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  • Compliance and crypto asset payouts

Hi,

I did some crypto currency payouts from Binance exchange to my BUNQ account and I got a warning from BUNQ. They said that hat if I don't follow the rules (which I don't know) my account might be suspended. So I contacted support and they referred to chapter 40 of this document: https://www.bunq.com/assets/media/legal/en/20210610_terms_bunq_personal_EN.pdf .

Chapter 40 states that "As a bank, we are legally required to monitor the use of your account. If the use
of your account is not in line with its intended purpose and we decide that it falls
outside our risk appetite, we may decide to (immediately) close your account
without any liability or obligation for us."

So that leaves me with a lot of questions. Most importantly, what in god's name is the definition of "intended purpose". And has anyone experienced that BUNQ "may decide to (immediately) close your account without any liability or obligation for us." and would be willing to share what happened?

Any feedback, from BUNQ or BUNQ users, would be really appreciated!!

    T.M. changed the title to compliancy warning, possibly related to crypto payouts.

      Long story short, do NOT engage your BUNQ account with any crypto activity, you can use other banks for this purposes.

        @Saeid-Green-Hummingbird#225267 which ones please? I'm considering Revolut

          @tm-Turquoise-Owl#225268 Generally, BUNQ doesn't let you to use any of it's products and services engage with crypto once you do that they might close your account without any notice I believe they did a big favor to didn't close your account.because you already agreed all TandC of BUNQ. "wise" bank service are same as BUNQ, instead yes they online bank you've mentioned let you use their services for gambling and crypto.

            Das gleiche hatte ich auch letztens! Hab den Support angeschrieben was ich den falsch gemacht habe und bekam als Antwort ich solle mir für derartige Transaktionen ein Geschäftskonto eröffnen. Bei mir waren es wohl Transaktionen von Coinbase.

              4 months later

              Just today I had a similar query from BUNQ. Previously I searched their documents/terms for any restriction for using using my account to send/receive eur to crypto exchanges and there was not a single sentence regarding this kind of restriction. I transfered money from kraken.com, and they asked me for some documents and I sent the transaction log. No response yet. IF BUNQ has some restrictions regarding transfers from/to exchanges, they can simply wirte a sentence for this. Otherwise, leaving it as a gray area and sticking to such general terms like " intended purpose" does not help anybody. Plus, treating crypto as an only money loundering technology is similar to treating "dollar" also as a mean of money laundry. As soon as I use KYC'ed exchanges, there should not be any issue IMHO. BUNQ, please either write down your restrictions clearly if you have any, or better, find a better way to embrace this new technology.

                @New-Maroon-Zebra-1729158248#232518 There is a "fair use" section in the terms of services that asks customers refrain from using their accounts for high-risk activities like for example actively trading crypto assets. KYC procedures differ by country and by industry, so I wouldn't see it as strange for bunq to not blindly trust all transactions originating from and going to Kraken for example. Yes, bunq is definitely not a bank that is especially crypto-friendly and they don't try to market themselves as such. They're also not actively crypto-unfriendly, though. They just want to make sure there's no money laundering, terrorism financing etc. going on.

                  @Jakob-Y#232520 Of course they have right and they have to make sure that there is no money laundering. Nobody is asking them to trust anybody blindly also..This is not what I am complaining here though. Don't know how you get this understanding from what I wrote. The thing is simple; they can either state that due to obvious concerns they don't accept such transactions from crypto exchanges, or they can find a way of collaboration with their customers or directly with KYC'ed exchanges for instance. Doing neither of them leaves us in gray areas as customers and causes hesitation to use BUNQ for every daily transaction. And plus, do you think other banks that accept such transactions from/to exchanges have a guilt on allowing money laundery and accepting everything blindly, or do they have other means to ensure the legacy of the transaction?

                    a month later

                    I’ve just experienced the same issue and I feel like the “general purpose” isn’t satisfying my “day-to-day” needs. If topping up my account from already converted crypto (i.e. Crypto.com Visa Card) is considered “illegal” then what can a person do with their BUNQ bank account when the money came from an exchange?

                      Jakob changed the title to Compliance and crypto asset payouts.
                        7 days later

                        @Saeid-Green-Hummingbird#225269 Also die war das mit Welcher app kann ich das TandC???

                          @New-Emerald-Dormouse-505407768#234190 Das Wort "TandC" im Kommentar von Saeidza bezieht sich auf die T&C - Terms and Conditions, also die Allgemeinen Geschäftsbedingungen von bunq. Die findest du auf bunq.com, die aktuelle Version unter diesem Link. Der Nutzer Saeidza hat in seinem Kommentar erklärt, dass bunq es sich vorbehält, Konten zu schließen, wenn sie vorrangig für Geldflüsse im Zusammenhang mit dem Handel von Crypto-Assets gebraucht werden.

                            Also bringt gas nix ich wollte 20000 € von blockcain doe Träum machen??

                              @New-Emerald-Dormouse-505407768#234193 Keiner hier im Forum hat Einsichten darin, wie und wofür du dein bunq-Konto benutzt. Du scheinst allerdings ein neuer Nutzer zu sein. Wenn du das Konto nur dafür geöffnet hast, um deine Krypto-Gewinne auszucashen, dann verstößt du damit wahrscheinlich gegen die Nutzungsbedingungen. Endgültig beantworten kann dir das aber nur bunq selbst. Du kannst sie ja mal fragen, wenn du spezifischere Informationen zu deiner Situation haben möchtest.

                                a month later
                                3 months later

                                I’ve been using my bunq accounts to purchase “cryptos” from different exchanges. Coinbase and KuCoin and a couple of others. I’ve yet to be warned. Hopefully it stays that way.

                                  @Robert-Silver-Turtle-4265395482#240142 Some people created the bunq account for the sole purpose of buying crypto, I believe you generally use the account normally and occasionally buy crypto

                                    a year later

                                    @Robert-Silver-Turtle-4265395482#240142 Could you give information about your trading volume and frequency? According to these parameters, you may not be stuck with the compatibility query.