What do CEX suggest to do if cryptocurrency was stolen

As statistics show, most of the stolen funds, one way or another, eventually end up on CEX exchanges for cashing out.
By contacting AML Crypto with a request for an investigation, the client receives a detailed report on the whereabouts of the stolen funds.

And with a timely response, it is possible to freeze and return your funds by providing the exchange with the required evidence.
But how to act so that the appeal to the exchange to be effective?
Previously, we told you what to do if your cryptocurrency was stolen, and we hope that this instruction won’t be used by you. But if you haven’t read it yet, we recommend you to read it so that in case of a problem, you can immediately take right measures.

In this article, we will share a plan of actions if the stolen funds ended up on CEX.

CEX are centralized exchanges where three persons participate in trading:
1 - the owner of the funds (user);
2 - the seller/buyer (another user);
3 - exchange.

Centralized exchanges include Binance, Coinbase, FTX, and many more (see CoinMarketCap for a full list).

A feature of a centralized exchange is a guarantee. If fraud has occurred, the KYC (Know Your Customer) procedure makes it easier to find intruders.
1
So, if you have become a victim of crypto scammers, first of all, you will need a detailed description of the case - in the same format as when contacting AML Crypto, but now to the exchange to which the scammer transferred the stolen funds.
2
Further there will be required evidence that the money was stolen.
3
To facilitate further work with representatives of the exchange, you will need to contact law enforcement agencies. Some exchanges provide address freezes only when they are officially ordered. All exchanges will work with law enforcement, so having a court order will help you get your stolen funds back.
4
In many cases, the exchange you are contacting about the theft of funds requires you to go through the KYC procedure. This is not a mandatory condition, but it is required to facilitate the refund procedure.
What are the requirements for applying to CEX?
Below - there are the main conditions, but we note: depending on the type of fraud, exchanges have the right to request materials not specified in our article as evidence.
Terms and Conditions
If you have been the victim of a theft and your stolen funds have been transferred to Binance, you need to open a ticket (request) to our support team (binance.com) by providing the following information:

  • A detailed description of how and when the break-in/theft occurred.
  • Detailed (clickable) links on the blockchain of all transactions involved in the process.
  • A signed NDA (Non Disclosure Agreement) or statement where you agree to abide by Binance's non disclosure standards.

If you have strong evidence that the funds were indeed stolen, Binance will temporarily freeze the assets. During this process, you will need to provide us with a police report within 24 hours after submitting a ticket (application) to the support service. From now on, Binance will work directly with law enforcement officials to manage the stolen funds and resolve your case.
Be careful!
Don't let scammers fool you - always study and double-check the information available to you.
If you have been a victim of fraud or if you know of any such cases, tell us!