Sounds legit 
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The whole thing has a slight smell to it.
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Yep 
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Your ‘loan’ has morphed into money acquired through cryptocurrency and you intend to do a transfer to PayPal and an international transfer of a relatively large amount of money seemingly using Monzo just for this.
Whilst you may have a legitimate, legal reason to do this - and you certainly would be able to, you run the high risk of your activity being flagged at various points (by Monzo and PayPal, and TransferWise) and potential account closure/investigation.
You could give help@monzo.com an email and let them know exactly what you intend to do if you don’t want to publicly say?
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And it seems other banks have done the same. Which I would imagine will be the same with Monzo as they follow the same legislation.
I suspect anyone who doens’t want “too many questions asked” about where money comes from. That would flag red for me if I were a bank.
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