Monzo Querying Transactions (Crypto)

Hi

Anyone had any trouble from monzo when investing in crypto?

Ever since I started, I seem to be having to explain my incoming and outgoings to them in the name of FCA regs. Never had this issue before and been with monzo since 2018 as main bank, investor and even premium account holder.

I’ve cooperated and offered clarity surrounding my incomings and outgoings but they “can’t share further info” I just find it all incredibly strange.

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Banks are tightening up over crypto

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Then why beat around the bush? They should just say that, instead of causing alarm and concern with ppls accounts.

Investor or premium account holder doesn’t mean anything.

Banks don’t like crypto. If you’re going to keep using it, then I would get a completely separate account for it.

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They have a requirement to know where funds are coming from and going to. Get used to it, it’ll be the new normal.

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They can’t say that because the relevant legislation makes ‘tipping off’ an offence. Blame the law, not the bank.

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Also to add, dependant on how much runs through your account, you may well be triggering internal limits, which then need staff intervention to ensure its all personal use.

Speculation there though, but it makes sense.

You can spend up to £10K per day using your card details and also transfer up to £10K via bank transfer, so a split total of up to £20K per day.

I agree with your speculation though - there will be a certain point below these limits for known (or also, unknown) recipients which will flag/trigger something and initiate an investigation.

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Never said it did, I was making a point that someone who has been with them that long and even put money behind them is suddenly flagging for fraud or whatever it is they’re reluctant to share.

I unfortunately see it happening.

Ahh i see did not know that. Makes sense. But I still feel that i should be free to invest in crypto without interference or friction.

What exchange do you use?

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They were under those thresholds, but again unfortunate reality I guess with banks not liking crypto. I just thought Monzo were different than traditional ones. Not the “challenger” bank I was hoping for. I’ve also spent much more on Trading212 with stocks and never flagged for anything. So its all incredibly odd.

Trading stocks is entirely different to trading crypto (in the eyes of financial establishments)

As @Rat_au_van asked: Which exchange are you using?

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I imagine there are triggers around ratio of crypto deposits / withdrawals that could be used as a trigger… i.e. Depositing £1k and withdrawing £25k may looks suspicious… and monzo rightly would want to know the source of the funds…

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It doesn’t matter. There are very strict rules on what they can share.

Most banks dislike crypto, Monzo are actually one of the more lenient.

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Binance and coinbase.

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This is behind a paywall but you get the point from the bit you can read

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I use the same, not had any kind of pushback but then again I just throw random spare cash at them now and again.

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Interesting read.

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