Money transfer, virtual currency, or money service -- Unexpected or other fees -- Complaint #4344917
Complaint Overview
Complaint ID: 4344917
Company: Bam Management US Holdings INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Unexpected or other fees
State: Maryland
ZIP Code: 20852
Date Received: 2021-05-02T12:00:00-05:00
Date Sent to Company: 2021-05-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This involves a company called Binance.us which is an online exchange for buying cryptocurrencies ( similar to Bitcoin ). Before buying these currencies ( such as Ethereum ), your have to fund your account with US dollars. I was not able to send money to my account with Binance.us from my XXXX XXXX account- XXXX XXXX in XXXX MD because Binance 's wiring instructions was not working and also improper. For example, the beneficiary of a wire to Binance was a company named XXXX XXXX and not myself or my name ( which it should be ). i tried three times in XX/XX/XXXX to send money to this account and it never worked. A fourth attempt was made on XX/XX/XXXX to send a {$4000.00} money order to them and after two months of not being credited, the money order was returned to me is a letter from XXXX XXXX and XXXX XXXX on a letterhead which looks suspicious and not an authentic company and not a company related to Binance.us. A copy of the letter is attached with the phony, inauthentic letterhead. The problem since XX/XX/XXXX is that XXXX XXXX tried to debit my XXXX XXXX account 4 times {$20.00} or {$80.00} for failed funding attempts and XXXX XXXX dismissed and credited those charges because they knew they were false. After that, Binance.us froze my account with them until I paid the {$80.00} in false charges. It has caused a lot of stress for me not able to access my account which Binance has no right to do. They said they would unlock my account when I move {$80.00} into my account to pay these false fees. I can not move the {$80.00} into my Binance.us account because my account is locked. Binance.us appears to go along with this wrongful control because they want to keep the balance in my account elevated even though they are not a secure long term storage wallet. Binance.us should be regulated more like a bank and also they don't provide direct telephone support or even direct email support and never get around to taking care of this problem.
Frequently Asked Questions
What is Complaint #4344917 about?
Complaint #4344917 was filed against Bam Management US Holdings INC. regarding Money transfer, virtual currency, or money service specifically about Unexpected or other fees. It was received by the CFPB on 2021-05-02T12:00:00-05:00.
How did Bam Management US Holdings INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Bam Management US Holdings INC.?
Yes, visit the Bam Management US Holdings INC. company profile at readthecomplaint.com/company/bam-management-us-holdings-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.