Xapo Wallet

[Kyraishi]

Hello,
I used to have a wallet on Xapo, it's since 2014 when faucets were popular back then. I managed to recover my account after a quite tiring process, due to their lack of support mostly. After logging in successfully, I was asked for verification, provided my driver's license, a photo of myself and a bank statement from Revolut (It was the only one I had in handy).

After a while, my account was blocked and this is what I received, "Unfortunately, due to compliance or regulatory reasons, we can no longer provide you with our services.". That's it, I cannot even login to my account, which has a balance of a few mBTC. Just like that, I am blocked and haven't even been told why.

What can I do now? Probably nothing I guess.

Anyone should be able to recoup their funds if they just provide KYC - and I think that's pretty much all they want from you as well.

Is it shady that they are doing this? Absolutely. It seems as if they know that there is a ton of dust on their site that will never be recovered, and they will simply take advantage of that by forcing people into KYC'ing when they don't want to. Since the amount is so small, most people don't even bother doing it.

But is it illegal? Probably not. There are probably some T&C's that protect them from doing this, and some sort of regulation that they can point to.

[Ultegra134]

Hello,
I used to have a wallet on Xapo, it's since 2014 when faucets were popular back then. I managed to recover my account after a quite tiring process, due to their lack of support mostly. After logging in successfully, I was asked for verification, provided my driver's license, a photo of myself and a bank statement from Revolut (It was the only one I had in handy).

After a while, my account was blocked and this is what I received, "Unfortunately, due to compliance or regulatory reasons, we can no longer provide you with our services.". That's it, I cannot even login to my account, which has a balance of a few mBTC. Just like that, I am blocked and haven't even been told why.

What can I do now? Probably nothing I guess.

Anyone should be able to recoup their funds if they just provide KYC - and I think that's pretty much all they want from you as well.

Is it shady that they are doing this? Absolutely. It seems as if they know that there is a ton of dust on their site that will never be recovered, and they will simply take advantage of that by forcing people into KYC'ing when they don't want to. Since the amount is so small, most people don't even bother doing it.

But is it illegal? Probably not. There are probably some T&C's that protect them from doing this, and some sort of regulation that they can point to.

I had a negative experience with their support, they wouldn't respond or I would receive an automated response. Anyway, it turned out that I had a petty amount of BTC so I stopped bothering after they blocked my account.

[dustboy]

I was Xapo user as well in the past and it was my main wallet for around a year during 2015 if I remember it correctly. I forgot about this wallet when I lost my phone in 2016. In 2018 I remember that I still have some balance although not much (less than $100) so I tried to recover it but support did not really help since they are so slow in responding. I read some similar stories and I decided to not recover it as many users get blocked after providing everything asked by support.

[Ultegra134]

I was Xapo user as well in the past and it was my main wallet for around a year during 2015 if I remember it correctly. I forgot about this wallet when I lost my phone in 2016. In 2018 I remember that I still have some balance although not much (less than $100) so I tried to recover it but support did not really help since they are so slow in responding. I read some similar stories and I decided to not recover it as many users get blocked after providing everything asked by support.

That's their technique I guess, I also read several reports before giving it a try. Got blocked right when I sent them any KYC they requested. Recovering funds from them is probably a lost cause.

[ultrloa]

I was Xapo user as well in the past and it was my main wallet for around a year during 2015 if I remember it correctly. I forgot about this wallet when I lost my phone in 2016. In 2018 I remember that I still have some balance although not much (less than $100) so I tried to recover it but support did not really help since they are so slow in responding. I read some similar stories and I decided to not recover it as many users get blocked after providing everything asked by support.

That's their technique I guess, I also read several reports before giving it a try. Got blocked right when I sent them any KYC they requested. Recovering funds from them is probably a lost cause.

Well I will agree to them that you need to do KYC once you are claiming something on some particular account since you really need to verify that account since its really bad for them to give the balance or the account easily without asking something since if thats the case then most provably there are so many people will do the same. But I'm still didn't like the wallet providers asking me a KYC just for storing so Xapowallet is out of my radar at the moment.

[Ultegra134]

I was Xapo user as well in the past and it was my main wallet for around a year during 2015 if I remember it correctly. I forgot about this wallet when I lost my phone in 2016. In 2018 I remember that I still have some balance although not much (less than $100) so I tried to recover it but support did not really help since they are so slow in responding. I read some similar stories and I decided to not recover it as many users get blocked after providing everything asked by support.

