On August 2nd, 2024, Binance blocked my account without any prior notice or emails. Since then, I’ve been contacting their live chat support for four days straight. However, all they do is transfer me back and forth between different agents, each one repeating the same scripted responses. It feels as though they are not taking my situation seriously.
The worst part is that I have lost a significant amount of money due to this unexplained account suspension. I had a long position open with over $1.5 million, including one position with 17 bitcoins at a price of $65,900 when the suspension occurred. After that, the market crashed, and the price dropped to $62,000. I wanted to close my position, but it wasn’t possible because Binance only allows users to close a minimum of 5% of a position, with a maximum value of $50,000.
At $62,000 per bitcoin, the total value of my 17 bitcoins was $1,054,000. Since 5% of that amount exceeds $50,000, the “Close Position” button was greyed out. In order for me to start closing the position, I had to wait until the Bitcoin price dropped to $58,800, which would bring the total value of 17 bitcoins below $1 million. I calculated that at $58,823 per bitcoin, I could close 5% of the position without exceeding the $50,000 limit.
As soon as Bitcoin crashed to $58,800, I closed 5% of the position. However, due to the significant price drop and my increasing losses, I decided to wait for the price to recover a bit before closing more. Unfortunately, Bitcoin then crashed further to $57,000, and I decided to close the entire position. But I was still forced to close only 5% at a time due to the $50,000 maximum rule. As I continued to close the position, the price of Bitcoin had already fallen to $54,500. I frantically clicked to close the position 5% at a time, and by the time I finished, half of my positions were closed in the $52,800 range, resulting in an average closing price of $53,600 for all 17 bitcoins.
This situation has caused me extreme physical and emotional distress, and to this day, Binance has not provided a reason for blocking my account. I have been unable to live my life for the past four days and am completely bedridden.
I am considering filing a lawsuit for compensation against Binance and would appreciate any advice on where to begin.