Refvolut wants to know what my payments were for (bisq trades)

Long story short–they locked my account until I could provide documents showing the source of my funds (obviously due to KYC/AML). Sent them some supporting documents but now they also want to know what all these payments were for (they were bisq trades). They ask Would you mind let me know what is the purpose of payments to… and they list out the names of all the people I’ve sent to via Refvolut. I’ve only ever used Rev for bisq buys, I think maybe 10-15 or so over the past years since they were added as payment method. Only small trades, not large amounts or anything.

So I want to ask you guys…

  1. Has anyone else had to do this?
  2. What reason did you give, or what would be a good reason to give them? Obviously not gonna tell them the real reason
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You write “small trades”.
I would at first verify if they are allowed to ask you those questions regarding the amounts involved.

Sometimes, they are not allowed … but they still ask illegal questions.

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I find it strange because I would imagine they’d have more of a reason to investigate if there was money flowing into the account, not out. Feels like this is none of their business

These companies seem to have these questionnaires as part of their AML.
Both Revolut andN26 have closed accounts of Bisq trades before.


I’m not familiar with either to know if trading bitcoin is against their Terms of Service.

What a thing! it turns out that your money in a bank is not your money. The bank might let you use it.

I was also planning to use revolut for future bisq trades. But these posts surely discourage me.

I often mention trading domain names. From a lay person’s point of view it’s not much different from crypto (trading digital goods), but it doesn’t have the bad rep that crypto does!

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Do they ask you to prove your answer? Like asking which domains you’ve traded, or asking for certificates that show you own that domain, etc.?

After telling them all my transactions have been related to domain name purchases/trading and graphics design work, they’re asking me to provide them with a link to the website or social media platform where I contact these clients.

Not sure what to answer here, anyone have any suggestions? What are they possibly trying to do with this information, is it just for their records or are they actually performing some kind of investigation?

This is all very strange as I have only transferred money out (never received), and just a couple hundred Euro at most per transaction.

EDIT: Well it seems they’re adament on me providing confirmation of the payments made in the form of receipts, invoices, message correspondence, etc. I don’t know why they’re investigating me so thoroughly for some small Euro transactions, all I can think of is that I was unlucky enough to trade with someone that was flagged for whatever reason, maybe an ISIS member or something :sweat_smile:

Anyway, I was lucky I didn’t have any deposited funds that they could hold hostage. I recommend everyone to stay away from Revolut and I hope Bisq removes them as payment method in the future.

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… sad to hear such incredible story !
Thanks for the return. Good to know before thinking to open a revolut account.

Hello, sorry I am new on this Bisq, I want to buy BTC how do I go about it thanks l.

@Ehismen1010 These two tutorial will help:

would be great to have some news about how it evolved !
Did you keep saying your traded domain names and provided what they asked for ?

No because they wanted receipts and further proof of it, which I felt was just too much.

After a few days of inactivity they end the chat, so one has to start from the beginning again with a new staff. I initiated a new chat, start the whole process again and they tell me I had to verify my source of funds. Told them I had already done so. They said I had not provided sufficient information. I can’t give them any receipts and don’t want to disclose the online forums I use to trade my domain names. They say they can’t proceed unlocking my account until I give them the info. I eventually lose patience and tell them I want my account deleted instead. They say they cannot delete my account until I have provided them the information they want. I tell them to delete my information under GDPR compliance. They say they are required to keep the information for 5-7yrs or whatever for financial compliance reasons. This is true, but if they need to keep my data they can do so for compliance reasons but still delete my account data and not use it for whatever marketing and big data analysis they do, and to not count towards their number of user accounts in statistics.

It’s not like they start some process of putting me in queue for having my data deleted in 5-7yrs. If I return after 5-7 yrs they’ll probably say the same, that they are required to keep my data for 5-7 yrs for compliance reasons. So it is sort of a loophole for them to keep your data forever.

I persisted and they suddenly just kicked me off and locked my account so that I couldn’t even access my history or anything until I provide the information. So I just gave up and deleted the app. All these lengthy exchanges are done through their clunky in-app chat, by the way. I recommend everyone stays away from registering an account with them or using their services.

PS: Support chat staff can see what you type into a chat BEFORE YOU PRESS SEND. Staff can see live typing and the software makes it appear as if your message doesn’t get sent until you press the Send Message button. Refvolut is not alone in this, but this is common nowadays with many support chats with companies. Just wanted to let people know.