/biz/ - Business & Finance

>>53075867
the UK is cucked m8 just get out

>>53075885
And go where?

>>53075902
mexico

>>53075902
somewhere you don't get curb stomped and pooped on every day man why are you accepting this
even burgerstan doesn't do that

>>53075959
yeah, ive made a bunch of crypto deposits into this bank account over the years and never had any problems until now. theyre obviously starting to crack down a lot and its a bummer cuz its my main account I use to pay bills and make everyday transactions. now i have to submit evidence of the transaction etc and wait for it to be resolved. so frustrating.

>>53075867
Which bank, anon?
I've not done it yet but when I do I'll be going in there and discussing it first. If they get funny I'll use a different bank. I have a few accounts for switching bonuses doing nothing

>>53075867
Also, which exchange did you send from?

>>53075867
They froze my bank account in Italy after I cashed out 90k in 2021

The memes were true...

>>53075867
>My UK bank just put my account on hold because I cashed out crypto a few weeks ago (less than £1000).
contact your bank and inform them you're terminating their contract and closing accounts

>>53076718
simple, close accounts and they have to process your final withdrawal

>>53076762
I managed to move my funds to another bank but it was a huge hassle.

Getting your bank account frozen just shows how much of a meme crypto is, plenty of banks do this in Europe and the US. They simply don't want to receive thousands of dollars of withdrawals from exchanges (most of them are already red-flagged)

>>53076762
https://www.youtube.com/watch?v=9jK-NcRmVcw

>>53076696
Nationwide
>>53076713
localcryptos.com
>>53076718
at least 90k is somewhat understandable. mine was for less than a fucking grand.
>>53076726
i'd be fine doing that but i'm using an overdraft (only a small one) so i'm not sure if they'd close it for me without making me pay it back first. what's annoying is they froze my account literally minutes just before I completed another crypto cash out (for like £700), and although i can't access my account to see if I received it or not the operators on the phone had said nothing had come through. so i'm guessing it's been put on hold until i can explain the transaction that got my account frozen.

>>53076873
I have a Nationwide account too lol

I moved some funds from Nationwide to Kraken but didn't have a problem, never tried a withdrawal to that bank though

>>53076809
when I called them up they said there's an increasing amount of people using crypto for money laundering so thats why its been flagged. just now i read that recently the UK has introduced a bill to crack down on money laundering/fraud:
https://cointelegraph.com/news/uk-gov-t-introduces-bill-aimed-at-empowering-authorities-to-seize-freeze-and-recover-crypto

>>53076903
yeah ive been with Nationwide for 15+ years and never had any problems cashing out with them until today. like i said the people on the phone told me supposedly an increasing amount of people are using crypto to money launcher. UK recently introduced a bill with regards to it so that could well be playing a factor
https://www.coindesk.com/policy/2022/09/22/uk-introduces-law-to-seize-freeze-and-recover-crypto/

>>53076873
I wonder if they're funny about the lsmaller exchanges and ok with bigger ones like Coinbase, Kraken etc? Defo a good idea talking to them beforehand. There might even be a note they can put on the account to prevent it happening. Wouldn't surprise me.

>>53076905
I have a UK residency but I'm an Italian citizen, i cashed out all my crypto to my Italian bank (Credem) and they said exactly the same stuff about "money laundering" and how they were unable to actually verify where the money came from. I used to have no problems sending money to my bank to Kraken but then they started red-flagging exchanges to comply with EU regulations. They froze my bank account 4 months after I made my withdrawals.

I even had the trading history that I bought Bitcoin in 2017 but they simply didn't care. So now I have like 8 british bank accounts just in case something like this happens again

>>53076972
not sure, i've used localcryptos to cash out for years. ive just sent them a screenshot of the transaction in question, if that's not enough then i'm probs gonna have to provide the etherscan transactions to prove origin of funds. which could be a whole other ballache clusterfuck. think i'm gonna get a revolut account now as they seem way more friendly towards crypto. i have starling but not sure about them.

