![]() ![]() JUST TO REMOVE THE OLD ID I HAD UPLOADED.Īnd my coins? Down about 75%. You know how long it took to get in contact with a real person?Ī year. Most of the time, I would get ZERO response, so I'd fill out another form, and another. I can't tell you how many times I contacted them, both before and after I had moved. "Well, u/wileybumtail, why didn't you just contact support?" This left me stuck, as Binance wouldn't let me reupload a new ID from my current state, for which my bank statements were now being sent to. This process went on for so long, that I ended up moving to a new state entirely, and the funny thing about their verification process is that once you upload an ID, you can't reupload a new one, even after failed attempts at verification. It "supposedly" didn't match my ID (Hint: it did). That's if they didn't lock me out of my account for a year.Īnd a quick search on the Binance subreddit shows that I'm not alone, either.įor some reason, every bank statement and proof of address I sent was rejected. Sounds great, right? Well, normally it would be. This meant that each user would need to submit and ID and a proof of address to access their account. ![]() In February Reuters reported that over the first three months of 2021 Binance transferred more than $404 million (£324m) from a Binance.US account at Silvergate Bank to Merit Peak, a company under the control of Zhao, allegedly another indicator that the US firm – which had been described as a “partner” – was in reality a subsidiary of Binance.Ī Binance.US spokesperson said at the time that the report used “outdated information” without giving further details.In early 2021, Binance began tightening their security. Opaque structureīut Chen’s reported control over critical bank accounts of Binance.US indicates that the US firm was a de facto subsidiary of Binance, created to distract US regulators’ attention away from the central exchange, Reuters said. ![]() Silvergate collapsed in March and is winding down its operations.īecause Binance had been banned in the US in 2019, it and other investors formed the US firm, a supposedly indepenent entity that would comply with all US laws. The company and Zhao, known as CZ, are also accused of turning a blind eye to US customers making use of the central Binance platform, which is banned in the US, as well as money laundering and other infractions. The report comes as Binance and its chief executive Chengpeng Zhao face a civil enforcement action from the US Commodity Futures Trading Commission (CFTC) alleging they wilfully evaded US securities laws by “intentionally structuring entities” to avoid US investor regulations. Read also : Pope Francis Urges Binding Global Treaty To Regulate AI Regulatory action Ittold Reuters that “since at least 2021, the only ‘Primary Admins’ on active Binance.US accounts have been Binance.US officials”. The firm more recently said only officials at the company had had access to the accounts since current chief executive Brian Shroder took over in late 2021, without explaining the discrepancy in dates. The US company in April denied anyone outside the company had ever controlled its bank accounts. Image credit: David McBee/Pexels ‘Primary Admin User’Ĭhen reportedly signed further documents defining her as the “Primary Admin User” for the five accounts. Reuters reported that Catherine Coley, then chief excutive of the US firm, signed a banking resolution in December 2019 giving Chen powers to operate the accounts. This allowed Chen and her deputies to move funds held in the bank accounts, while Binance.US employees had to ask Chen’s team to process payments, including to cover their own payroll, according to company messages referred to in the report. Silvergate Bank records show that it authorised Binance executive Guangying Chen, a close associate of Zhao, to operate the five accounts in 20, according to the report. A senior Binance executive reportedly had primary control over five bank accounts belonging to the cryptocurrency firm’s supposedly independent US affiliate, Reuters has reported.
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