Topic: Banks are Blocking funds? From Exchangers (Read 294 times)
It depends on the bank you should read their terms and condition first before using it to withdraw your funds from exchanges. One of my local banks(UnionBank) is open into cryptocurrency, In fact, they have bitcoin atm here. It is really scary if the bank will block or freeze your funds it feels like they are stealing your hard-earned money. If you withdraw big amounts it is better to withdraw on banks fewer transaction fees but risky sometimes.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
Well, banks are centralized institution, meaning you need to obey them for you to manage staying and keeping your account on their custody. Banks has their terms and condition which you need to abide, some banks includes restrictions that involves using bitcoin, and as for your question regarding banks blocking your funds because of exchangers, you might have missed reading the policy of the bank that restricts cryptocurrency causing your funds to be blocked. This is really true guys? Or its a just rumour?
That depends on policy of the bank. Some banks do that because of the government regulation is enforced especially to countries that just banned cryptocurrency. So they don't have choice but to block users from using their service for cryptocurrency. So should be aware of your region whether it is allowed to use cryptocurrency or not, the banks policy or terms and conditions before using their service.
Remitano had always advised its users in my country never to mention anything cryptocurrency in their means of transferring fund from seller to buyer or the other way. Exchanges should devise another means to divert the attention of banks as transaction takes place, I believe they cant always monitor all these transactions except there are stronger laws.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
No they can ask some proofs of the origin of the funds if the transaction is big, or they can close your account later but that's relatively rare in western countries. The more frequent cases are in the opposite way : they refuse to execute the bank transfer to the exchange. This is really true guys? Or its a just rumour?
Here's a tip. Stick to OTC and DEXs. There is no way banks can get a hold of you or your crypto-to-fiat transactions in what so ever ways. If you don't want to use Localbitcoins, then use any one of its hundred alternatives. As long as there are built in escrows and you are not retarded, you can do just fine by limiting your financial transactions to these OTC platforms.
Wich otc platforms?
Here's a tip. Stick to OTC and DEXs. There is no way banks can get a hold of you or your crypto-to-fiat transactions in what so ever ways. If you don't want to use Localbitcoins, then use any one of its hundred alternatives. As long as there are built in escrows and you are not retarded, you can do just fine by limiting your financial transactions to these OTC platforms.
Banks are afraid of cryptocurrencies, they are afraid that cryptocurrencies will affect the value of banks. They are state protected, they can ban you if you violate their rules. However, we still have many measures to trade cryptocurrencies, which are not directly from banks, which are OTC platforms, bought from sellers.
Of course they can, but not a stock account, but your bank account. These are banks, they have their own rules, they are centralized.
You must know exactly what legal relations your bank has with cryptocurrency before making transfers of this kind.
In addition, a transfer to a bank account takes much longer than a transfer to another wallet or card.
You must know exactly what legal relations your bank has with cryptocurrency before making transfers of this kind.
In addition, a transfer to a bank account takes much longer than a transfer to another wallet or card.
unfortunately it is nit rumours!
banks can do it and they do it! but! it depends on the country you live, money amount as well and exchange office also is important.
some of them do not have licenses and then you may have a problem, you will have to prove where you got the money
maybe - you'll have to pay taxes. usually after some time and after submitting required documents - banks deblock transfer
banks can do it and they do it! but! it depends on the country you live, money amount as well and exchange office also is important.
some of them do not have licenses and then you may have a problem, you will have to prove where you got the money
maybe - you'll have to pay taxes. usually after some time and after submitting required documents - banks deblock transfer
Am do my withdrawaIs on Banks and never encounter any issue similar like that but maybe they do that on those people who have had huge transactions with no proper documentation on where the money came from. And we should seek another option if they really do that so we will not compromised our money.
And one of the solution we brought is do the withdrawals via remmitance and currently it runs smooth with no issue occuring.
And one of the solution we brought is do the withdrawals via remmitance and currently it runs smooth with no issue occuring.
