Topic: Bank Account Freezed (Read 903 times)

I must say that this`s still relevant, in two years the problem for companies (and for entrepreneurs engaged in cryptocurrencies) on opening bank accounts still exists.

Thanks for the information.

Currently in my country there are many cases of customers who lose money in the bank, even the nominal loss is very large, some have lost up to 22 billion, a very large number considering the BANK is the safest reference for saving money. However, there is an advantage that customers often have problems with money that is lost when deposited in the bank, which provides an opportunity for bitcoin to become a very safe storage area, only we ourselves manage it without any other party knowing the contents of the balance that we store in the wallet. But you have know what is risk when investing or saving your money in the cryptocurrency because you will know with bitcoin as fluactive value, some time going up and down.

So how are you exchanging to fiat. It is a really old thread and he did not update about the situation after that, i do not think that he will be under any problem if he has not done anything wrong and all you need to do is to approach the bank and sort out the issue and be transparent as you can and have a response to every question they ask about the funds you are getting in your account.

That's why I also hesitate to use bank to keep my funds from crypto because they will surely freeze your account with out any reason and their reason is cyber crime or because of anti money laundering law. Why not go to your bank and ask why your account got frozen so that you will know what is the reason for this.

For the bank to freeze you account show that, there is something the customer care are not too clear with in your last transaction that is making them to suspect you account as those fraudster user. I don't think you have any problem about that, if you known your hands are clean with the wrong transaction the bank saw before freeze you account.
I know India bank system very well, if it come to wrong transaction that they are not to clear with, the next thing is to freeze the account expecting the owner to come and explain  how come about the transaction. Once the bank discover that the transaction is a genuine one, the account will be release in 24 minutes for the owner to have access to his money.

Considering the continuation of his starting post, it doesn't seem resolved. Or it has been resolved and he does not find it relevant to post anymore. If you find yourself in such a situation, I would always hire a lawyer.
You will also have to come to the bank for an interview, and then you will have to sign a statement stating your story. Of course you know whether you have done something criminal or not, but in any case you should get a lawyer. This does not always have to be because you are guilty, but he can also point out your rights and he also knows which rights banks have.
Banks naturally like to bluff to clean up their own house and to blame the customer.
From time to time, really high fines are handed out at the bank. That is not without reason.

does your country ban crypto? If indeed your country prohibits crypto, it is natural if your account is frozen because you are transacting on crypto exchanges. because it could be illegal according to the government in your country. so the solution comes to the bank and asks for an explanation regarding the problem

I never experience it but I also heard a lot of issue as you've faced here in my country.
There are so many people that got their bank account freeze because of a crypto transaction and I also heard that some of them are only using crypto on trading sites.

Looks like OP hasn't logged in since the day this was posted.

I'm guessing a bit here based on the vague details, but it sounds like he sold crypto on a peer-to-peer platform and allowed buyers to pay him using bank transfers. The risk with this is that the buyer may have transacted with a hacked bank account. By the time the bank realized or was notified of what was going on and froze OP's bank assets, the criminal was long gone with OP's crypto coins. Now the bank will confirm the theft and attempt to refund the defrauded bank account customers. OP's funds will remain frozen until that is resolved. It could take months. Meanwhile, OP may also lose access to the banking transfer services he was using to do these transactions, not to mention his money and his coins.

Things to do to resolve the problem:

1. Contact the P2P platform and make them aware of the issue. At least, the P2P may ban the hacker, but that is of little help to the OP.

2. Contact the bank's fraud department and give them an honest of full report on the transactions. Explain to them what you were doing with details, not some vague explanation as was posted here. You will need to do this in writing and send it to the bank's fraud department agent working on your case.

3. Explain that you were defrauded. Explain that you did not know you were dealing with a dishonest customer.

4. Request that your banking privileges be restored.

5. The fraud department at your bank may request that you personally prove that the transactions were not fraudulent. That will be impossible given the anonymity of the transactions and the fact that the P2P platform will probably not cooperate with the investigation. Furthermore, you will have a hard time finding any police agency willing to help you.

6. After you've done all that, just wait. After some time has passed, your bank funds - what's left of them - will be released. You will have to call the bank fraud department from time-to-time to get status on the situation. Eventually, they will release the balance of your funds after defrauded account holders have been refunded.

