“More than 165 confirmations on our bitcoin transaction, but nothing on our binance wallet.” – Binance User Cries Out

“More than 165 confirmations on our bitcoin transaction, but nothing on our binance wallet.” - Binance User Cries Out

A Binance user simply known as AdamwW01 has taken to the Bitcoin subreddit to say their Binance wallets have not received Bitcoin they sent to their wallets over 24 hours ago. According to AdamwW01, Blockchain Explorer shows the funds have been deposited in the wallets but they are yet to receive any BTC, saying there was a second transaction which they never initiated.

So what happens is that blockchain explorer shows that we received bitcoins. But then there is a second transaction that we never made… and our cryptos disappear? That second wallet, where btc moved after received on Binance is a wallet with bitcoins worth of over 20 mln usd? I guess it’s related to Binance wallets? We can’t see bitcoins in our balance on Binance.”

This is another incident involving users’ funds on Binance. In October last year, there was a reported case in which Binance locked down a user’s account holding 1200 BTC. The user who claimed to be very honest and transparent with his transactions said there was no reason for the company to block his account and described Binance as being arbitrary and not transparent.

AdamwW01 says they use 2 Factor Authorization (2FA) for their transactions but never got any login notification from Binance before which removes the possibility of a hack. Some comments on the post suggest that the problem may be coming from Binance and not the Bitcoin network.

There have been several hacks and many cryptocurrency holders have lost funds so panic is the normal response here. However, if the problem is from Binance then the company may need to work on its system to improve security and efficiency as the security of users’ funds should be a top priority for exchanges.

This is one of the reasons why the government seeks to regulate the cryptocurrency industry. With this kind of reports, the company may start seeing a decline in its user base which will greatly affect it as the biggest crypto exchange in the world by trade volume. Any advice on what AdamwW01 should do will be greatly appreciated.