<...>
I ‘ve just gone over a thread on a Spanish forum on the topic (to read the pulse on a specific European country), and there are a few cases that seem to have had their transfers blocked or rolled back when trying to transfer to an Exchange (the movement is in the opposite direction to the one mentioned in the OP, but just goes to show). The cases I’ve read about there are mostly related to Conbase/Coinbase Pro, and a sparse case to Bitstamp. One guy mentioned that they had actually gone and blocked his account after performing a TX from Banco Santander to Coinbase, allegedly because they thought the account had been hacked.
The above cases add up to a pretty small amount there, and some may even be related to other types of flags being raised for other reasons (i.e. the amount being transferred itself, or the frequency of the TXs). Nevertheless, it’s triggers a mental note to be wary before performing TXs between banks and exchanges. If you're concerned, it may pay to check with the bank before performing a (substantial) TX.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
This is really true guys? Or its a just rumour?
Yes it's really happening and it's happens to us here in our country, so better read all the terms of the bank that you want to open an account, he honest and ask all their questions correctly on where is the source of your funds or you will regret it later.
When opening an account search for bank that accepts Cryptocurrency, specially if you are living in our country that is hostile in Cryptocurrency.
This is true depending on the country you are living, since I don't know where you live and I don't know the exact laws of your country it's best to ask this first in your local board since they are the ones who have first hand knowledge about bank transactions coming from your local exchanges. Some banks like the ones in India before blocks transactions coming from crypto exchanges like Zebpay making it impossible for their citizens to have the convenience of liquidating their crypto. Sometimes the banks decision on doing this is not just a independent act but there are also influences from their government that is why they are authorized to do it as they will.
In some countries banks and people who work there don't even know what bitcoin and crypto is... sadly.
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
That's true!
WHO want to be ignorant let them be!
In some countries banks and people who work there don't even know what bitcoin and crypto is... sadly.
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
Image someone who need to explain them what is crypto, how it works, and how you receive your money...
Looks like Mission Impossible
Some banks do, some don't. As for my case, a local bank I've been using for 3 years has never questioned the funds coming in from an exchange platform that I'm using to transfer fiat. They are still sending me bank statements wherein they indicate the name of the exchange where my funds are primarily coming from and I have never received a call from them regarding AML/KYC documentation. So far here in the Philippines, I haven't seen anyone getting blocked by the banks just because they received funds from an exchange. In Canada and the US however, the story gets a little different as there are banks in there that are really against crypto trading, one fine example is JP Morgan and Chase.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
I don't have any issue with transferring my funds from crypto exchange to my bank account maybe because I only have small amount in value. This is really true guys? Or its a just rumour?
But like what everybody's concern possibilities can happened, when banks start to question the source of your funds mostly happen when the amount
is huge, it's questionable for money laundering.
If you receive funds from cryptocurrency Exchangers to your bank account the bank can block your funds?
This is really true guys? Or its a just rumour?
This is really true guys? Or its a just rumour?
It was like 4 years back! Nowadays, rare are the persons who will tell you their bank closed/suspended their account. (And when you see one, be sure to read the full story)
And no, legally a bank can't block your funds like that. They can decide to close your account but they are forced to release the remaining funds to the place of your choice..
If you're worried make a test with a few payments and see yourself. Nobody here has an account in the same banks as your.
Or call your banker, you're paying him for that.
legendary
Activity: 2450
Merit: 4295
eXch.cx - Automatic crypto Swap Exchange.
We experiences such threat sometime in the past as Nigeria's Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts. Any account that was suspected to be used in cryptocurrency related activities like trading or exchange of fiat to cryptocurrency and vice versa was threatened of been frozen or blocked. Although the rumors spreading around was some customers were affected but no official statement from the banks has been released that they have commence blocking of accounts as of then.
The bankers are in control since they control the fiat so If you feel there's such threat in your geographical area by the bankers, I advice you engage in peer2peer trading as that's what most enthusiast in my region are doing for precaution measures.
The bankers are in control since they control the fiat so If you feel there's such threat in your geographical area by the bankers, I advice you engage in peer2peer trading as that's what most enthusiast in my region are doing for precaution measures.
Jump to: