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.
You are not slipping away.
If you don't want to deal with this bank and tax shit, setup your own system and use tethers instead of USD. (They'll still come after you when you start doing big trades)
Topic: Bank account froze after selling btc (UK) - page 2. (Read 748 times)
I think the reason is the bank is suspicious with your sudden activity, you should come to the bank and talk with some high ranked officer in that bank to explain from where your money come, i think your account can be unfrozen if you explain it honestly
In my country cases such as this happens frequently, and it's not only common to cryptocurrency transactions, when an account is suddenly credited with a large amount of money, the financial commission usually begins to investigate on such funds and most times while investigations are ongoing the accounts are usually frozen.
So probably the amount of bitcoin you converted to your currency is one that raised suspicion in the banks and the regulatory body for financial control.
So you'll need to clear yourself, as long as cryptocurrency is a legal business in your country(which I think it is), so i believe in no time your account would be unfrozen.
So probably the amount of bitcoin you converted to your currency is one that raised suspicion in the banks and the regulatory body for financial control.
So you'll need to clear yourself, as long as cryptocurrency is a legal business in your country(which I think it is), so i believe in no time your account would be unfrozen.
It was highly expected that these banks aren't really friendly about selling cryptocurrencies using our bank accounts. Well for me, I don't do that because I know for the fact that most of these banks are not in favor of Bitcoin, cryptocurrencies and adopting blockchain technology.
In the Philippines, there are centralized Bitcoin apps that lets us buy and sell Bitcoin without the need of banks. Although that banks are just one option for us to withdraw our cryptocurrencies, it's just that it is not a good idea for us to do some selling while using our bank accounts.
It was a lesson learned for you.
In the Philippines, there are centralized Bitcoin apps that lets us buy and sell Bitcoin without the need of banks. Although that banks are just one option for us to withdraw our cryptocurrencies, it's just that it is not a good idea for us to do some selling while using our bank accounts.
It was a lesson learned for you.
The way out is just to visit a branch and have a one on one discussion with the customer care for you to really know the reason why there is an embargo on your account and how to go about resolving it.
This bank doesn't have any branches. It's one of several that have popped up the UK that are purely web and app based which is why I wouldn't want to get embroiled in any proper ball ache with them. I have a Revolut card. I don't think I'd ever use them for anything vital because they're the same.
Bricks and mortar banks are doing their very best to dispose of physical custom too but there are still outlets where you could go and toss your cookies in person. It may not achieve much.
I believe the bank suspects a case of money laundry since most banks are not accustomed to how money transfer involving bitcoin are transacted. I think you need to go there in person and speak to the customer help desk. That is the best solution when an account is frozen till to unusual transactions.
I'm not sure about that. In Brazil banks close exchanges accounts for no reason, they need to go to court to keep using it. and usually they win cause there is no real reason. banks certainly fear a bank run for crypto, they know that sooner or later it will happen.
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
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
The bank have done what they would do as per the regulation they have to comply with. Also, you need to know they the bank did not freeze your account because of bitcoin sale but because of the frequency in which the money came in. There are unwritten rules that the bank do on accounts in that there is a trend analysis on it. It could also be for security purpose that an account that was idle at some point all of a sudden came flooding with series of transactions to them, it could be that the account has been compromised.
The way out is just to visit a branch and have a one on one discussion with the customer care for you to really know the reason why there is an embargo on your account and how to go about resolving it.
i enquiries. thse policies they follow have existed even before bitcoin
you might find that if funds are to be sent back to originator, then its because the originator has done a chargeback scam on you, to get your btc. and then get the £££ after/quote]
Money has been moved out of that account to my savings so surely they won't go into negative to return it so what would happen next if that is the case? Hopefully it's not that
you might find that if funds are to be sent back to originator, then its because the originator has done a chargeback scam on you, to get your btc. and then get the £££ after/quote]
Money has been moved out of that account to my savings so surely they won't go into negative to return it so what would happen next if that is the case? Hopefully it's not that
I believe the bank suspects a case of money laundry since most banks are not accustomed to how money transfer involving bitcoin are transacted. I think you need to go there in person and speak to the customer help desk. That is the best solution when an account is frozen till to unusual transactions.
