Bank account froze after selling btc (UK)

gentlemand

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Quote from: jerry0 on September 01, 2019, 04:37:52 PM

Im not from the uk but from the us.

So you arent allowed to sell btc to others for cash deposit or bank transfer or something? What is difference between that vs an exchange?

There are no rules about this. It's entirely down to whether the bank is annoyed by it or not, and most of the time it is. And they'll shut you down for receiving exchange deposits too.

It's little to do with crypto itself, more about money laundering paranoia.

I've heard similar stories from Americans but the chances of problems are likely higher in the UK.

jerry0

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Im not from the uk but from the us.

So you arent allowed to sell btc to others for cash deposit or bank transfer or something? What is difference between that vs an exchange?

barbara44

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Quote from: JasonXG on August 30, 2019, 11:03:13 PM

Moving 400usd can freeze your account? >.< How do you buy anything?
Most banks should just move your status up to the next one if you have larger movements. They also offer you a discount on fees.

This is part on the bondage that we are talking abut that government and banks places on their citizens for their own money, I mean money they worked for, so to move just $400 becomes a problem to some citizens in their country, what a world. I would not doubt him actually because he lives in the country and he knows how they run things in their own country.

I have limit to which I can also have access to at once in my country, but mine is still running to at least $10,000, and anything above $10,000 gotten at once will be flagged down. For this reason is why many of us needs to really wake up and embrace the technology that bitcoin as brought which will free us from being a slave of our own money for life. I know we have people that do abuse opportunity, but with regulations, all those can be dealt with.

JasonXG

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That is not cool. It is crazy how you don't even have control over your own money using fiat and banking systems. Using crypto you have complete control.

Quote from: Artemis3 on August 25, 2019, 12:42:58 PM

Quote from: Jo1992 on August 24, 2019, 03:13:11 AM

Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple.

Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!!

Banks have limits of movements, if you go over those limits you get flagged. Best thing to do is ask them directly before doing it, how much money can be moved in a period of time (ie a month, a week, a day) before its considered bad.

And yes different account types have different limits, again the wise thing is to ask what limits there are so you avoid triggering their freeze mechanisms.

In my country moving about 400 USD can freeze an account, consider yourself lucky...

Savings account have the lowest limits, followed by the checking account (both personal), then come the business type etc. Depends on bank and country, but the important thing is always ask before using it, so you know what to expect and not get surprises.

Moving 400usd can freeze your account? >.< How do you buy anything?
Most banks should just move your status up to the next one if you have larger movements. They also offer you a discount on fees.

Artemis3

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Quote from: Jo1992 on August 24, 2019, 03:13:11 AM

Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple.

Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!!

Banks have limits of movements, if you go over those limits you get flagged. Best thing to do is ask them directly before doing it, how much money can be moved in a period of time (ie a month, a week, a day) before its considered bad.

And yes different account types have different limits, again the wise thing is to ask what limits there are so you avoid triggering their freeze mechanisms.

In my country moving about 400 USD can freeze an account, consider yourself lucky...

Savings account have the lowest limits, followed by the checking account (both personal), then come the business type etc. Depends on bank and country, but the important thing is always ask before using it, so you know what to expect and not get surprises.

fiulpro

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Hey,
My native country is India so before I moved I used to use the Indian bank account in buying and selling bitcoins but unfortunately it was banned , the usage of cryptocurrencies day in and day out using your bank accounts was actually banned therefore .. the government didn't actually close my back account but for the future after the bill was passed I didn't directly engage my account into the cryptocurrencies .. instead I used to ask People to send money from their bank account to mine and I would transfer the bitcoins from Mine bank account to theirs .
I think you could use this ...

Jo1992

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Quote from: philipma1957 on August 25, 2019, 10:32:14 AM

Well based on this in the USA:

Quote from: judypug1956 on August 24, 2019, 07:59:18 PM

does this seem to be a problem to anyone but me?

