Binance Partial Fund frozen

[ContentCreator8]

We received a payment from customer today. After a few minutes, we noticed that this transaction is frozen and locked. When asked support, we are told that they are investigating it and it might take a few days. We are able to withdraw other amount but not the one sent today - so only this specific is frozen.

1. Have you had this issue and what was the outcome?
2. Is there chance that we lose the account and whole account suspended too?
3. How much time did it took in your case?
4. By receiving amount, can we get into legal issues? If yes then what is the safest way to work with crypto?

 

[Nicks_]

Yes this happened time to time on Binance

It happened to me because the sender wallet using a hardware wallet and most of the times Binance froze those until you answer their answer and it can take upto 48 hours before they release the funds if they don't see any suspicious activity

The second time it happened to me because the sender address was blacklisted on Binance so some previous transaction was reported which froze my account and it also took about 24hours before they made the funds available for me to use and withdrawal

 

[GNews]

reminds me of this joke.........

"Crypto was once about decentralization"

 

[Nicks_]

reminds me of this joke.........

"Crypto was once about decentralization"

Not anymore

because most of the countries want data and info of users and Binance can't refuse to provide them so if they want to operate in such country wwhich means they have to go through with country's regulations and protocol

Decentralized is just a word nowdays which don't exist anymore in crypto exchanges

 

[examplens]

There is a high probability that in the end they will ask you to provide them with the source of funds and more information about the sender.
Did you do your own analysis of the transaction and check the AML score?
Is it a client you have been working with for a long time or is this the first time? If it's the first time, think about whether he might have used you to launder dirty money through you, where he will resell your service and get clean coins in return.

This should be a lesson to you, never give a direct deposit address from CEX's. Always receive coins to your address first, then transfer further. For example, if the client sent you coins from one of the gambling platforms, it always sets off alarms, and with most CEX, it is stated in the ToS that this is prohibited.

 

[bartosimpsonio]

This is pretty common

Never receive payments directly on exchanges. Ask the customers to pay your wallet, then move from your wallet to exchange.

If your customer somehow routed their funds through some sketchy tornados or what ever, your account gets wholly screwed. Especially if OFAC sanctioned.

Always give your own address when receiving payments

 

[BreezeCo]

Sounds like a normal AML freeze, had similar before and usually it gets unlocked after manual review unless the sender wallet is flagged hard.

 

[ContentCreator8]

There is a high probability that in the end they will ask you to provide them with the source of funds and more information about the sender.
Did you do your own analysis of the transaction and check the AML score?
Is it a client you have been working with for a long time or is this the first time? If it's the first time, think about whether he might have used you to launder dirty money through you, where he will resell your service and get clean coins in return.

This should be a lesson to you, never give a direct deposit address from CEX's. Always receive coins to your address first, then transfer further. For example, if the client sent you coins from one of the gambling platforms, it always sets off alarms, and with most CEX, it is stated in the ToS that this is prohibited.

How can I check the AML score? Or, what are websites that can tell me bad sender or risky transaction ?

 

[ContentCreator8]

This is pretty common

Never receive payments directly on exchanges. Ask the customers to pay your wallet, then move from your wallet to exchange.

If your customer somehow routed their funds through some sketchy tornados or what ever, your account gets wholly screwed. Especially if OFAC sanctioned.

Always give your own address when receiving payments

If a transaction is risky, then my private wallet will be in trouble - no? Can you tell more on what private wallets be used before transferring to exchange? And, how can I make sure if transaction is clean? If transaction is bad, still it will trace to exchange - no?

 

[Nicks_]

Sounds like a normal AML freeze, had similar before and usually it gets unlocked after manual review unless the sender wallet is flagged hard.

How can I check the AML score? Or, what are websites that can tell me bad sender or risky transaction ?

Are you guys for real do you even know what is AML Freeze?

 

[examplens]

If a transaction is risky, then my private wallet will be in trouble - no? Can you tell more on what private wallets be used before transferring to exchange? And, how can I make sure if transaction is clean? If transaction is bad, still it will trace to exchange - no?

There are several methods, unfortunately, almost all of them pay. Mostly, these are minimal amounts, but they are still paid.
For bitcoin, the fastest check is on blockchair.com. IF the AML score is over 50%-60%, then you need to worry.
You have bot on Telegram btc_aml_bot, where is 100 checks around $5

For Bitcoin, I use Electrum and Sparrow (although I prefer to stick with Trezor hardware)

 

[ContentCreator8]

There are several methods, unfortunately, almost all of them pay. Mostly, these are minimal amounts, but they are still paid.
For bitcoin, the fastest check is on blockchair.com. IF the AML score is over 50%-60%, then you need to worry.
You have bot on Telegram btc_aml_bot, where is 100 checks around $5

For Bitcoin, I use Electrum and Sparrow (although I prefer to stick with Trezor hardware)

I just checked, AML score is 40%! What does it mean?
What will happens if in future I get a transaction and AML score is 50-60% or more? Will I lose the Binance account or the frozen funds will go away? Or even worse can happen and how can I avoid it?

 

[cybersexuals]

usually means a compliance review on that specific transaction, not the whole account. resolution can take a few days to longer depending on checks

 

[JessiPinkme]

I once received $400 from a chinese client and i got email from binance that account will be closed in 7 days if i don't resolve this. I had to provide hell lot of stuff to get it activated.

So i made a habit of using trustwallet or something in the middle before getting any funds directly in exchange. Also for binance they want confirmation of each $1k+ transaction, where it come from and all.

 

[bartosimpsonio]

If a transaction is risky, then my private wallet will be in trouble - no? Can you tell more on what private wallets be used before transferring to exchange? And, how can I make sure if transaction is clean? If transaction is bad, still it will trace to exchange - no?

They only care about their own compliance. If your wallet is clean, then whatever happened before is your fault not theirs.

 

[Nicks_]

I once received $400 from a chinese client and i got email from binance that account will be closed in 7 days if i don't resolve this. I had to provide hell lot of stuff to get it activated.

So i made a habit of using trustwallet or something in the middle before getting any funds directly in exchange. Also for binance they want confirmation of each $1k+ transaction, where it come from and all.

That's true something doing this would really cut you all of hassle if you using and cold additional wallet (such as trust wallet/ metamask etc) to receive payment from clients and from cold wallet you directly send it to hot wallet (such as exchanges)

 

[rob5]

I've used AMLbot before to check risk of addresses and it works quite well for multiple networks, but the free version is very limited.

Anyway like others have said you should never give your CEX deposit address directly. Always create a separate self-custody wallet address (eg metamask), where you can receive funds from senders you don't know/trust, and then in the worst case only this one address will be associated with potentially risky funds, rather than it affecting your CEX accounts or other personal main wallets.

 

[Nicks_]

I've used AMLbot before to check risk of addresses and it works quite well for multiple networks, but the free version is very limited.

What the name of AMLbot?

Are they even authentic?

Please enlighten us.

 

[Nicks_]

What exactly could I do with information about an address

You can't say it's a public address, for example, you can't get my BTC address by my name, can you? If the answer is no, it means it's not a public address that you can find anywhere

Coming to the second thing, yes anybody can get a lot of information by just a crypto address if they really know blockchain technology.

 

[Xin 3]

This happens quite often with crypto payments. If only the incoming transaction is frozen, it usually means the exchange flagged it for an AML review. In most cases, accounts are not banned and the issue is resolved after a few days if you can provide proof of the payment source.