That's their technique I guess, I also read several reports before giving it a try. Got blocked right when I sent them any KYC they requested. Recovering funds from them is probably a lost cause.

Well I will agree to them that you need to do KYC once you are claiming something on some particular account since you really need to verify that account since its really bad for them to give the balance or the account easily without asking something since if thats the case then most provably there are so many people will do the same. But I'm still didn't like the wallet providers asking me a KYC just for storing so Xapowallet is out of my radar at the moment.

They started posing as a banking service rather than a simple wallet provider, hence why they ask for KYC. I don't mind providing the necessary verification, but not only to block my account and then stop responding. Fortunately, I was lucky and didn't have any significant amount of BTC.

[Ngewex Yuk]

Xapo big SCAM, they stole about $250 of my money, I received an email to immediately withdraw but access was denied, even though I entered my username and PIN correctly, and when they asked to recover their account they said the account was blocked, hopefully they will realize and return the customer's money.

[7788bitcoin]

Xapo big SCAM, they stole about $250 of my money, I received an email to immediately withdraw but access was denied, even though I entered my username and PIN correctly, and when they asked to recover their account they said the account was blocked, hopefully they will realize and return the customer's money.

What is the reason they said for blocking your account. I know their customer service department is trash as it would take weeks for getting a response but they need to give you a reason for blocking the account. Even i had an issue a few years back and it took a few weeks to get them sorted. Their app was mess and you are not able to access the website and it was time to move on and i am surprised that anyone uses their wallet now a days.

[JeromeTash]

Xapo big SCAM, they stole about $250 of my money, I received an email to immediately withdraw but access was denied, even though I entered my username and PIN correctly, and when they asked to recover their account they said the account was blocked, hopefully they will realize and return the customer's money.

Web wallets are a very bad idea to store your assets in and Xapo is one of those wallets that are at the very end of being very bad alongside blockchain wallet and freewallet. Next time you think about safe guarding your funds. Try using noncustodial wallets like electrum, Jaxx, Exodus.

What is the reason they said for blocking your account. I know their customer service department is trash as it would take weeks for getting a response but they need to give you a reason for blocking the account. Even i had an issue a few years back and it took a few weeks to get them sorted. Their app was mess and you are not able to access the website and it was time to move on and i am surprised that anyone uses their wallet now a days.

Probably the flagged off due to a new login from a different device

[Taskford]

Xapo big SCAM, they stole about $250 of my money, I received an email to immediately withdraw but access was denied, even though I entered my username and PIN correctly, and when they asked to recover their account they said the account was blocked, hopefully they will realize and return the customer's money.

Web wallets are a very bad idea to store your assets in and Xapo is one of those wallets that are at the very end of being very bad alongside blockchain wallet and freewallet. Next time you think about safe guarding your funds. Try using noncustodial wallets like electrum, Jaxx, Exodus.

Xapowallet is famous before since mostly newbies introduce to use that due to the faucets tied up with them but now I don't think they are much used by the users and its better to avoid before any troubles appear since I don't know how big their userbase right now but if they got few clients then maybe we will get a problem if they will compromise or they will be in trouble.

And I agree with you they should use that wallet what you recommend or for more safety better they should buy trezor sir its more safer.

[Ultegra134]

Xapo big SCAM, they stole about $250 of my money, I received an email to immediately withdraw but access was denied, even though I entered my username and PIN correctly, and when they asked to recover their account they said the account was blocked, hopefully they will realize and return the customer's money.

Web wallets are a very bad idea to store your assets in and Xapo is one of those wallets that are at the very end of being very bad alongside blockchain wallet and freewallet. Next time you think about safe guarding your funds. Try using noncustodial wallets like electrum, Jaxx, Exodus.

What is the reason they said for blocking your account. I know their customer service department is trash as it would take weeks for getting a response but they need to give you a reason for blocking the account. Even i had an issue a few years back and it took a few weeks to get them sorted. Their app was mess and you are not able to access the website and it was time to move on and i am surprised that anyone uses their wallet now a days.

Probably the flagged off due to a new login from a different device

It's generally not recommended to hold coins anywhere where you don't have access to your private keys. Xapo wasn't about banking and complicated web wallets. It was supposed to be a user/noob friendly to create a wallet and acquire some satoshi, using their faucet list, which was paying directly to Xapo back then.

All this belongs to the past now, and there's nothing we can do about it.

[Taskford]

Xapo big SCAM, they stole about $250 of my money, I received an email to immediately withdraw but access was denied, even though I entered my username and PIN correctly, and when they asked to recover their account they said the account was blocked, hopefully they will realize and return the customer's money.