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190821.aspx

quote from above:

"The following individuals have been added to OFAC's SDN List:

YAN, Xiaobing (Chinese Traditional: 顏曉兵; Chinese Simplified: 颜晓兵) (a.k.a. "YAN, Steven"; a.k.a. "ZHOU, William"), Wuhan, Hubei, China (Chinese Simplified: 武汉市, 湖北省, China; Chinese Traditional: 武漢市, 湖北省, China); DOB 25 Mar 1977; POB Wuhan City, Hubei, China; citizen China; Gender Male; Digital Currency Address - XBT 12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h; alt. Digital Currency Address - XBT 1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo; alt. Digital Currency Address - XBT 13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC; alt. Digital Currency Address - XBT 1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y; alt. Digital Currency Address - XBT 1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6; alt. Digital Currency Address - XBT 1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC; Chinese Commercial Code 7346 2556 0365; Citizen's Card Number 421002197703250019 (China) (individual) [SDNTK].

ZHENG, Fujing (Chinese Simplified: 郑福景; Chinese Traditional: 鄭福景) (a.k.a. "DENG, Gao"; a.k.a. "JIN, Gordon"; a.k.a. "ZHENG, Gordon"); DOB 11 Jun 1983; POB China; nationality China; citizen China; Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; Gender Male; Digital Currency Address - XBT 17ezuJoT3XBbdcwFZbkTnrXbup11F4uhiy; alt. Digital Currency Address - XBT 1DH2xDH7TngrDU6LXciprKCBKNcPA1xX8A; Passport G31920875 (China) issued 24 Oct 2008 expires 23 Oct 2018; Identification Number 310107198306111336 (China); Chinese Commercial Code 6774 4395 2529 (individual) [SDNTK].

ZHENG, Guanghua (Chinese Traditional: 鄭广華; Chinese Simplified: 郑广华); DOB 04 Nov 1955; POB Shanghai, China; nationality China; citizen China; Email Address [email protected]; alt. Email Address [email protected]; Gender Male; Digital Currency Address - XBT 33Kja69SQVc8kozpoP7Qw6HFtGxHkiWzTz; alt. Digital Currency Address - XBT 3MkUNScqf21EcfWq6T4x2MFgBeSTqhB5t6; alt. Digital Currency Address - XBT 18uKfaUjgG52rVeXEi3wxnveww7zZuECtE; Digital Currency Address - LTC LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z; Passport E51809923 (China) issued 25 May 2015 expires 24 May 2025; Identification Number 310108195511041616 (China); Chinese Commercial Code 6774 1639 5478 (individual) [SDNTK].

The following entities have been added to OFAC's SDN List:

QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD. (a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE & TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE AND TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD.), Room 614, Floor 3, No. 1, Alley 468, New Siping Highway, Shanghai 201413, China; Room 614, Floor 3, Block 1, Lane 468, Xinsiping Highway, Fengxian District, Shanghai, China; Website www.qinvictory.com [SDNTK].

ZHENG DRUG TRAFFICKING ORGANIZATION, Shanghai, China; Website www.globalrc.net; alt. Website www.goldenrc.com; alt. Website www.toplabrc.com; Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected] [SDNTK].

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Last Updated: 8/21/2019 10:18 AM"

If btc addresses are on a list and you sold coin to them you could be subject to forfit of the cash they wired to you.

I wonder is there are lists in the UK of tainted btc addresses and you sold a coin to one on the list? If so you are never going to see the money.

I read this type of action "marking a btc addy as tainted" as a real issue down the road.

