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Title: Bank account froze after selling btc (UK) Post by: Jo1992 on August 22, 2019, 10:48:52 AM 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 Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 22, 2019, 10:59:04 AM various buyers That's the prime reason you were frozen. Money laundering aside, they won't tolerate personal accounts being used for what they think is business. They'll freak even more so if it was previously dormant account. After some noodling they'll ask you to withdraw your money and not come back. You're better off asking here about the experiences of others - https://old.reddit.com/r/BitcoinUK/ Title: Re: Bank account froze after selling btc (UK) Post by: btcwish1 on August 22, 2019, 11:04:41 AM 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 Whats the name of the bank? it will be good to know so that we can avoid that bank. Also, did you deposit the money in cash? or it was bank transfer? Thanks Title: Re: Bank account froze after selling btc (UK) Post by: davis196 on August 22, 2019, 11:30:55 AM I am selling BTC in localbitcoins for SEPA bank transfers and I never got any problems with my bank so far.
I'm expecting to have some issues in the future,but I'm not selling big amounts of btc.Maybe that's why I'm flying under the radars.I'm sorry about your issue,OP.I guess you will have to withdraw your money after the account is recovered and move to another bank. Title: Re: Bank account froze after selling btc (UK) Post by: Ayiranorea on August 22, 2019, 12:29:12 PM I am selling BTC in localbitcoins for SEPA bank transfers and I never got any problems with my bank so far. Here there is difference between the way you make the trade and Op making the trade. Op has used the personal account with limits for large volume trades which means beyond the permitted amount of transaction a personal or a primary individual account can. For this one needs to have a registered business registered and connected to a business bank account. This will not limit you or hold the funds as it is particularly for large volume transactions and officially taxed funds.I'm expecting to have some issues in the future,but I'm not selling big amounts of btc.Maybe that's why I'm flying under the radars.I'm sorry about your issue,OP.I guess you will have to withdraw your money after the account is recovered and move to another bank. Title: Re: Bank account froze after selling btc (UK) Post by: JackZalesskiy77 on August 22, 2019, 12:40:47 PM 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? I've never been in this situation only because I've always tried very hard to avoid any behavior that would even come close to looking like money laundering. I do a lot of freelances and I tend to never withdraw money or do any transaction after the account gets replenished. 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 I mean, this really sucks what happened to you but I can see how the bank could have thought that the account was sketchy. Title: Re: Bank account froze after selling btc (UK) Post by: Jo1992 on August 22, 2019, 12:46:32 PM Bank was Monzo. I understand why they froze it but opening a business account to sell a personal possessions isn't the answer. I'm not buying and selling. Just withdrawing my capital gains.. Or was.
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. Would be good to hear from those that have already been through it Title: Re: Bank account froze after selling btc (UK) Post by: jhonjhon on August 22, 2019, 12:50:39 PM 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 As you mentioned, you never used the account that much so if there's a sudden activity in the account and it involves a huge amount of money then it will really raise suspicion from bank so that is why the froze your account, I think it is now under investigation from their end and you can call their hotline for inquiry, as far as I know if the account is frozen they will send a letter regarding it or you can call them and they will inform you what the hold is all about. Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 22, 2019, 12:51:41 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: TopTort777 on August 22, 2019, 12:58:26 PM What will bank replay, when you will ask them to close your account and withdraw funds to other/new account? Will they answer no, because your account is frozen, or will do it after a claim in written format ?
Try to figure out how your funds are frozen. Totally (so you cant make a payment, withdraw from ATM or to other account) or you can move funds (but bank will do it and close your account)? Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 22, 2019, 01:02:52 PM What will bank replay, when you will ask them to close your account and withdraw funds to other/new account? Will they answer no, because your account is frozen, or will do it after a claim in written format ? Try to figure out how your funds are frozen. Totally (so you cant make a payment, withdraw from ATM or to other account) or you can move funds (but bank will do it and close your account)? https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts In the UK banks can't tell you why you've been frozen and they won't enter into any communication until some sort of decision has been made by the NCA. It's out of the user's hands. Title: Re: Bank account froze after selling btc (UK) Post by: philipma1957 on August 22, 2019, 01:15:24 PM So for 5000 pounds or 5000 euros it was frozen?
