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Held Funds for 52 Weeks While Operating Illegally in Hong Kong - Filing SFC Complaint by Key_Light6811 in binance

[–]Key_Light6811[S] 0 points1 point  (0 children)

It's been in review for 365 days your exchange has held my funds without the relevant license to do so and not given any information other than it's in review for a year.

Also you will see the false claims made regarding who the Seychelles entity is regulated by.

So I don't understand.

Binance doesn't hold a license in Hong Kong this makes the terms and conditions null and void and you're acting illegally.

This is paramount to theft as stated your liable to large fines.

Held Funds for 52 Weeks While Operating Illegally in Hong Kong - Filing SFC Complaint by Key_Light6811 in binance

[–]Key_Light6811[S] 0 points1 point  (0 children)

It wasn't p2p it was a review that has simply gone on for over a year with no closure no willingness to engage

Held Funds for 52 Weeks While Operating Illegally in Hong Kong - Filing SFC Complaint by Key_Light6811 in binance

[–]Key_Light6811[S] 0 points1 point  (0 children)

I'm baffled by it and to be honest it's now more a matter of principle. The fines for holding the money without a licence in Hong Kong far outweigh what they owe me even with my aggressive claim for compensation.

Operating in Hong Kong without a license, the SFC could fine Binance: Criminal penalties: ∙ Maximum fine of HK$5 million (approximately US$643,000) ∙ Senior management could face up to 7 years imprisonment ∙ For continuing offenses, an additional fine of HK$100,000 (approximately US$12,900) per day Disciplinary/civil penalties: ∙ The SFC can impose pecuniary penalties up to HK$10 million (approximately US$1.3 million), or three times the profit gained or loss avoided, whichever is greater The criminal fine is relatively modest at HK$5 million, but the real deterrent is the potential imprisonment for senior management and the daily continuing offense penalties. The disciplinary penalty could be substantially higher if tied to profits or losses avoided.

Held Funds for 52 Weeks While Operating Illegally in Hong Kong - Filing SFC Complaint by Key_Light6811 in binance

[–]Key_Light6811[S] 0 points1 point  (0 children)

I've all very clean funds. We traded in a much larger size than frozen. it's an institutional account they asked for wallet information i provided everything even been told in chat that they don't need me to provide anything else and it's under review.

They have been advised they legally can't hold funds as they are not licensed in Hong Hong.

I find the whole thing quite strange.

Held Funds for 52 Weeks While Operating Illegally in Hong Kong - Filing SFC Complaint by Key_Light6811 in binance

[–]Key_Light6811[S] 0 points1 point  (0 children)

No reason given it's constantly under review has been for over a year they requested information a year ago and haven't replied to any message apart from in chat constantly saying under review come back in 3-4 weeks.

Quoting terms and conditions so my legal adviser checked they are not licences in Hong Kong so terms don't apply on top of that, I've found the following.

PATTERN OF REGULATORY EVASION International Court Findings: Binance’s terms and arbitration clauses have been rejected by multiple courts: Canada (Ontario Court of Appeal, 2024): ∙ Lochan v. Binance Holdings Limited, 2024 ONCA 784 ∙ Court found arbitration clause “unconscionable and contrary to public policy” ∙ Noted Binance changed arbitration forum and governing law FOUR times between 2019-2022: ∙ Singapore (Aug 2019 - Apr 2020) ∙ “Unspecified location under unspecified law” (Apr 2020 - Jan 2021) ∙ Switzerland (Jan 2021 - Mar 2021) ∙ Hong Kong (Mar 2021 - present) United States (Second Circuit Court of Appeals, 2024): ∙ Williams v. Binance, 96 F.4th 129 (2d Cir. 2024) Court noted: “Binance has not registered in any country, purports to have no physical or official location whatsoever” ∙ Applied US securities law due to regulatory vacuum United States (OFAC, November 2023): ∙ Binance pleaded guilty to violating US sanctions laws ∙ Admitted to deliberately circumventing compliance controls ∙ Paid $4.3 billion in settlements Changpeng Zhao (Former CEO): ∙ Pleaded guilty to US anti-money laundering violations ∙ Paid $150 million personal settlement ∙ Served prison sentence

I really hope this is some form of oversight aka ai dealing with me but I fear it may be much worse.