I purchased my first STEEMs on June 23rd on the Binance exchange and did not realize until recently that their STEEM wallet has suspended deposits and withdrawals. This mean I cannot transfer my STEEM to Steemit or another wallet. It is frozen on the Binance exchange. Of course I am welcomed to buy as much STEEM as I can afford, but I cannot move it (example1). Does that make sense to anyone? The goal of my post find out why Binance has suspended STEEM transfers.
Example1
I was not happy when I found out and emailed Binance customer support. They replied with a vague response and asked me to be patient while the wallet was undergoing maintenance (example2). They did not give a time frame on when the maintenance will be complete either. I was very annoyed at why they did not include a caveat that I would not be able to transfer the STEEMS off the exchange when I made my purchase. There should have been some kind of warning at least.
Example2
As a result, I gave them a poor customer service rating when I was asked to rate my experience with their support team.
I have since learned that frozen STEEM wallet on Binance is a common occurrence. I have also learned that Bittrex allows their STEEM to roam freely as well as Poloniex, although I have read some poor customer service reviews about Poloniex.
DO YOU KNOW WHY CRYPTO EXCHANGES FREEZE CERTAIN COINS SUCH AS STEEM?
If so, please enlighten me. Does it have to do with protecting the STEEM market from collapse? Is it because they have a shortage of STEEM on Binance? I am dying to know what is the reasoning.
If you do not have an answer, I urge you to submit a ticket to Binance requesting an answer if you own STEEM on their exchange. If enough of us ask the same question, perhaps it could speed up the “maintenance” and free our STEEMs. If you receive a vague answer like mine, then please give them a poor customer service rating. Our voices combined will matter…I hope, keke.