Title: Re: Bank account froze after selling btc (UK) Post by: TopTort777 on August 22, 2019, 01:16:18 PM What will bank replay, when you will ask them to close your account and withdraw funds to other/new account? Will they answer no, because your account is frozen, or will do it after a claim in written format ? Try to figure out how your funds are frozen. Totally (so you cant make a payment, withdraw from ATM or to other account) or you can move funds (but bank will do it and close your account)? https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts In the UK banks can't tell you why you've been frozen and they won't enter into any communication until some sort of decision has been made by the NCA. It's out of the user's hands. I see… I've had a bit similar situation. Company's account was closed due to a signal from "inner security team" (translation from Russian, I don't know how it is called in proper English), because company's received money from other company, which has a mass CEO (person was registered as chief director in 100+ companies). Bank asked to provide tons of documents about the cargo, contracts and etc. But they said that they are not sure that this will 100% resolve the situation. What was done - our companies CEO went to nearest bank office, write a claim, asking to withdraw funds to other account and the bank did it in 7 days. Title: Re: Bank account froze after selling btc (UK) Post by: samcrypto on August 22, 2019, 01:17:50 PM What will bank replay, when you will ask them to close your account and withdraw funds to other/new account? Will they answer no, because your account is frozen, or will do it after a claim in written format ? Try to figure out how your funds are frozen. Totally (so you cant make a payment, withdraw from ATM or to other account) or you can move funds (but bank will do it and close your account)? https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts In the UK banks can't tell you why you've been frozen and they won't enter into any communication until some sort of decision has been made by the NCA. It's out of the user's hands. Title: Re: Bank account froze after selling btc (UK) Post by: Jo1992 on August 22, 2019, 01:31:30 PM As has been said UK banks aren't allowed to give any info.. And try calling monzo anyway.. Their automated system just hangs up on you after 20 seconds saying they are busy. Piss take really. So they can't ask/tell me anything hence why I'm looking for ways to offer evidence to speed up the process without being asked.
I'd moved most of the money to my savings account ba 100 so I'm not really bothered about them sending money back to source as they don't have it to send. Just the black mark currently against my name. Like everyone else I've got other problems going on my energy should be focused on Title: Re: Bank account froze after selling btc (UK) Post by: yoseph on August 22, 2019, 01:33:36 PM various buyers That's the prime reason you were frozen. Money laundering aside, they won't tolerate personal accounts being used for what they think is business. They'll freak even more so if it was previously dormant account. After some noodling they'll ask you to withdraw your money and not come back. You're better off asking here about the experiences of others - https://old.reddit.com/r/BitcoinUK/ Title: Re: Bank account froze after selling btc (UK) Post by: LeonardHRinvest on August 22, 2019, 01:43:21 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: Jo1992 on August 22, 2019, 02:04:06 PM 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? Title: Re: Bank account froze after selling btc (UK) Post by: pawanjain on August 22, 2019, 02:08:42 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: Jet Cash on August 22, 2019, 02:11:03 PM 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.
Title: Re: Bank account froze after selling btc (UK) Post by: Pab on August 22, 2019, 02:20:45 PM 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 Title: Re: Bank account froze after selling btc (UK) Post by: BitcoinGirl.Club on August 22, 2019, 02:39:36 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: auntyjmary on August 22, 2019, 03:35:09 PM 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.