Note the poster of the info is my alt account as I was not at my pc that does this account.

https://www.blockchain.com/btc/address/12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h 99 in 6.5 left in

https://www.blockchain.com/btc/address/1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo 108 in 12.8 left in

https://www.blockchain.com/btc/address/13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC 15.5 in 9.29 left in

https://www.blockchain.com/btc/address/1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y 1.353 in 0 left in

https://www.blockchain.com/btc/address/1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6 1,196.66 in 20.5 left in

https://www.blockchain.com/btc/address/1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC 317.029 in 0 left

I only did 6 of the btc ones on the list.

the single ltc one is very small

https://live.blockcypher.com/ltc/address/LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z/ 1 in 0 left

But if you purchased a coin or some coin from any address above directly.
If you sold a coin or some coin to any address above directly.
If you sold gear to any address above directly.

My thoughts would be you could have the cash or coins taken from you.

that list has 11 btc addies and 1 ltc addy. yeah it is a USA list but USA and UK have a lot of agreements in place. I am trying to find more lists of BTC and LTC addies. This could be a back cause of why the op lost their funds.

I don't think it's directly to do with btc to be honest. I sold via local bitcoins so they wouldn't make the connection between since the money came from personal accounts rather than an exchange

gentlemand

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Quote from: philipma1957 on August 25, 2019, 10:32:14 AM

I wonder is there are lists in the UK of tainted btc addresses and you sold a coin to one on the list? If so you are never going to see the money.

The UK government doesn't give a shit. No way could they be bothered to do something like this. They're too busy destroying themselves.

The sum total of everything government agencies have said about crypto is a couple of pages about tax guidance, some recent clarification from the Financial Conduct Authority about what might or might not be a security, and some moaning about stopping CFDs that's amounted to nothing so far.

That's yer lot pretty much.

The UK's banking problems are because nothing's been said, not because too much has been restricted.

philipma1957

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'The right to privacy matters'

Well based on this in the USA:

Quote from: judypug1956 on August 24, 2019, 07:59:18 PM

does this seem to be a problem to anyone but me?

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190821.aspx

quote from above:

"The following individuals have been added to OFAC's SDN List:

YAN, Xiaobing (Chinese Traditional: 顏曉兵; Chinese Simplified: 颜晓兵) (a.k.a. "YAN, Steven"; a.k.a. "ZHOU, William"), Wuhan, Hubei, China (Chinese Simplified: 武汉市, 湖北省, China; Chinese Traditional: 武漢市, 湖北省, China); DOB 25 Mar 1977; POB Wuhan City, Hubei, China; citizen China; Gender Male; Digital Currency Address - XBT 12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h; alt. Digital Currency Address - XBT 1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo; alt. Digital Currency Address - XBT 13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC; alt. Digital Currency Address - XBT 1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y; alt. Digital Currency Address - XBT 1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6; alt. Digital Currency Address - XBT 1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC; Chinese Commercial Code 7346 2556 0365; Citizen's Card Number 421002197703250019 (China) (individual) [SDNTK].

ZHENG, Fujing (Chinese Simplified: 郑福景; Chinese Traditional: 鄭福景) (a.k.a. "DENG, Gao"; a.k.a. "JIN, Gordon"; a.k.a. "ZHENG, Gordon"); DOB 11 Jun 1983; POB China; nationality China; citizen China; Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; Gender Male; Digital Currency Address - XBT 17ezuJoT3XBbdcwFZbkTnrXbup11F4uhiy; alt. Digital Currency Address - XBT 1DH2xDH7TngrDU6LXciprKCBKNcPA1xX8A; Passport G31920875 (China) issued 24 Oct 2008 expires 23 Oct 2018; Identification Number 310107198306111336 (China); Chinese Commercial Code 6774 4395 2529 (individual) [SDNTK].

ZHENG, Guanghua (Chinese Traditional: 鄭广華; Chinese Simplified: 郑广华); DOB 04 Nov 1955; POB Shanghai, China; nationality China; citizen China; Email Address [email protected]; alt. Email Address [email protected]; Gender Male; Digital Currency Address - XBT 33Kja69SQVc8kozpoP7Qw6HFtGxHkiWzTz; alt. Digital Currency Address - XBT 3MkUNScqf21EcfWq6T4x2MFgBeSTqhB5t6; alt. Digital Currency Address - XBT 18uKfaUjgG52rVeXEi3wxnveww7zZuECtE; Digital Currency Address - LTC LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z; Passport E51809923 (China) issued 25 May 2015 expires 24 May 2025; Identification Number 310108195511041616 (China); Chinese Commercial Code 6774 1639 5478 (individual) [SDNTK].