Web wallets are a very bad idea to store your assets in and Xapo is one of those wallets that are at the very end of being very bad alongside blockchain wallet and freewallet. Next time you think about safe guarding your funds. Try using noncustodial wallets like electrum, Jaxx, Exodus.

What is the reason they said for blocking your account. I know their customer service department is trash as it would take weeks for getting a response but they need to give you a reason for blocking the account. Even i had an issue a few years back and it took a few weeks to get them sorted. Their app was mess and you are not able to access the website and it was time to move on and i am surprised that anyone uses their wallet now a days.

Probably the flagged off due to a new login from a different device

It's generally not recommended to hold coins anywhere where you don't have access to your private keys. Xapo wasn't about banking and complicated web wallets. It was supposed to be a user/noob friendly to create a wallet and acquire some satoshi, using their faucet list, which was paying directly to Xapo back then.

All this belongs to the past now, and there's nothing we can do about it.

This is what newbies need to learn since its so risky to hold on any wallets around where we didn't have control to our private keys that's why its really good to have a hardware wallet so that we can assure that we are safe from any hackings. Maybe this is good lesson to be learn if someone get a problem with them and better next time we need to be careful since its hard to get a problem and there support is not solving our issue fast, for sure a big head ache will come to us for experiencing that.

[Ngewex Yuk]

Xapo big SCAM, they stole about $250 of my money, I received an email to immediately withdraw but access was denied, even though I entered my username and PIN correctly, and when they asked to recover their account they said the account was blocked, hopefully they will realize and return the customer's money.

What is the reason they said for blocking your account. I know their customer service department is trash as it would take weeks for getting a response but they need to give you a reason for blocking the account. Even i had an issue a few years back and it took a few weeks to get them sorted. Their app was mess and you are not able to access the website and it was time to move on and i am surprised that anyone uses their wallet now a days.

There is no justifiable reason, when I login with the android application, then enter the PIN that I usually use and it must be correct but the application refuses, then I try again and they block my account with the reason that there are too many PIN errors, I ask for a reset and follow the procedure but can not. Funny thing is I got an email to withdraw and was charged $50 for account closing but my account was blocked.

[7788bitcoin]

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Probably the flagged off due to a new login from a different device

Not sure they will flag off like that because i used to login to their website when it was functional with proxies and i do not remember i faced issue due to that, when i was using them there were some issues regarding their app once they closed down their website but sorted out and i was able to withdraw my coins but it took a few weeks.

~
There is no justifiable reason, when I login with the android application, then enter the PIN that I usually use and it must be correct but the application refuses, then I try again and they block my account with the reason that there are too many PIN errors, I ask for a reset and follow the procedure but can not. Funny thing is I got an email to withdraw and was charged $50 for account closing but my account was blocked.

Did you contact their customer care and did they give any response regarding this. It might take a few weeks but you need to raise the issue with the customer service so that your issue gets resolved.

[Kakmakr]

"Xapo" basically pulled the same stunt that "Circle" did, back in the day. They launch their service with no KYC requirements or they do not focus on that at the start... this is the bait for many users. Once they build up a big enough user base, they do a 180 on those users and they go full "Bank" with all the KYC requirements.

They need to grow fast at the start, so they open up their service to almost everyone.. because they can gobble up the fees to fund and grow their service. When they have grown big enough, they have enough users that can adhere to the KYC requirements ..so they do the bait and switch maneuver .....by suddenly implementing full KYC requirements. 

Casinos use the same strategy.... so it is nothing new. 

[Taskford]

"Xapo" basically pulled the same stunt that "Circle" did, back in the day. They launch their service with no KYC requirements or they do not focus on that at the start... this is the bait for many users. Once they build up a big enough user base, they do a 180 on those users and they go full "Bank" with all the KYC requirements.

They need to grow fast at the start, so they open up their service to almost everyone.. because they can gobble up the fees to fund and grow their service. When they have grown big enough, they have enough users that can adhere to the KYC requirements ..so they do the bait and switch maneuver .....by suddenly implementing full KYC requirements. 

Casinos use the same strategy.... so it is nothing new. 

It happen also with coinbase before where there user is free to use their wallets without forcing them to do KYC but now they ask this the same with Xapowallet and this implementation drive out their users and go to other service provider which didn't require any KYC upon using the wallet.

But somehow I understand why they do that since they are dealing money and maybe the authorities require them to audit their costumer and to comply those other necessary things to pass their regulation(Just my opinion only you can correct me if I'm wrong  )