Title: Re: Bank account froze after selling btc (UK) Post by: dantee1 on August 22, 2019, 03:42:10 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 22, 2019, 03:43:21 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: Jo1992 on August 22, 2019, 03:59:52 PM 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 Title: Re: Bank account froze after selling btc (UK) Post by: franky1 on August 22, 2019, 05:32:15 PM 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 Title: Re: Bank account froze after selling btc (UK) Post by: bitbunnny on August 22, 2019, 05:35:15 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: Jo1992 on August 22, 2019, 07:48:41 PM 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 Title: Re: Bank account froze after selling btc (UK) Post by: audaciousbeing on August 22, 2019, 08:20:22 PM 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 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. Title: Re: Bank account froze after selling btc (UK) Post by: vladimirhf on August 22, 2019, 08:33:02 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 22, 2019, 11:22:30 PM 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. Title: Re: Bank account froze after selling btc (UK) Post by: cheezcarls on August 23, 2019, 08:21:59 AM 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. Title: Re: Bank account froze after selling btc (UK) Post by: Coyster on August 23, 2019, 10:52:57 AM 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. Title: Re: Bank account froze after selling btc (UK) Post by: fulled on August 23, 2019, 11:02:19 AM 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
Title: Re: Bank account froze after selling btc (UK) Post by: mindrust on August 23, 2019, 11:12:25 AM 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) Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 23, 2019, 11:17:42 AM 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. Not in the UK. Not even Coinbase could hang on to their banking. It would be a bleedin' miracle if any bank gave you any type of account if you mentioned crypto, let alone a business account. I've seen countless threads where people tried to do it right with trying to open a business account and were told to go away. I don't know how big volume British Localbitcoins traders operate. I assume they have a ton of burner accounts or patsies they run money through. There's no way banks will let you run as a proper operation. Title: Re: Bank account froze after selling btc (UK) Post by: rdluffy on August 23, 2019, 11:35:31 AM Depends of you bank, your country and the manager of your account
Here in Brazil exchanges have a lot of problems with bank accounts, they don't want to offer services to exchanges because it's a huge amount of money and transactions and they are afraid it's laudering money But I didn't know any person who have froze account, just exchanges Title: Re: Bank account froze after selling btc (UK) Post by: DoublerHunter on August 23, 2019, 12:06:03 PM I suspect that due to the big trade they were suspected your account as a money laundering, Op should give what name of that bank so that anyone here knows and must be aware of those issues. In this scenario, OP probably needs to submit KYC because that was compromised an account. I hope you can get unfroze and sorted for you as soon as possible. You must read this article because aside from frozen account there is also being sentenced because of fraudulent. https://finance.yahoo.com/news/localbitcoins-trader-bitcoin-maven-sentenced-003510369.html
Title: Re: Bank account froze after selling btc (UK) Post by: Jo1992 on August 24, 2019, 08:13:11 AM Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple.
Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!! Title: Re: Bank account froze after selling btc (UK) Post by: cizatext on August 24, 2019, 08:59:20 PM Yeah your bank account tend to flag off red signal when anonymous individuals start depositing money into it suddenly, this in most cases call for investigation and once those buy your bitcoin don't have any record of financial crimes your account will be freed.
Title: Re: Bank account froze after selling btc (UK) Post by: Mahanton on August 24, 2019, 09:05:10 PM Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple. They havent given the cash into your hands yet they already blocked your banking account? Thats odd.Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!! What source they are talking into? On what service you able to cash or convert up your BTC to FIAT? Thats where those funds are heading and you should get it back and inform that the bank had sent the funds back. Title: Re: Bank account froze after selling btc (UK) Post by: Nadziratel on August 24, 2019, 09:12:09 PM 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 I live in Turkey and I have friends who have similar problems. However, there is no legal regulation on this issue. What about England? Are there any legal regulations? Title: Re: Bank account froze after selling btc (UK) Post by: barbara44 on August 25, 2019, 11:34:36 AM Since the UK government is quite neutral about the cryptocurrency, I don’t think that they will have any issue releasing your fund with the proof that the money came from a cryptocurrency money, I know that every country have their own banking policy, but my country is not that strict with such little amount of money, at least before my bank can freeze my account, I must have receive like at least $15000 for the first time.
In your own case, I don’t why the limit is such small, anyway, I don’t think there is anything else you can do to speed up the process, just wait for them to give you feedback, provided you have provided them with every document that they request from you to proof the money is not laundered. Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 25, 2019, 12:54:04 PM The biggest issue regarding UK banking and crypto is not legality or regulations, it's the complete lack of them.
It's certainly not illegal but banks are basically having to get involved without knowing what regulations there may be in the future. Why bother taking the risk? Title: Re: Bank account froze after selling btc (UK) Post by: coolcoinz on August 25, 2019, 02:41:18 PM I've never had anything frozen, but I got a warning. A bank found my payments coming from a crypto exchange suspicious and called me saying they don't want anything to do with crypto and next payments will not be processed, so I decided to close my account and move on. It's not the only bank in the world.
