My bank account was frozen due to suspicious activity on my account

rickmartingt

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Quote from: papaxamo111 on January 24, 2017, 06:11:50 PM

Hi guys! I was selling bitcoins worth £10 000 via localbitcoins.com and what's happened when the purchaser sent my money to the bank account? My bank has froze my bank account without telling anything. When I tried to contact the purchaser via localbitcoin.com he was already away and I didn't get any reply from him. I have been spending whole day in the bank and trying to explain my last transaction and nobody listened me. They just told me that everything is under investigation.

It that means that someone get my BTC and when sent me money just visit his bank again and told them someone abused his card and want money back? And I'm just a victim of that everything and will never get my money back?

I already reported that case.

Please, could anyone tell me what steps I should do?

Thanks a lot for your help and advise!

Well here are some tips to avoid getting your account freeze that I use to be careful. You can use a travel VPN and in case you need more details? You can visit this website:
https://www.purevpn.com/blog/frozen-bank-account/

Netnox

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Quote from: Luis34 on August 15, 2017, 04:35:24 PM

When you shake in very much money you need to explain for the banks the proceeds will charge monthly income tax of more than $ 20,000. If you move around, be prepared to have all the purchasing documentation.

In some of the countries, there is a maximum yearly limit for financial transactions such as trading in digital goods. If you exceed this limit, then you need to get the necessary permits and licenses. If you think that your account was frozen despite the trade volumes being lower than this limit, then go to the bank branch and explain everything to them.

Luis34

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When you shake in very much money you need to explain for the banks the proceeds will charge monthly income tax of more than $ 20,000. If you move around, be prepared to have all the purchasing documentation.

coinsgod

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Quote from: youngwebs on July 29, 2017, 05:58:20 AM

You could do this best by a bitcoin ATM I would think, no need to use a bank for that. ATM is also anonymous.

Not when you have an ATM camera pointing in your face and recording you.

Quote from: youngwebs on July 29, 2017, 05:58:20 AM

Issues is however, you are allowed to bring only back so many cash in or out of a country. Well you can be lucky of course, i have never been checked in detail, but this is a risk. I believer the maximum amount of cash you are allowed to carry into the usa is 10.000 USD.

Do peeps declare their cryptocurrency when they are travelling? All these peeps walking around with over $10k in cryptocurrency on a physical hard wallet or a soft wallet on their computers are leaving/entering the country with currency. Wonder what would happen if they didn't declare it and were found out.

youngwebs

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Quote from: SirJEsq on July 28, 2017, 11:15:14 PM

wonder the difficulty it would be to travel to europe, post up for some time and withdraw there, instead of in the US.

You could do this best by a bitcoin ATM I would think, no need to use a bank for that. ATM is also anonymous.
Issues is however, you are allowed to bring only back so many cash in or out of a country. Well you can be lucky of course, i have never been checked in detail, but this is a risk. I believer the maximum amount of cash you are allowed to carry into the usa is 10.000 USD.

SirJEsq

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Quote from: youngwebs on July 26, 2017, 05:29:30 PM

when looking for a bitcoin friendly bank, use these guys:
https://www.bunq.com/en/

it is located in the netherlands and as long as you are in an EU country your money is fully protected upto 100k.
its alse free of charge within certain limits.

I has full banking licenses, but founded by IT Guys, and has nothing to do or ties with the old fat banking guys!
Also they are tied to the following BTC exhange:
https://bl3p.eu/en/

maybe it might be usefull for one of you

wonder the difficulty it would be to travel to europe, post up for some time and withdraw there, instead of in the US.

youngwebs

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when looking for a bitcoin friendly bank, use these guys:
https://www.bunq.com/en/

it is located in the netherlands and as long as you are in an EU country your money is fully protected upto 100k.
its alse free of charge within certain limits.

I has full banking licenses, but founded by IT Guys, and has nothing to do or ties with the old fat banking guys!
Also they are tied to the following BTC exhange:
https://bl3p.eu/en/

maybe it might be usefull for one of you

appletin1

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Hope you will get it all back

Netnox

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Hmm... this is not the first time I am hearing about such incidents. And I am not just talking about incidents related to the American banks. Even in the third world nations, I have heard about savings accounts getting frozen, after the account holder used the funds to purchase Bitcoin.

SirJEsq

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As one with AML interests, I would've loved to have seen how this turned out

CoinTek

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Has anyone else experienced something like this or in the USA with USA bank accounts?

joseafonso123az

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i guess the amount of money sent to your account is a reason for the bank to get suspicious! If you receive a normal wage monthly, and suddenly receive this amount of money, the will surely flag your account ! But, the way they are treating your case looks really strange, because they can't just let you not know anything , or don't want to involve you in what you did with your account. I think you should try contacting your bank, and politely ask for solutions, or where you could give some explanations so you can solve your problem. It's not that normal the bankers not wanting to talk with the customer when something like this happen !

