Monzo notified me that my account was frozen on 17 March 2020 and requested that I should provide alternative account to which they can send my outstanding balance of £13,500. Unfortunately, I got a final response yesterday 27/04/2020 that they have concluded their investigations and that my money was partially returned to source and any balance will be paid into my nominated account. For now, I have not received the balance. I dont know how much they returned to source. I do bitcoin trades on localbitcoins and all my contacts have received bitcoins equivalent for any money paid into my account. Why should Monzo return money to my contact when they have not heard from me or request for any evidence of the money into my account. Is there anyone with this same experience? Thank you.
It can take 2-4 weeks to get the money transferred to another account
Banks don’t like bitcoin trading. You will have the same problem with all of them
Sounds like a great way to launder money (that’s not an accusation by the way. You may have done nothing wrong). Seems like Monzo haven’t been legally required to seize all the funds, but equally if something is wrong they don’t want to take the risk of potentially participating in crime by allowing the money to flow to you so they’re returning it to the sender which they’re entitled to do.
Given the circumstances there’s very little you can do to change this outcome and as said above you’d have the same issue with any bank.
You need to allow time for the money to be returned before taking things further.
Thank you. Your reply is much appreciated.
Your reply is much appreciated.
Unfortunately this isn’t something that we can help with on the forum as we’re mostly just customers. You’ll need to take up privately with Monzo, I’m afraid.