I heard stories like this. Banks are really afraid to be replaced by crypto. Not really. If they really were to be involved in a case of terrorist financing, or a big crypto ponzi scheme, the media would drown them in shit. Title: Re: Bank account froze after selling btc (UK) Post by: Lauren Smith on August 25, 2019, 03:23:17 PM This is exactly why crypto was invented. You see, you don't even own the money in your own bank account. They can just freeze it apparently as they wish.
Various buyers?? It shouldn't matter. 5k is not a lot? People launder much more then that. I am pretty sure most people who launder money do it through a fake business front or register fake companies. How would you explain where all this money in your bank account is coming from? If you run the money you want to launder through a fake business front you can make it look very legal and even have some tax deductions. This KYC stuff causes way more issues then it resolves. Crypto is made to give the government and banks a big fuck you!! This is why even mentioning KYC makes me cringe. Title: Re: Bank account froze after selling btc (UK) Post by: philipma1957 on August 25, 2019, 03:32:14 PM Well based on this in the USA:
does this seem to be a problem to anyone but me? If btc addresses are on a list and you sold coin to them you could be subject to forfit of the cash they wired to you.https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190821.aspx quote from above: "The following individuals have been added to OFAC's SDN List: YAN, Xiaobing (Chinese Traditional: 顏曉兵; Chinese Simplified: 颜晓兵) (a.k.a. "YAN, Steven"; a.k.a. "ZHOU, William"), Wuhan, Hubei, China (Chinese Simplified: 武汉市, 湖北省, China; Chinese Traditional: 武漢市, 湖北省, China); DOB 25 Mar 1977; POB Wuhan City, Hubei, China; citizen China; Gender Male; Digital Currency Address - XBT 12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h; alt. Digital Currency Address - XBT 1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo; alt. Digital Currency Address - XBT 13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC; alt. Digital Currency Address - XBT 1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y; alt. Digital Currency Address - XBT 1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6; alt. Digital Currency Address - XBT 1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC; Chinese Commercial Code 7346 2556 0365; Citizen's Card Number 421002197703250019 (China) (individual) [SDNTK]. ZHENG, Fujing (Chinese Simplified: 郑福景; Chinese Traditional: 鄭福景) (a.k.a. "DENG, Gao"; a.k.a. "JIN, Gordon"; a.k.a. "ZHENG, Gordon"); DOB 11 Jun 1983; POB China; nationality China; citizen China; Email Address goldenchemical@live.com; alt. Email Address gordonzheng@qinvictory.com; alt. Email Address magicchemical@hotmail.com; alt. Email Address sales@globalrc.net; alt. Email Address 3507656950@qq.com; alt. Email Address zhengfujing@live.cn; Gender Male; Digital Currency Address - XBT 17ezuJoT3XBbdcwFZbkTnrXbup11F4uhiy; alt. Digital Currency Address - XBT 1DH2xDH7TngrDU6LXciprKCBKNcPA1xX8A; Passport G31920875 (China) issued 24 Oct 2008 expires 23 Oct 2018; Identification Number 310107198306111336 (China); Chinese Commercial Code 6774 4395 2529 (individual) [SDNTK]. ZHENG, Guanghua (Chinese Traditional: 鄭广華; Chinese Simplified: 郑广华); DOB 04 Nov 1955; POB Shanghai, China; nationality China; citizen China; Email Address zhenguanghua1955@outlook.com; alt. Email Address zhenguanghua1955@gmail.com; Gender Male; Digital Currency Address - XBT 33Kja69SQVc8kozpoP7Qw6HFtGxHkiWzTz; alt. Digital Currency Address - XBT 3MkUNScqf21EcfWq6T4x2MFgBeSTqhB5t6; alt. Digital Currency Address - XBT 18uKfaUjgG52rVeXEi3wxnveww7zZuECtE; Digital Currency Address - LTC LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z; Passport E51809923 (China) issued 25 May 2015 expires 24 May 2025; Identification Number 310108195511041616 (China); Chinese Commercial Code 6774 1639 5478 (individual) [SDNTK]. The following entities have been added to OFAC's SDN List: QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD. (a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE & TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE AND TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD.), Room 614, Floor 3, No. 1, Alley 468, New Siping Highway, Shanghai 201413, China; Room 614, Floor 3, Block 1, Lane 468, Xinsiping Highway, Fengxian District, Shanghai, China; Website www.qinvictory.com [SDNTK]. ZHENG DRUG TRAFFICKING