Debt collection -- Attempts to collect debt not owed -- Complaint #9896200
Complaint Overview
Complaint ID: 9896200
Company: Bam Management US Holdings INC.
Product: Debt collection
Sub-Product: Other debt
Issue: Attempts to collect debt not owed
Sub-Issue: Debt was result of identity theft
State: New Jersey
ZIP Code: 07470
Date Received: 2024-08-22T12:00:00-05:00
Date Sent to Company: 2024-08-22T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXXXXXX Dear Cedars Business Services, I am writing to dispute the alleged debt you are attempting to collect on behalf of Binance US. Your recent communications regarding this matter fail to acknowledge the circumstances surrounding the transaction in question, and I must insist that your attempts to collect this debt cease immediately. The debt you claim I owe stems from unauthorized activity on my Binance account, which resulted in funds being withdrawn from my bank account and transferred to an unknown third party. Upon discovering this fraudulent activity, I promptly reported it to my bank, providing substantial evidenceincluding email records of unauthorized logins from foreign IP addresses and changes to my account information that werent done by mewhich conclusively demonstrated that my account had been compromised. Additionally, the fact that Binance US operates in the cryptocurrency industrya sector notorious for scams and fraudulent activitiesonly underscores the plausibility of this incident being the result of criminal exploitation rather than any fault on my part. Following a thorough investigation, my bank acknowledged the clear evidence of fraud and subsequently refunded the full amount of the unauthorized transactions. This outcome absolves me of any legal obligation to repay the disputed funds. The bank involved with this transaction was XXXX XXXX XXXX. Moreover, it is pertinent to note that Binance itself has faced legal scrutiny and regulatory action, including being banned from operating in the United States due to allegations of money laundering and fraud. This additional context serves to strengthen my position that the funds in question were unlawfully obtained by a malicious actor, rather than being legitimately owed to Binance US. The real issue here is a lack of consumer protection by Binance. A simple google search reveals many other cases with similar details as mine, where customers were missing thousands of dollars based on fraudulent activity. In light of the aforementioned circumstances, I hereby demand that you cease all further attempts to collect this disputed debt. Any further communication from XXXX XXXX XXXX regarding this matter will be considered harassment and dealt with accordingly under applicable consumer protection laws. Please respond via email that you have received this letter and have stopped any efforts of collecting the invalid debt. Sincerely, XXXX XXXX
Frequently Asked Questions
What is Complaint #9896200 about?
Complaint #9896200 was filed against Bam Management US Holdings INC. regarding Debt collection specifically about Attempts to collect debt not owed. It was received by the CFPB on 2024-08-22T12:00:00-05:00.
How did Bam Management US Holdings INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was not 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 (Debt collection) 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.