Make sure you bind it correctly. Withe the transmitter off, insert the bind plug and power up the receiver. Then hold down the bind button and turn the transmitter on. Continue holding the bind button until the LED's stop flashing and the receiver links up. Now turn everything off, remove the bind plug and power back up. Everything should work perfectly. I've never had a problem with unbinding.

Another potential cause for the flashing LED's is low receiver battery voltage.