I’m after some input on this, because I feel like I’m getting no where. Maybe I’ve done it wrong, I’m not sure.
I had some funds in Coinbase which I decided to withdraw, so I withdrew it to a recently setup Revolut account. Enough time passed for the funds to arrive, and for me to move to another account. Maybe that’s that stupid part of my actions!
But anyway, now, Revolut has queried the Coinbase payment coming in and requested proof. I’ve sent over screenshots and statements (the latter showing everything but the actual withdrawal), and they won’t accept them, because it doesn’t meet their standards (must have my name on it, must have Coinbase on it, must show the withdrawal, etc.).
I’ve tried contacting Coinbase, because I can’t seem to find an actual statement that shows the withdrawal of the GBP. I’ve had no luck so far. Reading a few things online, it’s unlikely I’ll actually get a response.
So now I’m in a situation where my Revolut account is locked, they want evidence that I can’t provide, and I’m unsure what to do next, or what even happens if I can’t provide this evidence. If anyone can shed some light on this and help put my mind at rest, if nothing else, it would be appreciated!
Before anyone says things like “this is why I don’t do crypto”, or “don’t touch crypto”, it’s gone way past that stage, and it doesn’t particularly help. But any helpful input very much welcome!
I would file a complaint, Coinbase are registered with the FCA and are as valid an institution as Revolut.
If mutual recognition of regulated firms isn’t guaranteed that’s not fair to customers. Give them what Coinbase give you and if they don’t accept it, take it to the Ombudsman.
Access to your account has been temporarily limited as the result of a standard security check. I’ll just need to clarify a couple of details related to your account.
Could you please provide us with Proof of investment showing the payment received from Coinbase of amount xxxx GBP on 2021-08-20 with below mentioned details :-
Cryptocurrency platform’s name
Your full name
Amount of the withdrawn earnings
Date of the earnings withdrawal
Your wallet activity for the last 1 month prior to and including the transfer to Revolut. (from 2021-07-20 to 2021-08-20)
I sent them a statement from Coinbase which shows the selling of BTC and ETH, but not the transfer and withdrawal to GBP or Revolut.
I sent a screenshot from Coinbase showing the withdrawal with my Revolut account number etc., and copies of the emails from Coinbase - none of which have been accepted.
Unless there’s another report I’m missing, the standard statement doesn’t show any GBP transactions, only crypto.
Most people on this form I have gathered (albeit potentially incorrectly) are well enough off to let things see their course. Furthermore, it’s not like they’re offering it back to him without that action taken, so your point is moot. Either it’s stuck for years or confiscated by Revolut or you take action now.
Go to your fiat wallet statement and show the withdrawal from there? Pair that with your crypto purchases, imo
In hindsight, probably. Although this is where I’m a little fuzzy. I’m not sure what the options are.
I bank with Starling as my main bank, but I half expected an account to be blocked (just didn’t expect providing evidence to be so finicky!) so I wasn’t overly keen to use that account for it.
I did think about transferring the crypto to Revolut and then exchanging it there, but it seems they don’t support that.
I actually sent them my entire account statement, so everything from day 1 up to yesterday. But because there was no mention of the GBP withdrawal, they wouldn’t accept it.
The report/statement that Coinbase allows you to export is literally just crypto - no GBP USD, EUR, just crypto. And Revolut were adamant they wanted the GBP transaction included
What do you think the bigger proportion of account closures derive from in these instances…people being unable to provide what they want or people taking a moral opposition to the ‘intrusion’
Glad it’s sorted. Good to know about Coinbase as well that they can at least provide those statements in request.
As for Revolut I’ve never trusted them for any large sum of money. They seem to have the same issue many new financial apps so in that it appears like they’ve got an issue with fraud so maybe overly sensitive to it.
Never had any issues with RBS though I’ve never put significant amounts through it
I can imagine it being a mixture, although if it’s a small amount of cash, I would guess that most would write it off because they can’t be bothered with the processes (which I can understand!)
I’m still a bit puzzled about them accepting the incoming transfer and letting me transfer it out, before even questioning it though. Looking back at it, the worst they really could have done is just lock my account and leave it that way?
It depends if its fraud, scam, KYC or AML prevention blocks. There are different questions needed on each issue so you would see a different way of blocking you.
They blocked a less than £10 Coinbase withdrawal for me. They did unblock without my intervention after 30 minutes or so.
They then at the same time allow BTC withdrawals from their own platform. A bit of a mixed bag but overall still making the correct decisions in the end.
I think they suffer from a chronic lack of cohesion between staff. I’ve had a complaint in, my plan suddenly changed to Premium with no notice. I contacted support, they said I should have had an email - I haven’t. It’s now had a ticket raised to have the email resent which has been the case for around a day now - I get it’s the weekend. But it’s another example of if this sort of dislocation were applied to something more important - it really wouldn’t be good.