Daeone

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I don't in any way mean to blame you but if you don't have a second account or keep cash on hand you should take this as a lesson that you should start doing so. I have 3 bank accounts and always have money for food on me JUST IN CASE.

I hope you get everything back! Total BS that they froze it and won't even let you get your wages.

HI-TEC99

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Quote from: papaxamo111 on January 31, 2017, 10:51:13 AM

Other things I would like to know:
1. For UK residents: what bank/association do you recommend for trading with BTC? Should I open a business account? What bank do you recommend?

Look forward to your reply.
Best Regards

It's a bit late now, but there's a thread detailing free EU bank accounts you can open online.

https://bitcointalksearch.org/topic/list-free-eu-bank-accounts-that-you-can-be-opened-directly-online-1756494

I suggested adding Fidor Bank to it, although I have no experience of using it myself. It's supposed to be Bitcoin friendly because it's possible to link it to a Kraken exchange account to facilitate fast transfers.

Quote from: HI-TEC99 on February 07, 2017, 10:54:40 AM

Fidor Bank offers free bank accounts to German citizens and UK citizens that they can open directly online.

https://www.fidor.de/

https://www.fidorbank.uk/

hilariousandco

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Quote from: ozhaveruk on June 18, 2017, 06:13:00 AM

Yes! I would absolutely want to make a police complaint about this guy unfortunately I just don't believe that my complaint would make a difference. I did ask my bank that should I prove myself innocent and it would mean I am actually the victim of fraud here would they persue this criminal charges against the fraudster and I got a vague response. Seems not.

Then press charges. The guy was probably dumb enough to use his own account if he's trying to get the money back. If what you say is all true then you should have ample proof that you sent the coins and he received them so it's black and white that he's trying to commit fraud. If you don't file a police complaint he'll just keep doing it until he gets caught. If he has a history of doing this then he'll likely face punishment. Doesn't local bitcoin use escrow any way to stop this sort of fraud?

countryfree

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Quote from: ozhaveruk on June 16, 2017, 05:41:25 PM

Hi thanks for the reply
In my case I found out that the buyer complained that I had scammed him by taking his money and giving him nothing. Now I will have to prove my innocense to the bank by going to the branch with all the evidence that he did in fact receive bitcoin in return for his payment

Just what I wrote in the most above yours. Forget about punishing your fraudster. Your bank has other things to do, and so does localbitcoins. I guess it's safer to trade with cash in a public place.

Oxydarck

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Quote from: LeGaulois on February 18, 2017, 10:15:26 PM

Hi papaxamo111
Last week i was wondering about you
Did you get an answer from the bank? Did they released your funds and or told you a reason? 10k is a good bag of cash. I am not from UK but i think you should visit an association for consumers rights. It's free and they have competent people to help you

No i didn't get an answer from the bank and they didn't told me a reason . Yes 10k is a so good bag of cash .

ozhaveruk

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If it's possible to ask the moderator to change the subject of his thread from "My bank account was frozen" to "my bank account was blocked" or add the word "blocked" in the title. I think it would help some people find it.
I'm still interested to hear from people who had specific experience with their UK bank account being blocked.
I'm sure there are many victims

ozhaveruk

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Yes! I would absolutely want to make a police complaint about this guy unfortunately I just don't believe that my complaint would make a difference. I did ask my bank that should I prove myself innocent and it would mean I am actually the victim of fraud here would they persue this criminal charges against the fraudster and I got a vague response. Seems not.
It is a shame there isn't a process by which if multiple users were defrauded by the same user on localbitcoins.com that they could all share information and work together to bring that fraudster to justice.
Unfortunately at the moment reviews are anonymous and localbitcoins themselves aren't actively pursuing fraudsters. I wrote to lcb and all they told me was that if they were contacted by the bank or police they would fully cooperate. I think there should be more tools on the site to combat fraud.

hilariousandco

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Quote from: ozhaveruk on June 17, 2017, 10:00:27 PM

Thanks for the reassurances. I'm unable to get into the branch until next Friday but I have spoken to their fraud department and I was lucky the last time I tried a really nice representative took the call and really tried to help me. But I'll still need to go into the branch and show my localbitcoins.com activity and prove that the bitcoins were given to the buyer.
I will update you on the results. In the meantime any more practical advice would be appreciated especially from anyone who has faced such a situation with a UK bank before.

If you have all the proof that you sent the coins to him (or they were released from escrow) then I can't see why there should be a problem. You should also file a police report and press charges against the guy because this is attempted theft/fraud.

Topic: My bank account was frozen due to suspicious activity on my account (Read 7721 times)