Revolut bitcoin deposit | Bitcointalksearch.org

RickDeckard

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Quote from: OmegaStarScream on January 26, 2024, 05:47:39 AM

It might have something to do with Binance's current situation with the UK because the second link has always been there and although I never came across the first one, it seems like it wasn't updated for three years.

It probably has to due with regulations. This tweet[1] from around the time that Wise was removed from Binance with a reply from the official Wise account. Albeit it's weird the timing since Binance UK isn't authorized by the Financial Conduct Authority since 30/05/2023[2] but seems to have been only removed around December ...

[1]https://nitter.net/0xYinka/status/1737155144985239665
[2]https://register.fca.org.uk/s/firm?id=001b000000nojfNAAQ

OmegaStarScream

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Quote from: RickDeckard on January 25, 2024, 06:18:36 PM

-snip-

It might have something to do with Binance's current situation with the UK because the second link has always been there and although I never came across the first one, it seems like it wasn't updated for three years.

RickDeckard

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Quote from: OmegaStarScream on January 23, 2024, 04:39:35 AM

And just like that, it looks like Wise, one of the most popular payment methods on Binance P2P has also been quietly removed from the platform. I'm not sure when this happened exactly since I couldn't find any announcements about it.

I looked around Wise policies and found a section within titled "Incompatible accounts and payments"[1] where you can read the following:

Quote

Types of payments we can't accept

We never accept cash, cheques, or any cryptocurrency (crypto).

You can receive money to your Wise account from a platform that deals with cryptocurrencies — as long as the platform is regulated and/or supervised in the EU or UK.

If you look deeper into their "Acceptable Use Policy"[2] you will find the following entry as well:

Quote

1.2 Unsupported businesses and transactions
We do not support businesses or transactions which are involved in any of the following categories, such businesses or transactions may be declined. While this list is representative, it is not exhaustive, and we reserve our right to deny our services to any customers who exceed our risk tolerance.1.2.2 Financial and other professional services
(...)Companies involved in the exchange or trading of cryptocurrencies, or any other virtual currencies.

Including payments for the purpose of purchasing cryptocurrencies.

I guess that Wise basically blocked any kind of interaction with cryptocurrencies, hence why Binance had to remove it from their available options to prevent further headaches.

[1]https://wise.com/help/articles/2932118/incompatible-accounts-and-payments
[2]https://wise.com/gb/legal/acceptable-use-policy-eea

OmegaStarScream

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And just like that, it looks like Wise, one of the most popular payment methods on Binance P2P has also been quietly removed from the platform. I'm not sure when this happened exactly since I couldn't find any announcements about it.

Volgastallion

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Quote from: OmegaStarScream on December 18, 2023, 12:44:05 PM

https://www.coindesk.com/policy/2023/12/18/revolut-to-suspend-uk-crypto-services-citing-fcas-new-ad-rules-cityam/

So after being delisted from Binance, it looks like they now decided to stop offering their crypto services for their "Revolut business" clients. With pretty much every crypto platform withdrawing from the UK, I doubt Revolut would be able to continue offering their crypto services for individuals either.

A shame really, because Revolut as a company is one of the most used by young people and also one of the easiest to access with practically no costs.

I have already seen many companies having to get rid of their crypto leg, which also makes me think that they are not completely getting rid of it. I think they are either selling their crypto leg to another company or they are looking for a place where they can settle and offer the service again. Without going into incompatibility in the rules, obviously a company based in the UK will always be better than in a country without much significance in terms of trust.

OmegaStarScream

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https://www.coindesk.com/policy/2023/12/18/revolut-to-suspend-uk-crypto-services-citing-fcas-new-ad-rules-cityam/

So after being delisted from Binance, it looks like they now decided to stop offering their crypto services for their "Revolut business" clients. With pretty much every crypto platform withdrawing from the UK, I doubt Revolut would be able to continue offering their crypto services for individuals either.

