thank you thank you thank you!

Details: After this thread blew up and gained enough attention for a mod to respond, I had a CS rep reach out on the Binance support chat to submit a request on my behalf to increase my withdrawal limits. Unfortunately, the ticket was then mistakenly closed out without my limits ever increasing. So, I went through the process of reopening the ticket and resubmitting all the documentation. Fortunately, a few hours later, another CS rep from the escalations team named Leon reached back out on the chat support to follow up on the withdrawal limit increase. He was incredibly responsive and we waited on the line together while he was able to push the limit increase through to 18 BTC. After my account got unlocked, I proceeded to trade all the random coins/tokens I had into XLM for an easier and faster transfer out of Binance. Once that was complete, I initiated the withdrawal request for one lump sum into my Ledger. Probably a bad idea, but I just wanted everything out of there ASAP before I ran out of time. I thought it was over and I was ELATED, but after waiting for 30 minutes, the XLM never arrived in my wallet, so I checked back into Binance and noticed that the withdrawal was stuck in "Pending Approval" with no tx ID. Luckily, Leon was still waiting on the chat support line to confirm everything had worked, and I let him know it was stuck. He said he would escalate the withdrawal request for me, and about 1 hour later, he followed up saying that the withdrawal was approved. I didn't know withdrawals needed to be "approved" on a decentralized exchange, but that won't be a problem anymore. In any case, once it was approved, I was quickly assigned a tx ID and within a few minutes, the XLM cleared and showed up in my hardware wallet. All good! Or so I thought. I noticed that all of the XLM I was expecting didn't arrive and after some troubleshooting with Leon, we discovered it was because the 18 BTC withdrawal limit was too low, so we went through the entire process again to request another limit increase to 20 BTC (which I had originally requested for in the first place). Once that was all approved, we repeated the same steps to get the last remaining XLM out of Binance and into my ledger wallet with about 4 hours to spare on the Binance death clock.

The whole process with Leon took about 3.5 hours and it took about 40 hours for a CS rep to respond with the overwhelming support from the Reddit community. It would not have been possible without a competent CS rep and I know there are thousands of users in this exact situation that have yet to be addressed by anyone from Binance. I realize how lucky and fortunate I am to have had the support of this entire community! Thank you from the bottom of my heart!

But BINANCE -- THERE IS STILL WORK TO BE DONE! You have proven that you are willing to do the right thing and help customers, but the support staff needs to grow exponentially to address all the users currently locked out! I somehow managed to make it out alive, but there are still thousands of others stuck with no response from the CS team. For those that are still waiting, there is definitely hope. We need to continue working together to push Binance to respond and assist to all of their customers in a timely manner because current wait times are completely unacceptable.

Binance, the entire crypto community is counting on you to do the right thing! And Reddit, thank you with all my soul. This truly could not have been done without you all. Thank you!

submitted by /u/jkims15
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