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The Importance of Binance's Request for Information (RFI) Process

2023-05-02

Main Takeaways

  • An RFI may be sent for various reasons and is a standard part of our duty to protect users and uphold platform security.

  • Your account may be locked during an RFI request. This will only be temporary until you provide sufficient answers/information to our supporting team.

Ensuring a safe and secure trading environment for our users.

At Binance, we are committed to keeping your funds safe, and user protection is our top priority. We apply strict protocols and industry-leading technical measures to ensure our platform remains secure. In addition to these technical measures, our Anti-Money Laundering (AML) and Know Your Customer (KYC) processes play a crucial role in maintaining the safety of our platform and users.

In this article, we will discuss the Request for Information (RFI) process and why it is essential for maintaining a safe trading environment. We will also explain the reasons for locking accounts during the RFI process and the steps users can take to unlock their accounts.

The RFI Process and Its Importance

There are various reasons why Binance may send a Request for Information (RFI) to users:

  • To determine if your account usage aligns with our terms of use.

  • To collect the necessary information to complete the Know Your Customer (KYC) processes and periodic review.

  • To investigate detected abnormal activity on your account.

  • To analyze transactions that might be related to illicit or high-risk addresses.

  • To identify indications that your account has been compromised.

  • If you receive an RFI message, it’s crucial you provide the requested information as soon as possible to facilitate a smooth account review. The information you provide will only be used for the account review and not for other purposes.

Why We May Sometimes Lock Accounts During the RFI Process

We understand that having your account locked can be frustrating. However, as a centralized exchange, we have a duty to protect your funds, collaborate with regulatory and law enforcement agencies, and protect the ecosystem (other users). 

The RFI process doesn't necessarily mean you have done something wrong or your account will get blocked. Your account may be blocked when a compliance request goes unanswered for a substantial period of time.

Locking accounts during the RFI process is necessary for several reasons, including:

  • Protecting user funds from potential hackers

  • Safeguarding users from interacting with known scammers

  • Ensuring compliance with sanctions and restricted countries

  • Investigating potential violations of our Terms of Use

Unlocking Your Account

If your account has been locked during the RFI process, you will receive email and/or SMS notifications along with a pop-up message upon logging in to the Binance web/app. This message will guide you to a dedicated page on the Binance platform to submit the necessary information.

If you have further questions, you are encouraged to contact our customer service team for assistance. In many cases, account locks can be lifted by providing additional information or verification documents. Please remain patient while we work to unlock your account as soon as possible.

If the information provided is insufficient to address the specific questions sent to you during the RFI process, your funds may be frozen. You will be contacted directly by the concerned team, who will collect the required information from you and guide you on the process to unfreeze the funds once the RFI is concluded successfully.

Closing Thoughts

Binance's RFI process is crucial to maintaining a safe and secure trading environment for our users. By cooperating with us during the RFI process, you help us protect your funds, ensure compliance with the law, and foster a stable trading environment. 

If the information provided is insufficient to address the specific questions sent to you during the RFI process, you will be contacted by our Binance team with additional required information or materials. We will guide you on the process for unfreezing the funds once the RFI is concluded successfully.  

Together, we can create a secure and reliable platform for all users.

Further Reading