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Binance complaint: Binance server failure 19th May 2021

Open 191 views Crypto / DeFi / Blockchain

Filed 21 May 2021 by Graham

Dear Binance. I am a long-term customer with Binance and until now have been very happy with your exchange and support. However, on 1952021 I received an SMS message warning me that my margin ratio had reached 80%. I then attempted to access my account to rectify the situation. But I was totally locked out. I could not access either via the API, or the Binance GUI, or the mobile app. Then later on I received a message that a $16217 and $2392 USD had entered the liquidation process. This is the very last message received from Binance. I then watched in horror as BTC dropped. The Binance site was in complete chaos and I had zero ability to save my two Binance futures accounts. The Binance machine has totally rekt those two accounts. I have reviewed the trading activity and can see that your calculation is wrong and my collateral should not have been totally removed by Binance. Yes, I got the first $18k warning. BUT you Binance then purposely locked me out from my account, I was not able to add funds, or partially reduce my positions. As stated above I am a long-term and loyal customer. But your actions on the 19th were totally inappropriate. Normally I would just accept the loss, but in this case, I feel the inadequacy of the Binance system to keep operating means that effectively Binance has robbed me of my funds. I therefore respectfully ask for a recalculation and the correct refund. Kindest regards, Graham Gollings

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