thank you for all your help
thank you for all your help
Sadly most banks don’t like crypto these days. Therefore it’s best to not do business with people who buy or sell crypto
Plus you’re using a personal account for business so you’re doing 2 things they hate
Monzo don’t like cryptocurrency transactions. Probably the reason.
Do you have a business account?
well sounds like you are using a personal account ??? for business which would cause a block …Plus buying and selling crypto as a business …which would cause a block …
If he doesn’t have one and he’s using a personal account for his “crypto business” that could play a part couldn’t it?
No, however I wouldn’t really call it a business however if the Monzo team think differently I will register for one
IT more of an investment really as I have held on too these coins for a period of time and i have decided too sell them off now due to the prices being just right for me
You can’t open a business account for crypto.
Monzo will allow you to trade for personal use and that’s it. You’re doing more than that by the sounds of it so that is why they are freezing your account.
I would say its unlikely they’ll let you have your account back, so I would suggest looking around for a bank that is crypto friendly (Hint, it’s not many!) and then only keep in there your crypto funds, keep any money you need for food etc in another account.
but you said - " Since my account is locked I can no longer buy more of the currency to sell and it is causing a loss of business for me " so even in your view you are using your personal account against the T and Cs you have signed up to and Monzo is within its rights to close your account
Yeah that’s a good point, I suppose I do somewhat see it as a business
Do you know if Ill be able to recover any of my funds as the vast majority my actual job and so not getting that back is going to seriously impact me
Contact them and let them know.
Is it a business account?
Not really. You can ask, though.
I do say this is causing me a loss of business for me as I cannot sell anything I have left rendering my investment useless. I am currently on the line with the number in your name hoping too get through.
Do you know if ill be able to recover any of my funds as the majority of it comes from my day job. Where i wil be getting paid into my monzo in a few days
Yes of course.
They’ll likely ask for the bank details for another account to send it to.
Open an account elsewhere quickly, and tell your employer your new account details.
if the funds are sent to my monzo will i lose all access to those funds?
I’m not sure if they’ll even get there, but if they do, you won’t have access to them.
As @Anarchist says, make an account elsewhere (now/today) and give those details to your employer so you know any future payments are safe.
For wages they will probably return them to source ie the person that sent them.
Hopefully you have all the KYC and AML documentation required for every single crypto transaction although I’m still not sure that will help