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UCMeInvest

Crypto transactions? EDIT: just saw your earlier post


YAW-Wahib

No ..just because I draw big amount from my starling account to another account and they ask the reason and I did answer for Crypto investment


Korat24

Oh that's why Anything crypto related is now against starlings rules (I think, I could be wrong)


YAW-Wahib

There is no crypto related activity happened through starling account I did transfer the fund to Revoult so I can send it to my exchange and when they asked the reason for transfer I did say investments


Korat24

In a weird way that could still have broken starlings rules Well you could just use Revolut as your main account now but imo crypto isn't the best thing to invest in because it's so volatile Stocks are a great option 😀


YAW-Wahib

Thanks for the advise but I think you will change your mind if you see the 6 figures profits you could made specifically that you can also go short on crypto the same as stocks


Korat24

Crypto has left a bad taste in my mouth, because I've seen so many lose millions because bitcoin randomly dropped in value or these Ponzi schemes like Luna that became worthless overnight If you are correct then it may be a good thing to invest in but crypto is not for me personally


btwnastonknahardplce

Taken a look at the stock market lately?


Korat24

Stock market is starting to recover but yeah it took some heat recently lol


btwnastonknahardplce

I think everything is doing pretty poorly lately. Even treasuries which doesn’t really make sense. But hey! Here we are!


toast_training

Your money laundering risk is now considered too high. If banks allow money laundering to go on they risk being fined hundreds of millions so they will aggressively kick out anyone they are suspicious of. Large cash transactions and crypto are red flags and banks are legally obliged to investigate.


YAW-Wahib

Crypto is legal in UK


EdenRubra

Legal crypto is legal. But banks have to follow banking regulations and this includes requirements around managing risk.


toast_training

Crypto and unusual cash transactions are legal in themselves, money laundering is not legal and these are some of the tools of money laundering.


4lexb4ss

So is a bank transfer. Just because someone uses it for money laundering, doesn’t meant that all we do is launder.


toast_training

Correct which is why banks have to investigate what their algorithms think are suspicious.


LumpyCrumpet687

If most bank transfers were being used for money laundering, scams and the purchase of illegal goods and services, as opposed to the vast majority being used for normal legal economic activity, this would be a fair comparison. But it's not.


Snotteh

Thats like saying a lighter is a tool of doing drugs, Let's ban lighters Do you see how stupid banning something because its used with something illegal sometimes


LumpyCrumpet687

The problem is that using your example, if a massive proportion of lighters were being used to commit arson, then shops and authorities would be a lot more leery of people wanting to buy them. As it is crypto is laden down with scams, money laundering and the purchase of illegal goods, and what isn't being used for speculation is more likely than not being used for one of those three things. Therefore banks don't want to deal with it.


LumpyCrumpet687

Every bank has the right to do this. It's ultimately up to Starling as to whether they want you as a customer, it turns out they don't.


Tim2100

Suggest you change the title of the thread to be 'This what you expect when a customer breaks the Banks well publicised rule'


YAW-Wahib

I did not break the bank published rule , I just transferred my money to another bank account which is crypto friendly…so before being smart ..know the facts also it is not a published rule they change the rules they way it suit them not the customers Anyway enjoy starling 🐑


Tim2100

You transferred money from your foreign account to your starling account and then transferred it straight back to another account. That money could then be recalled by the original bank leaving Starling short. Transferring amounts (However large) from one foreign bank straight to another bank for "Crypto Investment" is a huge red flag for banks. It screams of money laundering. That will be why your account is closed.


khordi1

Clear and simple. You used it for crypto. Saying you transferred it to a different account and then crypto is BS. You broke their rules. Simple as that. But you knew that, otherwise you wouldn’t try to find a loop hole. Your own fault, not starlings.


Tim2100

Spot on. It is against their T&C's to not use the starling account for Crypto. The risk for the bank is to high for them to accept. If you read the rules or ignore them it doesn't matter. Break the rules you can't complain they are closing your account.


YAW-Wahib

I agree with you ..it is my own fault using such shxx bank that own your money and your freewill.


khordi1

No, your free will is to read their rules about the service they are providing, it’s your free will to either use or not use their product based on these rules. Your free will doesn’t allow you to use a service and blindly ignore their rules. I’ve been with starling 5+ years and had no problem them.


YAW-Wahib

🐑 never have a problem until they are taken to slaughter


khordi1

Go back to photoshopping your photos to look like you have lots of money in your crypto account. Who’s the 🐑 now.


Korat24

In the last 2 days I've spoken to 4 different crypto bros and all of them talk the same way "I made 6 figures" (doesn't say how much or show proof) "It's my money, it's my responsibility. Not the banks" (proceeds to then get scammed or crypto drops In value and no way to get the money back) "I'm leaving [INSERT BANK NAME HERE] for [INSERT OTHER BANK NAME HERE] because they accept crypto!!!" (Said bank then stops crypto activity then it repeats) Coincidence? I think not!


LumpyCrumpet687

It's almost like crypto is a bad idea or something


---x__x---

Personally I think it's good to use as currency, but bad to treat as an investment. It's nice to have the option to spend money online with a degree more anonymity than card transactions.


EdenRubra

Using starling to facilitate crypto transactions is against their rules as it’s currently to high risk for them. Doesn’t matter how your laundering money through the system to make it look clean. Banks have to take into consideration what the money is being used for, not where it’s next hop is. You should read up on banking regulations and how they have to manage these risks by law


Maximoo89

Looks more like this is what you get when you commit some kinda risky antics.


joefife

I can understand how Starling might close an account with notice, but the "and give everything to charity" sounds dodgy. I'd expect a cheque to be sent to your home address.


thatkid1992

If it's a small amount (ie. Ps or a couple of quid), charity. Large amounts would posted via cheque surely. But really why wouldn't you get the balance to 0 and have the account closed if you're unhappy with them?


YAW-Wahib

Exactly 👍


Lam7r

If the money was withdrawn from starling to a different account then I’m sorry wherever the money goes after this is nothing to do with starling, they have no liability for this and absolutely no reason for needed to know what it is for. Crypto is actually completely transparent as a ledger and most banks actually hold some form on the balance sheet. It will be funny in a few years when the very banks closing accounts for it now will be actively selling it you, possible in the form of CBDCs or ETFs! To many institutions want too much information these days. It’s the same reason they don’t want you to use cash… they can’t control it as easily. If I withdraw any amount from a bank and they ask why I withdrew the answer will always be “because I wanted too” the gov etc take enough of your money away before it hits the bank without them controlling where it goes afterwards too


YAW-Wahib

I agree with you 100%, they even hold my deposit after being cleared by the correspondence bank and made me loss more than 20% profit margin. They are not interested on protecting our money they are just scared that one day they will be absolute like the landlines


Mushalot

Starling is dog shit they done the same shit to me 3 years ago.