The following entities have been added to OFAC's SDN List:

QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD. (a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE & TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE AND TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD.), Room 614, Floor 3, No. 1, Alley 468, New Siping Highway, Shanghai 201413, China; Room 614, Floor 3, Block 1, Lane 468, Xinsiping Highway, Fengxian District, Shanghai, China; Website www.qinvictory.com [SDNTK].

ZHENG DRUG TRAFFICKING ORGANIZATION, Shanghai, China; Website www.globalrc.net; alt. Website www.goldenrc.com; alt. Website www.toplabrc.com; Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected]; alt. Email Address [email protected] [SDNTK].

Bookmark and Share
Last Updated: 8/21/2019 10:18 AM"

If btc addresses are on a list and you sold coin to them you could be subject to forfit of the cash they wired to you.

I wonder is there are lists in the UK of tainted btc addresses and you sold a coin to one on the list? If so you are never going to see the money.

I read this type of action "marking a btc addy as tainted" as a real issue down the road.

Note the poster of the info is my alt account as I was not at my pc that does this account.

https://www.blockchain.com/btc/address/12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h 99 in 6.5 left in

https://www.blockchain.com/btc/address/1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo 108 in 12.8 left in

https://www.blockchain.com/btc/address/13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC 15.5 in 9.29 left in

https://www.blockchain.com/btc/address/1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y 1.353 in 0 left in

https://www.blockchain.com/btc/address/1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6 1,196.66 in 20.5 left in

https://www.blockchain.com/btc/address/1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC 317.029 in 0 left

I only did 6 of the btc ones on the list.

the single ltc one is very small

https://live.blockcypher.com/ltc/address/LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z/ 1 in 0 left

But if you purchased a coin or some coin from any address above directly.
If you sold a coin or some coin to any address above directly.
If you sold gear to any address above directly.

My thoughts would be you could have the cash or coins taken from you.

that list has 11 btc addies and 1 ltc addy. yeah it is a USA list but USA and UK have a lot of agreements in place. I am trying to find more lists of BTC and LTC addies. This could be a back cause of why the op lost their funds.

Lauren Smith

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This is exactly why crypto was invented. You see, you don't even own the money in your own bank account. They can just freeze it apparently as they wish.
Various buyers?? It shouldn't matter. 5k is not a lot? People launder much more then that. I am pretty sure most people who launder money do it through a fake business front or register fake companies. How would you explain where all this money in your bank account is coming from? If you run the money you want to launder through a fake business front you can make it look very legal and even have some tax deductions.
This KYC stuff causes way more issues then it resolves.

Crypto is made to give the government and banks a big fuck you!! This is why even mentioning KYC makes me cringe.

coolcoinz

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I've never had anything frozen, but I got a warning. A bank found my payments coming from a crypto exchange suspicious and called me saying they don't want anything to do with crypto and next payments will not be processed, so I decided to close my account and move on. It's not the only bank in the world.

Quote from: ?? on ??

I heard stories like this. Banks are really afraid to be replaced by crypto.

Not really. If they really were to be involved in a case of terrorist financing, or a big crypto ponzi scheme, the media would drown them in shit.

gentlemand

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The biggest issue regarding UK banking and crypto is not legality or regulations, it's the complete lack of them.

It's certainly not illegal but banks are basically having to get involved without knowing what regulations there may be in the future.