This could be the case. Uk banks were not restricted to cryptocurrencies, as far as I know but due to suspicion to money laundering or maybe some shady previous cases the bank night froze the account . But I'm sure this could be solved with some explanations.
i think the majority of what gentlemand has said in this topic is correct
UK banks have not really had a problem with crypto currency itself (from my and others i knows exprience). the problems that have arrisen are due to:
1. the person that gave you £££ then called their bank and said they have been scammed(lie) in an attempt to get their funds back. this sort of action is rampant in other industries too. its usually called chargeback scamming
2. when moving funds from an individual(not business) and paying out to another individual in a short period repeatedly does raise a red flag. as does moving more than £1000. this is usually where business accounts offer more flexible utility. i know some may think that just moving money around is 'personal' but to banks larger amounts often and to random individuals is a business flag
UK banks dont freeze accounts simply because a transaction smells a bit bitcoiny. they freeze accounts due to pre set AML flag policy and for fraud/theft enquiries. thse policies they follow have existed even before bitcoin
you might find that if funds are to be sent back to originator, then its because the originator has done a chargeback scam on you, to get your btc. and then get the £££ after
UK banks have not really had a problem with crypto currency itself (from my and others i knows exprience). the problems that have arrisen are due to:
1. the person that gave you £££ then called their bank and said they have been scammed(lie) in an attempt to get their funds back. this sort of action is rampant in other industries too. its usually called chargeback scamming
2. when moving funds from an individual(not business) and paying out to another individual in a short period repeatedly does raise a red flag. as does moving more than £1000. this is usually where business accounts offer more flexible utility. i know some may think that just moving money around is 'personal' but to banks larger amounts often and to random individuals is a business flag
UK banks dont freeze accounts simply because a transaction smells a bit bitcoiny. they freeze accounts due to pre set AML flag policy and for fraud/theft enquiries. thse policies they follow have existed even before bitcoin
you might find that if funds are to be sent back to originator, then its because the originator has done a chargeback scam on you, to get your btc. and then get the £££ after
Yes I wish I hadnt read that now. Do you know how he ended up with 5 accounts closed? There was an update at the top stating but I couldn't find out what led 5 been closed?
Dunno. That all sounds very weird to me. I've seen plenty of moans about crypto-related account closures but there've never been any problems beyond that one account.
The standard trajectory of stories like this is the real story gradually emerges in other posts and it turns out the OP was milking trillions through countless accounts. Maybe that was the case there.
Personally I'd never trust any challenger bank to not fuck me hard. They all seem to have 'advanced systems' that detect fraud when you spend 30p via contactless on a visit to a toilet on Paignton seafront for a piss.
Most of them operate on the grace and favour of real banks so they'll do anything not to offend them.
Thanks for the reply. Wish I had trillions lol. Back to hodling for now. Price has dropped to much and I don't want to risk another bank where I keep money anyway.
Will stay away from these shitty 'new' banks in future.
Thanks
Yes I wish I hadnt read that now. Do you know how he ended up with 5 accounts closed? There was an update at the top stating but I couldn't find out what led 5 been closed?
Dunno. That all sounds very weird to me. I've seen plenty of moans about crypto-related account closures but there've never been any problems beyond that one account.
The standard trajectory of stories like this is the real story gradually emerges in other posts and it turns out the OP was milking trillions through countless accounts. Maybe that was the case there.
Personally I'd never trust any challenger bank to not fuck me hard. They all seem to have 'advanced systems' that detect fraud when you spend 30p via contactless on a visit to a toilet on Paignton seafront for a piss.
Most of them operate on the grace and favour of real banks so they'll do anything not to offend them.
These kinds of over zealousness is not good for the banking system. Funny enough, the real people that does money laundering knows exactly how to go about it without being detected. Sometimes, they are even being assisted by the same banks. Who is fooling who?
