Blockchain.com account closure

I copied/ pasted and saved your reply in order to use it in the future 😅
I am sure we all will need it sooner or later 😅

they don't give a damn honestly... you need heavy political friends to unlock things for you 🤣

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Justit said:

I copied/ pasted and saved your reply in order to use it in the future 😅
I am sure we all will need it sooner or later 😅

That template = 5 year finance and law combined degree 😂

In my experience, debating these people using reason and watertight argument, has zero effect on these human robots. They just can't or won't think logically for themselves. They literately don't have the mental capability. Hopefully you can at least get it escalated so a fresh pair of human robot's eyes will think it over from scratch and maybe come to a different conclusion from his/her predecessors.

Sometimes is seems staff have different instructions from each other even if they're in the same department. Dealing with them is so weird.

So true. Even when their requests are completely unreasonable, nothing moves forward unless you provide exactly what they ask for. This type of replies are clearly meant just to see how far the conversation can go.

yeah at this point troll them... send them a selfie dressed as a woman with red lipstick, they will 100% accept it. 🤣

They're a parody.

What could possibly be wrong with the BTC address? Oh "internal reasons".

It's not even correct English to say "unable to use it for internal reasons". I think a lot of these help staff are cheaply paid workers in India.

I'm curious what the reason could be for closing your account, but you'll probably never know.

Lately I've been thinking a lot about why EMIs, exchanges, etc., suspend your account without valid reasons. I understand they close a certain number of accounts per year to comply with KYC regulations and satisfy governments. You'd think this would hurt them as they wish to expand as much as possible. Especially with providers like Wise closing thousands and thousands of accounts. Sometimes it really feels like an ordinary money grab.

I'm also confused. You passed KYC so unless they're unhappy with some activity, I don't see why. It's a dark underworld and it's best for your sanity to deal with them as little as possible.

I'm surprised there haven't been any whistleblowers in these departments spilling the beans on what actually goes on there.

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JohnnyDoe said:

Keeping an account open has zero cost for them, while they waste resources for the closing process

Is this happening because of their superiority complex?

JohnnyDoe said:

I personally know the owner of an EMI, I asked him why my account was closed and he said he has no clue. Disturbingly, he also said he has no knowledge or control of what the legal department does.

Quite strange...

Generally, in my experiences with this type of financial institution, you keep the compliance officers on quite a tight leash and have to keep them in line with corporate goals (to make as much money on fees and safeguarding account interest as possible) which is a direct product of leaving your clients alone when possible. You shouldn't put the board into compliance positions, though, it brings in bit too much light ;)

The regulators don't care too much about AML on its own. If you are not doing things too publicly and not giving them a bad name somehow, they will not strike on AML alone. They will use AML deficiencies as a way to increase your fine or grounds for revocation if they are already planning to impose these punishments – it is good for strengthening their position and one can always find issues in AML because there is no fixed model or rulebook.

On the other hand, I think I know more operators who have had the license revoked OR voluntarily relinquished it OR sold the entity than those who still have PI/EMI/CASP to date. EU is not comfortable for doing business in the financial sector and the only saving grace is the central bank access to SEPA clearing.