“Do not trade in crypto” message

I got message from specialist, do not use “my account” for crypto trading if i do they will review and it can caused close my account.
any one have same issue only if trading crypto?

Are you happy to share a screenshot of what you asked and the response you were given? Provided there’s no personal information in there of course. It feels like there’s a lot of context missing here.

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I use most of my bank accounts for cryptocurrency trading including Monzo :grin:

If Monzo will close it because of it, oh well, never mind then, I’ll get another bank account at another cryptocurrency friendly :chart_with_upwards_trend::chart_with_downwards_trend::bar_chart: Bank then :relieved:

I haven’t had a problem transferring funds to/from crypto institutions, but I also use Monzo as a main bank account (salary in, some direct debits, regular spending) and do relatively few crypto-related transactions (5 in a month is probably my peak).

I don’t know where Monzo draws the line but my guess is those who only/mainly use their Monzo account for crypto-related transactions and/or have a high volume of transactions are most likely to have issues.

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Thanks for getting back to us about this :pray:

We are contacting you as we have seen an increase in reports that relate to fraudulent behaviour on online cryptocurrency exchange platforms. In light of this, unfortunately we have made the decision to prohibit cryptocurrency trading on your account.

Please do not use your Monzo account for this activity moving forward.

If you do use your account for this purpose going forward we will have to review your account, which could result in us having to give you two months’ notice to close your account. That is absolutely not something we’d want to do and we hope that you will continue to enjoy using Monzo for all things non-cryptocurrency related :+1:

We apologise for any inconvenience this may cause and thank you for your cooperation.

Kind regards,

Tobias Customer Operations Monzo Bank :rocket:

thats what i got I only use binance for trading

i did

@takjy out of interest -

Were you also using Monzo for regular banking/spending or only for crypto?

How often were you using it for crypto transactions?

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Banks do not trust it, there’s going to be a lot of banks that have a similar stance. Monzo say you can do it for “personal” trading, but where they draw the line and how they deem it not personal is something they’ll never reveal.

If you’re going to continue trading, I would find a bank to do it with and do nothing else with that account. So that if it is shut down, it doesn’t impact your bills/salary etc.

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I recently joined Binance, made top ups through my Monzo virtual card and bank transfer (both ways) :blush::grin::credit_card:
Didn’t get any email about my activities :thinking:

Would be sad to leave Monzo, but will if I’ll have to :expressionless:

I have TSB account for that :blush:

Still, regardless where I am going to transfer money to Monzo from, they may ask origin of funds, and origin states same “cryptocurrency trading” :roll_eyes::credit_card::bar_chart::chart_with_upwards_trend::chart_with_downwards_trend:

It still feels like there’s a hell of a lot of context missing for anyone to be able to jump to any conclusions.

At least the OP has been messaged with the warning rather than anything harsher and can still continue to have a Monzo account whilst trading elsewhere.

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Which is great and begs the question of if the others received this email or not too.

As we know, Monzo are not the best at sending out emails that follow best practises. So amongst concerns of legitimacy and a high spam rating, is it likely that these were missed because they went into their junk folder or disregarded because they thought it was a scam?

Or is this a completely new thing that has recently been introduced :man_shrugging:

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The message is usually sent through chat, rather than email.

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Do Monzo have an official stance on this, or any information on what would not be classed as personal use?

Nope and it’s unlikely they will say because people can then game the system when they know what the boundaries are.

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You’ll be able to use Paypal as an intermediary with Coinbase, already active in the US, coming to the UK :soon:

Topic title prediction: “I transferred money to Paypal to buy stuff of ebay and my account was closed”

Legacy/traditional banks are totally against crypto because it leaves them redundant. Modern payment services are queuing up to get on board with Crypto. You can see where this is inevitably heading.

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:face_with_hand_over_mouth:

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@takjy were you being sent payments by others to then deposit on to Binance?

If you were only sending your own money then I don’t see why Monzo would have any issue.

Binance being pretty much the World’s biggest exchange along with Coinbase it’s a reputable as possible.

Just need Visa to release a VISA coin

If they can provide the interoperability between fiat and crypto so you can pay with either they can potentially help businesses and no-coiners adopt.

Banks cut completely out of the equation sounds good to me, not so good for Monzo.

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