ORGANIZATION, Shanghai, China; Website www.globalrc.net; alt. Website www.goldenrc.com; alt. Website www.toplabrc.com; Email Address MagicChemical@hotmail.com; alt. Email Address goldenchemical@live.com; alt. Email Address 3507656950@qq.com; alt. Email Address sales@globalrc.net [SDNTK]. Bookmark and Share Last Updated: 8/21/2019 10:18 AM" I wonder is there are lists in the UK of tainted btc addresses and you sold a coin to one on the list? If so you are never going to see the money. I read this type of action "marking a btc addy as tainted" as a real issue down the road. Note the poster of the info is my alt account as I was not at my pc that does this account. https://www.blockchain.com/btc/address/12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h 99 in 6.5 left in https://www.blockchain.com/btc/address/1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo 108 in 12.8 left in https://www.blockchain.com/btc/address/13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC 15.5 in 9.29 left in https://www.blockchain.com/btc/address/1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y 1.353 in 0 left in https://www.blockchain.com/btc/address/1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6 1,196.66 in 20.5 left in https://www.blockchain.com/btc/address/1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC 317.029 in 0 left I only did 6 of the btc ones on the list. the single ltc one is very small https://live.blockcypher.com/ltc/address/LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z/ 1 in 0 left But if you purchased a coin or some coin from any address above directly. If you sold a coin or some coin to any address above directly. If you sold gear to any address above directly. My thoughts would be you could have the cash or coins taken from you. that list has 11 btc addies and 1 ltc addy. yeah it is a USA list but USA and UK have a lot of agreements in place. I am trying to find more lists of BTC and LTC addies. This could be a back cause of why the op lost their funds. Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on August 25, 2019, 04:29:31 PM I wonder is there are lists in the UK of tainted btc addresses and you sold a coin to one on the list? If so you are never going to see the money. The UK government doesn't give a shit. No way could they be bothered to do something like this. They're too busy destroying themselves. The sum total of everything government agencies have said about crypto is a couple of pages about tax guidance, some recent clarification from the Financial Conduct Authority about what might or might not be a security, and some moaning about stopping CFDs that's amounted to nothing so far. That's yer lot pretty much. The UK's banking problems are because nothing's been said, not because too much has been restricted. Title: Re: Bank account froze after selling btc (UK) Post by: Jo1992 on August 25, 2019, 05:12:42 PM Well based on this in the USA: does this seem to be a problem to anyone but me? If btc addresses are on a list and you sold coin to them you could be subject to forfit of the cash they wired to you.https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190821.aspx quote from above: "The following individuals have been added to OFAC's SDN List: YAN, Xiaobing (Chinese Traditional: 顏曉兵; Chinese Simplified: 颜晓兵) (a.k.a. "YAN, Steven"; a.k.a. "ZHOU, William"), Wuhan, Hubei, China (Chinese Simplified: 武汉市, 湖北省, China; Chinese Traditional: 武漢市, 湖北省, China); DOB 25 Mar 1977; POB Wuhan City, Hubei, China; citizen China; Gender Male; Digital Currency Address - XBT 12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h; alt. Digital Currency Address - XBT 1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo; alt. Digital Currency Address - XBT 13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC; alt. Digital Currency Address - XBT 1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y; alt. Digital Currency Address - XBT 1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6; alt. Digital Currency Address - XBT 1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC; Chinese Commercial Code 7346 2556 0365; Citizen's Card Number 421002197703250019 (China) (individual) [SDNTK]. ZHENG, Fujing (Chinese Simplified: 郑福景; Chinese Traditional: 鄭福景) (a.k.a. "DENG, Gao"; a.k.a. "JIN, Gordon"; a.k.a. "ZHENG, Gordon"); DOB 11 Jun 1983; POB China; nationality China; citizen China; Email Address goldenchemical@live.com; alt. Email Address gordonzheng@qinvictory.com; alt. Email Address