Binance froze my crypto account – what to do?

Binance

Pekić Law office, together with colleagues from Hong Kong, is representing two clients before the Hong Kong International Arbitration Center (HKIAC), whose crypto withdrawal function has been suspended on their Binance accounts.

Binance is the world's biggest cryptocurrency exchange, and many people have accounts on their platform. Maybe you haven’t paid attention, but when you agree to Binance’s Terms of Use, you agree to the following: any disputes shall be resolved by the Hong Kong International Arbitration Center (HKIAC), by the HKIAC rules, the applicable law is the law of Hong Kong, and the seat of arbitration is in Hong Kong.

Binance suspended my crypto accounts - what to do?

If you want to file a claim due to some Binance’s default, HKIAC is who you should address it to. It gets even more interesting – any arbitration against Binance must be commenced within one year after the date that the user first found out about the alleged act or default. Therefore, if you do not start a procedure within one year, there is nothing you can do later on.

Our clients immediately contacted Binance’s Customer Service Representatives upon discovery of the frozen crypto accounts, to ask for the reasons why the accounts are suspended. Despite numerous attempts (over 20 times in 8 months), Binance did not give any substantive reason for the suspension of the accounts. Binance only repeated that the accounts were under review. Luckily, the clients have contacted Pekić Law office on time, and we managed to file a Notice of Arbitration within this period of one year.