No,one wants to lock their account. Because it’s frustrating. Binance is working hard to minimize locking the account. As a centralized exchange company has a duty to protect funds, collaborate data, agency etc. this article will give the information about how an account could be locked? And how you can enable it.
Here are the reasons please read it carefully.
- A hacker may be accessing your Binance account. We need to lock it to protect funds.
- You may recently interact with the hacker. We are protecting you from hackers.
- You may be missing a document for KYC or AML purposes.
- Your fund also can be associated with the hacker, spammy person. We want to protect you from it.
- You may be a malicious user or a Hecker.
Background
Binance is similar to a bank or any other financial institution where you can interact on a regular basis if you have any issue , similar to federal laws in order to comply. To ensure a safe trading environment for users.
Before your account has been frozen you have to follow both crypto exchange and law enforcement strict rules. But it’s critical for the growth of crypto and the block chain.
This ensures that law enforcement has the tools necessary to conduct investigations while preventing potential overreach or abuse of power. We do our best to highlight this obligation clearly in our Terms of Use, as well as throughout our ecosystem.
If somehow your account is locked it might not be clear immediately. However Binance team will investigate with proper law enforcement to minimize the issues.
Below are the broad reasons for accounts to be flagged for locking.
Reasons
Basically your binance account will be locked by one of the below reasons. So please check out the same if you are facing any issues.
- Securing User funds
If any suspicious thing happens in your account then Binance will lock your account to protect it from the hackers.
Since 2019 Binance has the system to identify suspicious activity if someone stole the password while swapping the SIM to protect your funds from hackers.
There are different ways to hack accounts without your knowledge. You downloaded and received some virus from that internet file. Or Received any suspicious mail it mentioned password changes to your account.
Even Though, A hacker some time called to Binance customer service and tell them to release funds. That is why Binance has the robust KYC procedure that you need to follow, when opening the account.
When you are facing some issues regarding security then feel free to contact Binance customer service department to take necessary action.
- Protecting users from scammer
Binance has different types of methods for fiat-holding traders to communicate with the Binance ecosystem.
If the system has detected you are a hacker then your account will be locked, until the team has been verified.
This is done by two common ways P2P as well as fiat direct deposits; the vast majority of peoples are safe under the Binanace platform.
But in some cases, hackers may take advantage if some people are not aware about the correct procedure of the platform. If Binanace will detect any suspicious things then suddenly they will lock your account. After that our customer support team will guide you about the issue and they will solve it as soon as possible. so in this way you can protect your Binance account.
- Sanctions
If you live in a sanctioned country and territory, then Binance will lock your account and initiate off-boarding. Also they won’t be able to sign up or pass your KYC. But as per new rules you can get the login in a geopolitical environment.
There is no other choice. In most of the cases the owner’s account will be put into withdrawal mode only. So after that you have only one choice to withdraw your assets. Binance team will give a prior notice to take a necessary action.
Binance has followed international guidelines for every country. So you have to read all the guidelines before signing up for the Binance platform.
- Restricted Countries
If you are traveling in a prohibited country then may your account be locked. For example if you are traveling to the US and access your account then your system will be locked. Because you are not living in the US. this is another ways to protect your Binance account.
What to do if my account has been locked
Binance knows it’s frustrating if your account will be locked. Because it is a procedure to protect your funds, money from hackers.
The best thing is to get in touch with Binance customer support. They will guide you about your locked account.
They will tell you about some additional information or verification. So you have to be patient and support Binance’s customer handling team.
Conclusion
In this article the User gets the information about the Binance steps and procedure, if the user’s account will be locked. Also the Binance is investing more for the user’s intention.