magicchemical@hotmail.com; alt. Email Address sales@globalrc.net; alt. Email Address 3507656950@qq.com; alt. Email Address zhengfujing@live.cn; Gender Male; Digital Currency Address - XBT 17ezuJoT3XBbdcwFZbkTnrXbup11F4uhiy; alt. Digital Currency Address - XBT 1DH2xDH7TngrDU6LXciprKCBKNcPA1xX8A; Passport G31920875 (China) issued 24 Oct 2008 expires 23 Oct 2018; Identification Number 310107198306111336 (China); Chinese Commercial Code 6774 4395 2529 (individual) [SDNTK]. ZHENG, Guanghua (Chinese Traditional: 鄭广華; Chinese Simplified: 郑广华); DOB 04 Nov 1955; POB Shanghai, China; nationality China; citizen China; Email Address zhenguanghua1955@outlook.com; alt. Email Address zhenguanghua1955@gmail.com; Gender Male; Digital Currency Address - XBT 33Kja69SQVc8kozpoP7Qw6HFtGxHkiWzTz; alt. Digital Currency Address - XBT 3MkUNScqf21EcfWq6T4x2MFgBeSTqhB5t6; alt. Digital Currency Address - XBT 18uKfaUjgG52rVeXEi3wxnveww7zZuECtE; Digital Currency Address - LTC LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z; Passport E51809923 (China) issued 25 May 2015 expires 24 May 2025; Identification Number 310108195511041616 (China); Chinese Commercial Code 6774 1639 5478 (individual) [SDNTK]. The following entities have been added to OFAC's SDN List: QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD. (a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE & TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL SCIENCE AND TECHNOLOGY CO., LTD.; a.k.a. SHANGHAI QINSHENG PHARMACEUTICAL TECHNOLOGY CO., LTD.), Room 614, Floor 3, No. 1, Alley 468, New Siping Highway, Shanghai 201413, China; Room 614, Floor 3, Block 1, Lane 468, Xinsiping Highway, Fengxian District, Shanghai, China; Website www.qinvictory.com [SDNTK]. ZHENG DRUG TRAFFICKING ORGANIZATION, Shanghai, China; Website www.globalrc.net; alt. Website www.goldenrc.com; alt. Website www.toplabrc.com; Email Address MagicChemical@hotmail.com; alt. Email Address goldenchemical@live.com; alt. Email Address 3507656950@qq.com; alt. Email Address sales@globalrc.net [SDNTK]. Bookmark and Share Last Updated: 8/21/2019 10:18 AM" I wonder is there are lists in the UK of tainted btc addresses and you sold a coin to one on the list? If so you are never going to see the money. I read this type of action "marking a btc addy as tainted" as a real issue down the road. Note the poster of the info is my alt account as I was not at my pc that does this account. https://www.blockchain.com/btc/address/12QtD5BFwRsdNsAZY76UVE1xyCGNTojH9h 99 in 6.5 left in https://www.blockchain.com/btc/address/1Kuf2Rd8mDyAViwBozGTNYnvWL8uYFrkVo 108 in 12.8 left in https://www.blockchain.com/btc/address/13f59kUM5FU8MfTG7DCEugYarDhSD7XCoC 15.5 in 9.29 left in https://www.blockchain.com/btc/address/1P3ZfGFLezzYGg9k5SVzQmnjyh7nrUmF2y 1.353 in 0 left in https://www.blockchain.com/btc/address/1EpMiZkQVekM5ij12nMiEwttFPcDK9XhX6 1,196.66 in 20.5 left in https://www.blockchain.com/btc/address/1JREJdZupiFhE7ZzQPtASuMCvvpXC7wRsC 317.029 in 0 left I only did 6 of the btc ones on the list. the single ltc one is very small https://live.blockcypher.com/ltc/address/LaizKtS5DUhPuP1nTQcc83MS7HwK6vk85z/ 1 in 0 left But if you purchased a coin or some coin from any address above directly. If you sold a coin or some coin to any address above directly. If you sold gear to any address above directly. My thoughts would be you could have the cash or coins taken from you. that list has 11 btc addies and 1 ltc addy. yeah it is a USA list but USA and UK have a lot of agreements in place. I am trying to find more lists of BTC and LTC addies. This could be a back cause of why the op lost their funds. I don't think it's directly to do with btc to be honest. I sold via local bitcoins so they wouldn't make the connection between since the money came from personal accounts rather than an exchange Title: Re: Bank account froze after selling btc (UK) Post by: fiulpro on August 25, 2019, 05:42:35 PM Hey,
