I know that some traders who use Revolut, after receiving the request to document the origin of the funds, have been banned. In my case they are verifying the documents sent but they will probably ban me. Which of you has been banned from Revolut using Bisq? Do you know if Revolut reports to the authorities movements concerning the buying and selling of bitcoins once it bans an account?
Hi check out the thread about Revolut on the community lounge: https://bisq.community/c/lounge/2
after receiving the request to document the origin of the funds, have been banned. In my case they are verifying the documents sent but they will probably ban
sorry to hear that, but did you tell them where you got it from, did you send them bisq trade info showing you sold btc for revolut fiat money?
banks hate crypto. they will randomly lock your account and money. same happen for withdrawal from cryptoexchange. if not the exchange itself locked it beforehand.
using bisq does not make them know you trade crypto, until you tell them.
may I ask what amounts we talking about, trade frequencies and if you only used revolut to receive $/€ for bisq trades only or used it regulary too? ty
no, but if you don’t give them sources of plausible funds and the trade code is in the payment object, it won’t take long to understand what it is. I don’t think there is anyone who has used Revolut (with standard account) with Bisq and has not been banned above certain thresholds. I have talked to some people who have been banned with € 2000/3000 of movements.
Approximately 25 trades in one month. I also used transferwise, i expect them to ask me the origin of the funds too
The trade ID - you used that? Although the current requirements are not to, specifically for this reason?
But yeah, see the thread Pazza posted.
@bitlover.811 Did you have a regular account or a business account ?
25 trades/month with more than 1001USD always trigger a warning.
i still don’t think this trigger is set when you have a business account, revolut consider that you are on merchant business and leave you be. if a personal account are doing business and they don’t have a small cut per month, that another trigger warning.
@Conza in the past months the id was used, also those who use the old version of bisq use it.
@Castor01 I have a regular account
in the past months the id was used, also those who use the old version of bisq use it.
Right. So those were part of it.
But you’ve upgraded yes, month+ ago when the change and new versions became available?
I had asked out of personal interest
I hope this won’t happen to me but I definitely don’t rule it out I’m just trying to figure out what to do to avoid the problem as I’d like to keep using it.
I understand that they require this information from you but still I don’t understand what you mean by this trading code I mean they don’t have a clue about what you have bought or sold but can’t know that it is impossible. And as far as I know there is no such thing as a payment object. But maybe you can be a little more specific or explain what you mean I do not understand it unfortunately what you want to point? Do you mean the purpose of the payments as a subject ? this was abandoned in the last versions.
That sounds very alarming to me as a customer of revolut and active bisq trader as well. Therefore, I went through my complete account history for the current calendar year. The inhibition threshold for the banishment that you had mentioned was below the amount that I received monthly as incoming payments just by bisq trading.
Yes well that’s a lot I mean it’s almost a daily deal if you subtract the free bank workdays like Sundays.
Maybe this was one with the reasons, but that’s just a guess. Because a regular bank may assume commercial use for a current account where you receive payments daily and in case it is a retail account and for each transaction commercial customers are usually charged transaction fees . They may not offer it for free for you if you receive too many transaction in number. But I don’t know if you had a private or a business account
yes, I updated it immediately, but if some buyer does not update it, he continues to use the old protocol
see the answer to the question above
Personally I do not recommend using Revolut (standard account) for those who make more than two or three trades per month, or in any case for a value greater than € 1000-€ 2000 / month. Perhaps for those who use revolut also for other personal transactions, the trades can be marginal, but if you use it only for trades, leave little money in the account because it can be blocked and subsequently banned. They don’t steal your money forever but it may take a few weeks before you can withdraw it.
I’m talking exclusively about the standard account, I don’t know if the same rules apply to the business account.