7. Don't do this anymore. Find a legit service that can exchange your coins for money if that's what you need. P2P bank transfers isn't it.

At least you know, bank are just also following orders from authorities and since they received order from the cyber crime about your specific account, then they will implement it as they are in control of your money.


I think every country does not have a uniform law, the only thing I can advise to you is just to follow the advise of the bank, that you give you a clear insights regarding your problem, you don't have to fear if you are not guilty of anything illegal.

I am strongly agree to you buddy. If you'll gonna ask me? I don't trust banks co'z I dont want to be compromised because I had an experience regarding on account freeze and it takes to long before they fix your concern and that's annoying. Everytime I am withdrawing my coins here, I'm keeping it inside my pocket instead of putting it inside the banks or exchangers because I don't trust any of these.

I will not insult the bank, because I also use current banking services for work purposes. What I do if you are in your position is, come to the relevant bank office, then ask customer service about the problem that has occurred.
If there is an error that can be forgiven, surely the bank will unblock your account,
but an unforgivable serious suspicious offense, such as being detected to be a fraudulent account, then say goodbye to the bank.

And if you feel that you have been wronged by a large amount of money, then the legal route is the last way to get justice

No crypto account can be frozen because crypto is decentralized.

However if you keep your crypto funds in centralized location and then it gets frozen, then this is only your mistake for trusting a centralized wallet for a decentralized currency.

If there is still no one contacted you despite of the present issue in relation to the freezing of your bank account, better do make your own move of going into your bank personally to ask for the problem on why they have done such thing without providing a notice sent to your given contact details because normally they will notify you about the issue your bank account is facing through and will ask to see you at their office to submit a report to clear things out and once you failed to do such it is their move to do what is in the rules written under the terms and conditions applied on creating your account on which maybe you have got a problem.

If they fail to provide you reasonable explanation of why they did that, then get yourself into a legal consent from an attorney to raise up an appeal so that you can do something about the problem. If it is about doing transactions on cryptocurrencies and you are from India, then you do really have to seek legal consultation for I know India have already allowed cryptocurrency in their country aside from using it to purchase goods and services. Maybe there is just a misunderstanding on the part of the bank which you must know about and that must be put under negotiation to solve the problem.

I used to do a fair amount of Bitcoin arbitrage years back for profit. I had to quit eventually and a big reason what what you faced. It's too easy for man in the middle attacks to do fraudulent schemes. Even if you yourself avoid the fraud, the bank will still have to deal with problems associated with your account and freeze your account and close you down for life because it's simply not worth it to them. Overall, not worth it unless if banks become much more robust which I honestly never see happening in my life time.

If you didn't partake in any fraudulent activity using cryptocurrency, you should contact the nearest cyber crime authority around you because your bank can not unblock without their directives, few of my friends has had similar case but everything got clear out since they didn't participate in any fraudulent  activities and if things want to get messier, you should seek the counsel of a professional finanacial lawyer.

Well in this case probably you can't trust the banks but in reality they even make our life comfortable for.not bringing cash going to malls. Just a credit card or atm will do. Thiefs can no longer be benefited in this scheme or the system. And we cant trust crypto either to our money. However, the problem.of this guy here is all.about bank accunt freeze. Probably there are other reason why he got his bank account frozen and not really all about the bitcoin trading. He did not mention that he went on the bank for clarification of his bank account.

To be able for you to stop thinking about what really is the matter for the freezing of your bank account, better do seek the attention of your own bank and ask them directly of the issue you have right now. Coordinating with the bank will gradually help you to figure out if you have done something wrong that will be against the terms and conditions applied when you are opening your bank account. From that point, you can already figure out what is the problem and ask for the possible solution to resolve the problem which is to unfreeze your bank account.

If the issue root down on doing transaction with regards to cryptocurrencies and you currently reside within India, as far as I know India have first allowed then banned and allowed again the usage of cryptocurrencies but prohibit it as being use for payment option. If that is the case, better do seek legal attention on how you can resolve the problem if the issue is with that matter. After all, maybe they are just waiting for you to show up to appeal on your issue. But I think if there is really an issue, banks will send you a notice to know the problem and how you can be able to fix it out.