Binance zeroed our corporate account with more than $1M funds with no exlanations

Yet another reminder that “not your keys — not your crypto” rule was, is, and will be actual even if you are a VIP client.

Binance blocked our corporate account (Baking Bad OÜ) in the beginning of July without any explanations. Any attempts to break through the customer support failed against standard responses that there’s an ongoing investigation. For the next two months we were trying to reach out to the compliance team or at least to someone who could bring some light on the case, but it was worthless.

Next thing Binance did was closing our margin positions although there was more than enough margin — also without any explanations (or even notifications). Finally, they set all our balances to zero, just like that, more than $1M loss. It is clearly an outrage, even if there’s a supposedly “ongoing investigation”, and we won’t tolerate that.

There are screenshots to confirm what I wrote but I’m not sure if they can be attached here..

So keep in mind, that even if you think that you are 100% compliant and doing nothing that violates the contract or law — your funds are not safu.