I just buy on exchanges that offer debit cards. CB. Crypto.com. I know I need other money for buying big things or paying rent, but I'm a truck driver slash neet so wtf do I care?

And that's why I hate banks and want crypto to thrive. They love to block your account for the most stupid reasons.

>>53076983
>They froze my bank account 4 months after I made my withdrawals.
the delay is fuckin retarded isn't it. the transaction they froze my account for is from 4+ weeks ago. do you have any experience with revolut? it seems most UK high street bank accounts are anti-crypto now.

>>53077071
I've heard plenty of bad stories about Revolut, I actually looked it up because one of my friends wanted to buy crypto using revolut but it's full of stories on reddit of people getting their accounts frozen too.

Crypto is a meme, they literally can freeze whatever funds you have if they feel like it. Unless there is true mass adoption (and I mean serious global adoption) we won't truly make it and we will be at the mercy of banks or banking apps that can lock up whatever you have

>>53076972
I don't know about UK but here in Canada I've cumulatively cashed out like $500k from Kraken to one of the big five banks. I think once they phoned me to ask my occupation and I told them honest truth (I'm a crypto software developer).

I'm sure I got flagged at some point but I also never tried to hide things -- never foolishly tried to structure to avoid FINTRAC, I declare and pay my taxes etc.

>>53076873
>90k is somewhat understandable
so you think its ok to have to prove that money you have isnt illicit? Do you think its natural and normal for you to be looked at with suspicion before you have given any indication that you have committed a crime? When you are told you cannot transact with your own money, when you are stopped and have to prove where your funds came from, I hear this: "we have made it so hard for any goy to make money, how did you get this much?"
This is not an indication that your government is watching out for you, its indication that the government is deeply corrupt.

>>53077118
that fucking sucks man. which other banks are you using for now? apart from nationwide i only have a natwest and starling account

>>53077118
try freezing my monero.

>>53077071
>it seems most UK high street bank accounts are anti-crypto now.
bank of England runs a shitcoin scam, British Pound has done a -99.7% since 1931

>>53077141
no i dont think its ok but its just been standard for payments of 10k+ to be auto flagged by banks so i could see how it could be expected. whereas less than 1k is just fucking retarded its basically a trivial amount.

how do you get flagged or how do your bank shit on you?
just sell 2p2 stop cashing out directly from the cex and sell small $$ fractions of your cryptos or something

Had a Monzo account blocked for crypto PURCHASE never mind withdrawals. Had no problem cashing out £5k into an RBS account though from Kraken it went straight in.

I've been using comfy revolut for years with zero problems

>>53077216
i used localcryptos.com which is p2p, and the amount was for less than 1k
>>53077225
think im gonna try revolut

>>53075867
>bank put my account on hold
go to your bank and hold hostages

>>53077044
I wonder, what about using crypto.com? I mean, you don't have to send any crypto there, just send them cash from the exchange. And they offer visa services etc. It'd be a bit hypocritical of them to freeze your account because it came from a crypto exchange when they're one themselves.
Anyone any experience of using them to cash out?

>>53077160
try buying a house or land with your monero, it's worthless if you can't legallu cash out and enjoy the gains

>>53077134
>I've cumulatively cashed out like $500k from Kraken to one of the big five banks
which bank?
>t. canadian

>>53077631
I think it really varies.. I know some banks have issues with accepting withdrawals from Coinbase, I think its kinda luck of the draw with other exchanges. But yeah I could see how some banks would probably be more obliged to accept withdrawals from some CEX's... with p2p sometimes the broker puts made-up businesses as sender name on the transactions which could be redflagged. but like i say never had problems until today. they seem to make up the rules as they go.

>>53075867
get a Rope-a-lut account ASAP bro

>>53075885
yuropoors love not having liberties. he wouldn't know what to do without the government boot on his neck

>>53077118
Yeah that happend with game stop