If your account remains inactive or dormant for an extended period, your funds may be considered “unclaimed” and transferred to your state of residence through a process known as 'escheatment'. This article explains the process and how to prevent your funds from being escheated.
To learn more about the claim process for escheated funds in your state, click here.
What is The Escheatment Process?
What is The Escheatment Process?
Escheatment typically refers to a legal process in which certain entities, including financial institutions like Binance.US, are required by law to transfer unclaimed customer funds (referred to as “Unclaimed Property”) to each customer’s state of residence.
During the escheatment process, Binance.US may be required to convert your crypto balance(s) to U.S. dollars (USD), which may create a taxable event. No conversion is necessary for any USD balance remaining in your account, as USD is escheated as-is.
Escheatment processes vary by state, but funds are typically considered Unclaimed Property after 2–5 years of account inactivity.
In addition to the typical reasons for escheatment, please note that funds may also be escheated in cases where Binance.US suspends operations in your state of residence. This reiterates the importance of staying informed about regulations impacting your account.
How To Protect your Funds from Being Escheated
How To Protect your Funds from Being Escheated
To prevent your funds from being escheated, simply log in to your Binance.US account periodically. This ensures your account will not fall into inactive or dormant status.
Additionally, keep an eye on your registered email for any notifications from Binance.US regarding potential escheatment. Prompt action on such notifications can help you avoid the transfer of your funds to the state.
How to Claim Escheated Funds
How to Claim Escheated Funds
If your funds have been escheated, you can recover them by filing a claim through your state’s unclaimed property program. Follow these detailed steps to initiate the recovery process:
Identify the State: Locate the state where your Binance.US account was registered at the time of escheatment. This is typically your state of residence.
Visit the State's Unclaimed Property Website: Navigate to the official unclaimed property program website for your state. Many states offer online tools to search for and locate unclaimed funds.
Submit a Claim: Complete the claim process by providing the necessary information, such as:
Your full name and up-to-date contact information
Identity verification documents, like your driver’s license or passport
Binance.US account details, including your email address or account number
Verification and Approval: After submitting your claim, the state will review your application. Once verified, the state will release the funds to you.
Examples of State-Specific Processes
Ohio: Retrieve funds from the Ohio State Department of Commerce’s Unclaimed Property Program by submitting a claim on their official website. Be ready to verify your identity and Binance.US account details.
Washington: Visit the Washington State Department of Revenue's Unclaimed Property Program website to file a claim. Make sure you have identification and relevant Binance.US account information on hand.
North Carolina: Use the state’s official website, nccash.com, to submit a claim for funds escheated to North Carolina’s unclaimed property program. You will need your Binance.US account email, account ID, legal name, and additional identification documents.
FAQs
FAQs
Can Binance.US confirm the amount escheated to the state? Binance.US cannot provide the exact amount of funds escheated. However, support may provide the transfer date. For exact amounts, contact your state’s unclaimed property program.
Will I receive a notification about escheated funds? Binance.US will notify you via email after funds are transferred to the state program. Monitor your email to stay informed.
Can Binance.US provide confirmation emails or records for claims? Binance.US does not send confirmations or maintain detailed escheatment records. For assistance, rely on the state’s unclaimed property program and Binance.US's chat support documentation. By following these steps and guidelines, you can efficiently recover funds escheated to the applicable state program.
Legal disclaimer: This material has been prepared for general informational purposes only and should NOT be: (1) considered an individualized recommendation or advice; or (2) relied upon for any investment activities. All information is provided on an as-is basis and is subject to change without notice. We make no representation or warranty of any kind, express or implied, regarding the accuracy, validity, reliability, availability, or completeness of any such information. Binance.US does NOT provide investment, legal, or tax advice in any manner or form. The ownership of any investment decision(s) exclusively vests with you after analyzing all possible risk factors and by exercising your own independent discretion. Binance.US shall not be liable for any consequences thereof.
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