TransferWise ban my account for trying to buy Crypto

[niggashit]

Hi, seems I m in same case.
I opened a Transferwise business account for exchange purpose, I received few payment from b2c customers.
When I tried to make a wire transfer , they asked me some questions and few hours later they have deactivated my account.. it was yesterday, so I have no answer yet, someone knows what next?

It's gone. Hire lawyer and claim funds.

 

[niggashit]

Remaining balances

If you still have money in your TransferWise balances when we close your account, we’ll send them back to your bank account. But first, we’ll carry out due diligence checks. While we do that, your money and information will be safe and secure.

 

[JohnLocke]

Why should someone PM you about the company name? what is the point of your post, no one will be able to answer your question.

 

[smbdoff]

Hi, seems I m in same case.
I opened a Transferwise business account for exchange purpose, I received few payment from b2c customers.
When I tried to make a wire transfer , they asked me some questions and few hours later they have deactivated my account.. it was yesterday, so I have no answer yet, someone knows what next?

Are you saying you operate an exchange (which is against their TOS) or you setup TW account to benefit from better exchange rates that they offer? I assume they asked for supporting docs for your outgoing transfer? I've read a lot of complains online that TW just deactivates accounts without explanation, but I'm still not sure if it's due to something that's clearly against their TOS or they are simply overzealous. If you can provide a tad bit more info, that would be fantastic.

 

[Bmw850]

Are you saying you operate an exchange (which is against their TOS) or you setup TW account to benefit from better exchange rates that they offer? I assume they asked for supporting docs for your outgoing transfer? I've read a lot of complains online that TW just deactivates accounts without explanation, but I'm still not sure if it's due to something that's clearly against their TOS or they are simply overzealous. If you can provide a tad bit more info, that would be fantastic.

I mean exchange of currency, receiving euro paying in hkd.
Don't get a lot of info.
I asked them what is the reason, they answered they cannot work with me. They send back the balance to my other account.
They have not stolen at least and I got my money back within 2 days.

 

[TurnedToRobot]

So you didn't use them as an exchange service in the background of yours?

 

[smbdoff]

I mean exchange of currency, receiving euro paying in hkd.
Don't get a lot of info.
I asked them what is the reason, they answered they cannot work with me. They send back the balance to my other account.
They have not stolen at least and I got my money back within 2 days.

Sorry if I'm being invasive, feel free to ignore the parts that you don't want to share.
- were you able to provide invoices for your incoming transfers that clearly show that the funds are legit?
- did you wire the funds to your own account or someone else's? and did you wire all of them?
- If you wired the funds to someone else, is it a business or personal account? and can this account be tied to anything they forbid?

People have schemes when they wire the funds to other people/business accounts for a number of reasons including tax evasion. I also know that most banks are fine with it, so as long as you are within legal boundaries and can provide a contract they won't take a second look. So I guess I am just curious if TW doesn't want to do these transactions and blocks anything and everything that even remotely resembles those (would be quite strange, but possible). But I also think that most EMIs are used precisely for this reason.

Basically, I'm saying that maybe they are trying to be on a clean side when their services are used by those who only want to leverage low fees. They don't want to attract businesses that use them as means for all kinds of schemes.

Or TW didn't like the source of your funds.