OmegaStarScream

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Quote from: logfiles on December 01, 2023, 09:17:48 AM

-snip-

Sorry, that was a typo. I meant to say Revolut and not GBP. It has been removed from all currencies.

logfiles

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Quote from: OmegaStarScream on December 01, 2023, 07:59:20 AM

So an update to the above statement. It looks like Binance did remove GBP. Again, I'm unable to find any official announcements, but this has been posted by someone in the Revolut subreddit:

https://www.reddit.com/r/Revolut/comments/185611e/maybe_yall_will_stop_complaining_now/

You mean removing GBP as fiat currency? It's surprising because I see so many GBP spot trading pairs as of now on binance. If they are to delist GBP. They would definitely make a delisting announcement about it.

Maybe the Revolut removal notification was for only those who added it to the p2p accounts as a payment method. I think I have ever experienced it before when Binance decided to remove some payment methods that I had active on my account

OmegaStarScream

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So an update to the above statement. It looks like Binance did remove GBP. Again, I'm unable to find any official announcements, but this has been posted by someone in the Revolut subreddit:

https://www.reddit.com/r/Revolut/comments/185611e/maybe_yall_will_stop_complaining_now/

OmegaStarScream

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I didn't want to make another topic about Revolut, but could someone confirm that Binance has removed Revolut from its P2P platform? At least, for the GBP currency.

It looks like overnight, all offers have been silently removed. I looked this up online, but couldn't find any official announcements.

OmegaStarScream

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Quote from: marbet85 on November 09, 2023, 08:20:59 PM

It's good to hear that something finally happened, as I showed, my BTC coming to me within an hour, so if necessary, I can help with my Revolut wallet to accept the Big transfer Cheesy

Thanks, I appreciate the offer but as I said before, I was sending the funds to somebody so I don't really need this done myself. Besides, it seems like their fees for converting BTC to fiat are very high, at least if you're comparing it to P2P trading so overall, doesn't look like using Revolut's crypto services is really worth it.

marbet85

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Quote from: OmegaStarScream on November 05, 2023, 06:22:28 AM

So here's a funny update about this whole situation:

The individual I sent the funds never followed the "verification process" but received a notification on the 3rd of November (a month from the deposit) that his funds were available, and he managed to sell them and transfer them to fiat.

It's good to hear that something finally happened, as I showed, my BTC coming to me within an hour, so if necessary, I can help with my Revolut wallet to accept the Big transfer Cheesy

hd49728

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Revolut use many third party services and I don't know what partner services they are using but if they rely on third-party services to proceed deposit and withdrawal of their users, there are potentially delays from their partner companies.

If they use service like Bitgo, example, and Bitgo has maintenance or issue, they will not credit any deposit to user account on Revolut.

Cryptocurrency terms

Quote

Refusing your instructions

We may refuse your instructions to deposit or withdraw cryptoassets when:

There are not enough cryptoassets available in your pocket.
We, or one of the exchanges or third parties we work with to provide our crypto services, are not available (for example, due to service disruption or scheduled maintenance).
We have good reason to suspect that your instruction was for illegal purposes (for example, to commit fraud).
We have good reason to believe that your instruction could badly affect our reputation or goodwill.

The Cryptovator

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Quote from: OmegaStarScream on November 05, 2023, 06:22:28 AM

So here's a funny update about this whole situation:

The individual I sent the funds never followed the "verification process" but received a notification on the 3rd of November (a month from the deposit) that his funds were available, and he managed to sell them and transfer them to fiat.

Nice to hear it got resolved. So the problem was a verification issue. When I was reading the replies, I assumed something like this. Because it is a custodial service and may require a verification process. However, I am not familiar with Revolution, though it sounds familiar to me. I've never used it or don't know what its purpose is. It's funny, took one month to credit deposit amounts.

OmegaStarScream

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So here's a funny update about this whole situation:

The individual I sent the funds never followed the "verification process" but received a notification on the 3rd of November (a month from the deposit) that his funds were available, and he managed to sell them and transfer them to fiat.

