They don’t usually confiscate funds, a lot of banks don’t like involvement with crypto but I’d be very surprised if they take your money. It’s more likely they will shut your bank, give you your money & tell you to bank elsewhere.
What I’d suggest is to provide receipts & records of where you initially bought your bitcoin. They shouldn’t be aboe to do anything then.
Topic: Started selling on paxful & my bank just called to say my account is closed - page 2. (Read 255 times)
May 21, 2020, 04:43:25 AM
May 21, 2020, 04:29:54 AM
What most do not do is seek information from a bank before such transactions, as some banks have very strict rules and do not support services like Zelle. As for the money it might be "fraudulent", of course you can't know in advance that it's money that will cause you problems - but it’s a risk you take when doing business with strangers. They use a variety of money laundering methods, and one of them is Paxful, where BTC can be purchased by various methods with money that can come from illegal sources.
It is best to be honest and explain the situation, unless the BTC you are selling does not have legal coverage or if you don’t want the bank to find out at all that you have anything to do with BTC. To begin with, try to save the money you have in your account - and then go in search of another bank, preferably one that will not cause you problems with such transactions (if such exists at all in the USA).
It is best to be honest and explain the situation, unless the BTC you are selling does not have legal coverage or if you don’t want the bank to find out at all that you have anything to do with BTC. To begin with, try to save the money you have in your account - and then go in search of another bank, preferably one that will not cause you problems with such transactions (if such exists at all in the USA).
May 21, 2020, 02:39:41 AM
A financial analyst from us bank called me today to tell me that my account will be closed because of funds being deposited into my account through zelle were deemed as fraudulent. They are also going to take away any money i made. So essentially I'm going to be losing a ton of money. This is my only bank account and I have no idea what to do. Sites like paxful are completely legal. I was vending bitcoin and making transactions through zelle, only releasing bitcoin after funds were deemed as deposited. How is this possible? How was I supposed to know that the money coming in was fraudulent?
***Update: so at this point the only way i can get access to the bank account is if the branch manager where I first enrolled with us bank lifts the lock. I am calling her tomorrow, which is in a few hours. Any suggestions on how I should I approach the phone call?
***Update: so at this point the only way i can get access to the bank account is if the branch manager where I first enrolled with us bank lifts the lock. I am calling her tomorrow, which is in a few hours. Any suggestions on how I should I approach the phone call?
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