Held Funds for 52 Weeks While Operating Illegally in Hong Kong - Filing SFC Complaint

Binance has frozen $2,000 USD in my account for 52 weeks - over a full yr - with no resolution.

Right here’s what makes this worse: Binance is operating illegally in Hong Kong.

The Details:

• Hong Kong requires all crypto exchanges to have an SFC (Securities and Futures Commission) license

• Binance never utilized for a license earlier than the Feb 29, 2024 deadline

• Their affiliated entity HKVAEX withdrew its license software in March 2024 and shut down in Might 2024

• Binance continues to be accepting Hong Kong clients regardless of having NO regulatory authorisation

• Their own Terms of Use say “Hong Kong regulation” governs disputes - but they’re violating Hong Kong regulation by operating and not using a license

52 Weeks With out Access:

• Account frozen since December 2023

• No clear rationalization for the freeze

• A number of help tickets ignored or closed

• No timeline for resolution

• In the meantime they’re holding my cash while operating illegally

What I’m Doing:

I’ve filed a proper grievance with the Hong Kong SFC detailing:

✓ Unlicensed operations in Hong Kong

✓ 52-week detention of a Hong Kong entity's funds

✓ Violation of Hong Kong securities regulation

I’m additionally notifying the Abu Dhabi International Market (ADGM) Financial Providers Regulatory Authority about Binance’s illegal operations in Hong Kong and sample of questionable licensing across a number of jurisdictions.

I’m demanding $four,000 USD ($2,000 principal + $2,000 compensation) for:

• Lost opportunity value (BTC up 45% this yr)

• 52 weeks of unjust enrichment

• Time and distress coping with this

• Punitive damages for working and not using a license

Why This Matters to Everybody:

For those who’re in Hong Kong using Binance, you’re coping with an unlicensed, illegal operator. Your funds have zero regulatory protection.

After the JPEX scandal (6,200+ complaints, $200M+ lost), the SFC is taking unlicensed platforms very significantly.

Canadian courts have already dominated Binance’s arbitration clauses are “unconscionable and opposite to public

policy” (Lochan v. Binance, 2024 ONCA 784).

Questions:

• Anyone else in Hong Kong with frozen funds?

• Has anybody successfully filed an SFC grievance towards Binance?

• Should we coordinate a gaggle grievance?

After 52 weeks, I’m completed being patient. They’ve had a full yr to resolve this.

Replace: Will publish any response from Binance or the SFC.