This is one of the reasons I am rooting for Bitcoin and other Cryptocurrencies to take the main stage. Enough of some pot belly bureaucrats trying to control everyone else's resources.
This is one of the reasons I am rooting for Bitcoin and other Cryptocurrencies to take the main stage. Enough of some pot belly bureaucrats trying to control everyone else's resources.
I believe the bank suspects a case of money laundry since most banks are not accustomed to how money transfer involving bitcoin are transacted. I think you need to go there in person and speak to the customer help desk. That is the best solution when an account is frozen till to unusual transactions.
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
My suggestion is, do not do anything that they have not asked. I did not have the exact same experience but once someone stole all the money that was in my bank. One morning I got called from my bank and said if I spent these and that amounts to shop online or anywhere? I usually do purchase online but the amounts they said seemed to me that it was not me. I told them that it was not me. Then they cancelled my card, issued new card, I think they froze my account too (can not recall much). They said they will investigate and the entire thing will take 2 weeks to 6 weeks. After 3 to 4 weeks I guess, they returned the money to my bank even with some compensation and I got full access of my account.
Bank has protocols and they need to follow them in case of any accident or anything unusual happen to a customer. I think in your case they also have some set of protocols and they will follow it. It takes time but I believe eventually they will give you the access of the money.
I never had that kind of experience because banks in my country are able to suspend account if i will transfer money from sold bitcoin.It is against any kind of agreements against Constitution but banks don't care.After all people can open case in court . That can take very long time i n a case of my country
You have some agreement with banks there are your bank T/C you have some consumerist protection service .You need to write strong request to unfrozen your money if that will not help open case against bank
You have some agreement with banks there are your bank T/C you have some consumerist protection service .You need to write strong request to unfrozen your money if that will not help open case against bank
I'd never heard of Monzo. They have three offices, One in Moorgate in the City of London ( The Anglophone empire capital), one in Las Vegas ( The Gambling capital of the world), and one in Cardiff ( that seems an odd location ). It looks like an ideal setup for money laundering and tax evasion based on the addresses.
This has happened to you because your account was idle for some time and then you received a bigger amount in it all of a sudden.
The banks generally investigate the source of such income due to money laundering reasons.
Generally such issues are resolved easily if you show the proof of income and that the money received is from a genuine source.
Since you are dealing with bitcoin here, you can't really show the authentication of the income since most banks are against cryptocurrencies.
In this case, you can directly go to the nearest branch of the particular bank and ask them to withdraw the from your account.
In most cases, bank do give out the money but they might trouble you a little in order to withdraw the amount.
The banks generally investigate the source of such income due to money laundering reasons.
Generally such issues are resolved easily if you show the proof of income and that the money received is from a genuine source.
Since you are dealing with bitcoin here, you can't really show the authentication of the income since most banks are against cryptocurrencies.
In this case, you can directly go to the nearest branch of the particular bank and ask them to withdraw the from your account.
In most cases, bank do give out the money but they might trouble you a little in order to withdraw the amount.
I'll check that reddit out. Its the NCA involvement that backed me up. And apparently 560000 SARs are issued a year, mostly to law abiding people. I know they're trying to stop laundering etc but to be when the ratio of innocent to criminal is so high its quite shocking its legal practice. I think with monzo being the new kid on the block they may be a little overzealous.
I think these joke banks are going to be considerably twitchier than real ones. There are countless stories of people getting frozen for sending their mates some money or buying crypto p2p through it.
This is the forum you probably want - https://community.monzo.com
https://www.reddit.com/r/UKPersonalFinance/comments/8r96i1/urgent_help_monzo_closed_my_account_immediately/ this thread is a little alarming. It looks like Monzo sent money to the people who paid OP for coins through LBC without bothering to check anything. Best to keep a close eye on progress.
Yes I wish I hadnt read that now. Do you know how he ended up with 5 accounts closed? There was an update at the top stating but I couldn't find out what led 5 been closed?
OP, if you want I can buy bulk BTC amount via cash, or Bank Transfer (under usual contract like "payment for invoice, for goods etc", not for BTC)
If you are interested PM me.
If you are interested PM me.
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