My native country is India so before I moved I used to use the Indian bank account in buying and selling bitcoins but unfortunately it was banned , the usage of cryptocurrencies day in and day out using your bank accounts was actually banned therefore .. the government didn't actually close my back account but for the future after the bill was passed I didn't directly engage my account into the cryptocurrencies .. instead I used to ask People to send money from their bank account to mine and I would transfer the bitcoins from Mine bank account to theirs . I think you could use this ... Title: Re: Bank account froze after selling btc (UK) Post by: Artemis3 on August 25, 2019, 05:42:58 PM Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple. Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!! Banks have limits of movements, if you go over those limits you get flagged. Best thing to do is ask them directly before doing it, how much money can be moved in a period of time (ie a month, a week, a day) before its considered bad. And yes different account types have different limits, again the wise thing is to ask what limits there are so you avoid triggering their freeze mechanisms. In my country moving about 400 USD can freeze an account, consider yourself lucky... Savings account have the lowest limits, followed by the checking account (both personal), then come the business type etc. Depends on bank and country, but the important thing is always ask before using it, so you know what to expect and not get surprises. Title: Re: Bank account froze after selling btc (UK) Post by: JasonXG on August 31, 2019, 04:03:13 AM That is not cool. It is crazy how you don't even have control over your own money using fiat and banking systems. Using crypto you have complete control.
Guys I'm not operating as a trader i wasn't buying and selling. I had btc. The price went up and I'm at a point in life where I needed cash. So I sold. That simple. Anyway they have closed my account and returned money to source. No explanation. No clue to what source. The bank is Monzo sure I've said the name already but if not. Avoid!! Banks have limits of movements, if you go over those limits you get flagged. Best thing to do is ask them directly before doing it, how much money can be moved in a period of time (ie a month, a week, a day) before its considered bad. And yes different account types have different limits, again the wise thing is to ask what limits there are so you avoid triggering their freeze mechanisms. In my country moving about 400 USD can freeze an account, consider yourself lucky... Savings account have the lowest limits, followed by the checking account (both personal), then come the business type etc. Depends on bank and country, but the important thing is always ask before using it, so you know what to expect and not get surprises. Moving 400usd can freeze your account? >.< How do you buy anything? Most banks should just move your status up to the next one if you have larger movements. They also offer you a discount on fees. Title: Re: Bank account froze after selling btc (UK) Post by: barbara44 on September 01, 2019, 06:08:58 PM Moving 400usd can freeze your account? >.< How do you buy anything? This is part on the bondage that we are talking abut that government and banks places on their citizens for their own money, I mean money they worked for, so to move just $400 becomes a problem to some citizens in their country, what a world. I would not doubt him actually because he lives in the country and he knows how they run things in their own country. Most banks should just move your status up to the next one if you have larger movements. They also offer you a discount on fees. I have limit to which I can also have access to at once in my country, but mine is still running to at least $10,000, and anything above $10,000 gotten at once will be flagged down. For this reason is why many of us needs to really wake up and embrace the technology that bitcoin as brought which will free us from being a slave of our own money for life. I know we have people that do abuse opportunity, but with regulations, all those can be dealt with. Title: Re: Bank account froze after selling btc (UK) Post by: jerry0 on September 01, 2019, 09:37:52 PM Im not from the uk but from the us.
So you arent allowed to sell btc to others for cash deposit or bank transfer or something? What is difference between that vs an exchange? Title: Re: Bank account froze after selling btc (UK) Post by: gentlemand on September 01, 2019, 09:41:17 PM Im not from the uk but from the us. So you arent allowed to sell btc to others for cash deposit or bank transfer or something? What is difference between that vs an exchange? There are no rules about this. It's entirely down to whether the bank is annoyed by it or not, and most of the time it is. And they'll shut you down for receiving exchange deposits too. It's little to do with crypto itself, more about money laundering paranoia. I've heard similar stories from Americans but the chances of problems are likely higher in the UK. |