Why bother taking the risk?

barbara44

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Since the UK government is quite neutral about the cryptocurrency, I don’t think that they will have any issue releasing your fund with the proof that the money came from a cryptocurrency money, I know that every country have their own banking policy, but my country is not that strict with such little amount of money, at least before my bank can freeze my account, I must have receive like at least $15000 for the first time.

In your own case, I don’t why the limit is such small, anyway, I don’t think there is anything else you can do to speed up the process, just wait for them to give you feedback, provided you have provided them with every document that they request from you to proof the money is not laundered.

Nadziratel

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Quote from: Jo1992 on August 22, 2019, 05:48:52 AM

Has anyone ever had their bank account frozen after selling bitcoin? How was the process of getting it resolved? How long did it take? Any advice that I can speed the process up?

OK so sold around 5k worth via local bitcoins, various buyers. Few days ago my bank was frozen. Got zero help or answers or even questions from the bank. So I've done some googling and come to the conclusion that a SAR has been submitted due to sudden increase in money. Never really used this account and did so to separate it from salary for when tax season comes around in easy for me to know what is what. (probably not wise in hindsight)

So from my googling what the bank is calling "account specialist" is actually the nca deciding if I'm dodgy Dave or not and whether to investigate further. Nothing to hide so no worries there. Initially frustrated I requested my official complaint raised and have since had a response (again no info or help) but armed with the new information about SAR and the fact that legally cannot tell me anything I've replied with screenshots of my transactions of sales in hope it assists and speeds things along as they will then know where and why.

Is there anything else I can do to speed this up? I've read the hold is initially 7 days, followed by 30 and can be extended to 6 months. Obviously the bank cannot ask me for evidence(or anything else) due to the law but is there anything voluntary I can do? Really is a crazy system that you are kept in the dark.. While they also seem to investigate in the dark

I live in Turkey and I have friends who have similar problems. However, there is no legal regulation on this issue. What about England? Are there any legal regulations?

Mahanton

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Quote from: Jo1992 on August 24, 2019, 03:13:11 AM

Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple.

Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!!

They havent given the cash into your hands yet they already blocked your banking account? Thats odd.

What source they are talking into? On what service you able to cash or convert up your BTC to FIAT?
Thats where those funds are heading and you should get it back and inform that the bank had sent the funds back.

cizatext

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Yeah your bank account tend to flag off red signal when anonymous individuals start depositing money into it suddenly, this in most cases call for investigation and once those buy your bitcoin don't have any record of financial crimes your account will be freed.

Jo1992

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Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple.

Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!!

DoublerHunter

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I suspect that due to the big trade they were suspected your account as a money laundering, Op should give what name of that bank so that anyone here knows and must be aware of those issues. In this scenario, OP probably needs to submit KYC because that was compromised an account. I hope you can get unfroze and sorted for you as soon as possible. You must read this article because aside from frozen account there is also being sentenced because of fraudulent. https://finance.yahoo.com/news/localbitcoins-trader-bitcoin-maven-sentenced-003510369.html

rdluffy

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Depends of you bank, your country and the manager of your account
Here in Brazil exchanges have a lot of problems with bank accounts, they don't want to offer services to exchanges because it's a huge amount of money and transactions and they are afraid it's laudering money
But I didn't know any person who have froze account, just exchanges

gentlemand

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Quote from: mindrust on August 23, 2019, 06:12:25 AM

If you are going to buy sell crypto, set up a business bank account, start a company first.

All they care about is taxes. Bitcoin is a commodity. The more you buy and sell, the more you profit. The more you make profits, you need to pay more taxes.

Not in the UK. Not even Coinbase could hang on to their banking.

It would be a bleedin' miracle if any bank gave you any type of account if you mentioned crypto, let alone a business account. I've seen countless threads where people tried to do it right with trying to open a business account and were told to go away.

I don't know how big volume British Localbitcoins traders operate. I assume they have a ton of burner accounts or patsies they run money through. There's no way banks will let you run as a proper operation.

Topic: Bank account froze after selling btc (UK) (Read 773 times)