OmegaStarScream

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Quote from: Saint-loup on October 08, 2023, 02:57:59 PM

-snip-
What is AMLBot please? I've never heard about it before. It certifies that your funds are clean?

You know how sometimes, an exchange claims that they have detected suspicious activity when you make a deposit? and wants to confirm the source of funds. It's usually because they use something like this[1]. AMLBot does a similar thing, but unlike ChainAnalysis, it's available for public use. Now, I'm not sure how good it is but I would imagine it's good enough if they are indeed used by 500+ companies as they claim. It's paid though, but you can try it if you'd like, they offer a free trial (one address) through their Telegram bot.

[1] https://www.chainalysis.com/chainalysis-kyt/

Saint-loup

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Quote from: OmegaStarScream on October 07, 2023, 05:35:03 AM

Quote from: rat03gopoh on October 06, 2023, 10:49:32 AM

I think this should be seen as a lesson to others that revolut should not be used to receive bitcoins from other people directly.
Btw did you use an exchange like @marbet85 or a personal (noncustody) wallet for the deposit?

It was a non-custodial wallet. The address I have used doesn't have that much activity. I never used any shady exchanges or received money from randoms. I even went ahead and used AMLBot just to make sure that funds were "clean" and everything looked fine so my theory and like I said before is that it's because of the receiver's location.

Thank you very much for sharing your experience here, I was thinking about opening an account there since they are now dealing with cryptocurrencies but what they've done with your friend is not only unprofessional, it's really frightening for any crypto user. So I think I will wait a bit more. Transaction fees on Bitcoin are rather high unfortunately, so people usually send amounts above dozens of USD, so if deposits are not smooth and safe, it's a serious issue. What is AMLBot please? I've never heard about it before. It certifies that your funds are clean?

OmegaStarScream

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Quote from: rat03gopoh on October 06, 2023, 10:49:32 AM

I think this should be seen as a lesson to others that revolut should not be used to receive bitcoins from other people directly.
Btw did you use an exchange like @marbet85 or a personal (noncustody) wallet for the deposit?

It was a non-custodial wallet. The address I have used doesn't have that much activity. I never used any shady exchanges or received money from randoms. I even went ahead and used AMLBot just to make sure that funds were "clean" and everything looked fine so my theory and like I said before is that it's because of the receiver's location.

rat03gopoh

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Quote from: OmegaStarScream on October 06, 2023, 09:50:41 AM

this is just too much for such a small amount (~10 EUR).

Damn, that was a shitty experience.
I think this should be seen as a lesson to others that revolut should not be used to receive bitcoins from other people directly.
Btw did you use an exchange like @marbet85 or a personal (noncustody) wallet for the deposit?

marbet85

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Quote from: OmegaStarScream on October 06, 2023, 09:50:41 AM

Quote from: Z-tight on October 05, 2023, 09:05:57 AM

There's a way custodial and centralized services work, they can confiscate user A's funds or delay funding their wallet, while confirming every other order or request. Once you deposit funds into an address they control, they can do 'anything' with it and all you can do is wait. By the way, op hasn't posted any new update, maybe their funds have finally been credited, is that so @OmegaStarScream?

Sadly not. The account's owner received an email asking him to 'verify the payment' by uploading one of the documents: Proof of investment, transaction history, or something else ("Other").

Not sure if this is supposed to be a normal check or not (since I know a few exchanges do that on your 1st transaction). I know that @marbet85 managed to do what I assume to be his first-ever Bitcoin deposit without issues, but I don't exclude the possibility that these checks might be done depending on the user's location. But regardless, this is just too much for such a small amount (~10 EUR).

Yes, my amount was not big, because I want only check for you how it works as my 1st deposit to Revolut by this way. Today I also check with my friend who is located in Germany, mean his Revolut account and also he received positive, amount about 400$. Hope so your BTC also finally coming!

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