Just received a mail that Monzo are closing my account

Monzo are closing my account…That was unexpected, I had the account for a long time.
The only thing I can think of is buying few hundred pounds worth of crypto on the back of the recent gold rush with cryptos.
This is really appalling really.
It couldnt be anything else.
I ve joined crypto.com exchange and kraken exchange to buy just small amounts of cryptos
Be aware guys…it is definitely that

Welcome to the club

So it seems like they selecting only profitable people???I just cant understand their criteria of people that they are closing their account.
Their loss I would say cause now word of mouth will go thru all my circle not to go with Monzo.

It’s most likely that.

Don’t do crypto with Monzo, pretty much.

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U really think is that…what about the other guys above…Revels didnt mention crypto

Because crypto is linked with money laundering such as withdrawing extremely large amounts without a notice so it’s best if a bank just stops all crypto.
Most British banks hate it due to the criminal life behind it as it’s untraceable

Do a quick search 80% of account closures are due to a crypto use and the other 20% is t&cs breaking and cifas

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Unfortunately it’s irrelevant because they won’t change their stance and they won’t tell you why either.

It’s just a bank account and there are plenty of other similar ones around. Try not to get too worked up over it - you can simply migrate to another one in a matter of minutes using CASS

.

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I feel sure Monzo will rethink their decision with this in mind! :roll_eyes:

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Not a big deal to me…I just wanted to find out the cause so I dont over do it with cryptos and get all my accounts closed.
I still have Nationwide and Revolut plus Business account so good luck to them.
My salary was not paid into Monzo…only had Spotify, Car Insurance and DVLA on that…I can do that manually.
Its good that I know why now

Some people say they have used Monzo many times for crypto transactions and its been fine.
Some people say accounts get closed shortly after crypto transactions.

We (customers) have no way of knowing the reasons for variation or even if it is indeed crypto related.

My complete guess is those who use Monzo as a main account (regular income going in, direct debits, etc) are less likely to have issues with crypto transactions.

Do you use Monzo as a main account or do you only use it sparsely?

It’s not necessarily that - Monzo do allow crypto. It’s futile trying to guess because you’ll never get confirmation.

Just be sure to read the T&Cs of your next account and I’m sure you’ll be fine.

Just sparsely…not a biggy

yes…u are right…moving on…bad enough that is Monday!!!

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:roll_eyes::roll_eyes::roll_eyes:

No one knows what it is, it’s likely a recent tweak of their internal decisioning. All you’ll get here is pointless speculation and Monzo won’t care

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got over it already, not a big deal , honestly. Got upset at the beginning cause I knew I havent done anything wrong but it seem like it really is the crypto.It will put them all out of business with the DEFI so they trying just to obstruct them so they live another day!!))

It really wont.

Lots of banks are blocking (or are really strict) with it because they can’t control it and therefore don’t like it. There were a whole bunch of articles about this in the news recently.

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:man_shrugging:

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Hi guys,

I just received an email from MONZO confirming my account will be closed in 2 months. I only have £30 in there and I haven’t used the account in exactly a year as it’s not my main account. Of course, I’ve not done anything wrong because it’s an inactive account.

Will this affect my other account I hold with Halifax? I’m just anxious