Hi. Does anybody here has some experience deposit large amounts of money from crypto for example? I mean larger than 10k. What happens? Do they contact you to ask you where the money is coming from? Or do they block your account and un-block it when you can prove where the money is coming from?
I don’t get it.
Since when is crypto illegal in the Netherlands? And where can I find specific information about crypto related to Bunq? They must give us more information aboit this. Also because crypto is getting more and more popular
ThijsProdigy@New-Blue-Dormouse-3474179314#276566 Check this page, chapter 53. The terms of service has been available since you opened your account.
It's not forbidden to trade crypto using your bunq account. However, bunq accounts are intended for regular daily use for payments and savings, and they ask you not use your account (primarily, regularly or structurally) for higher-risk activities, such as trading in cryptocurrencies.
So trading in crypto every now and then is allowed, as long as you don't use your bunq account to trade crypto primarily, regularly or structurally.
JakobProdigy@New-Blue-Dormouse-3474179314#276566 Banks have to adhere to certain regulation. They can make it so that a bank is also partly responsible for the behavior of its users. The bank therefore needs some way to ensure users are not using the services for illegal behavior. Depending on what kind of transaction has been done, this can be easier or harder.
A card transaction at your local Albert Heijn for example with a reasonable amount, there it's quite safe to say you're just grocery shopping. But what about 50.000 Euro incoming from a crypto exchange's bank account? It could be 100% legitimate, or maybe not. The only way to make sure is to contact the user and conduct an extensive investigation. A lot of time and money that has to be invested by bunq, and ultimately the user is probably not even very happy about it. That's the reason why in some cases bunq would rather say that they just don't support these kind of transactions at all, as there's really no way to do these and make everyone happy: legislator, shareholders and the user.
Does it mean crypto currencies are illegal in The Netherlands? No. But not everything can be easily accommodated for just because it's not illegal. Popularity would certainly help here, but despite your claims of them "getting more and more popular", growth has staggered since beginning of 2021 and I would personally say it's not really relevant to most people right now. If that ever changes, then sure bunq would probably also reconsider their procedures.
Bunq has Bitvavo ad customer. Kinda strage huh 
JakobProdigy@New-Blue-Dormouse-3474179314#277832 Yes, https://bl3p.eu/ also uses bunq. Nothing strange about that. As Thijs and I explained above, crypto is not illegal in The Netherlands and there's no outright ban. Ultimately it depends on whether bunq is able to vet transactions (in a fashion that allows them to comply with banking regulation) without an amount of expenditures that would make maintaining the whole customer relation unviable. Just put yourself in their shoes and it becomes quite clear what kind of activities might be accepted and which aren't.
MarnixRookie@Jakob-Y#277833
It's definitely strange because the BUNQ terms and conditions specifically say:
- Crypto currencies (except crypto consultancy);
By signing up for a bunq account, you declare that your business is not involved in any of the above-mentioned activities
This means that Bitvavo and I guess bl3p are violating the T&C outright.
https://together.bunq.com/d/46401-cryptocurrencies
This article also specifically mentions a business that trades in crypto currencies (which obviously bitvavo does) is not able to be accepted. If bitvavo has a business account then this is clearly not true.
Yes this is all very strange! Bitvavo is not allowed as a bunq customer if you look at the rules.
it is all very vague. I use my bunq account as my primairy bank. So I pay everything for myseld and for my family from my bunq account. I also invested a lot in crypto via Bitvavo. I documented everything. So lets say I cash €200.000 and provide all the documents. Is that allowed or not?
it should be very clear from bunq side. Yes it is allowed or no it is not allowed. ING is very clear. It is allowed at the ING bank.
I also asked this question to Finn and it answers that business accounts are not allowed with crypto. Really strange!
Can somebody from bunq please respond?
marcelAcevolgens mij staat bunq geen cryto toe
ThijsProdigy@beekie#287032 In ieder geval niet in grote hoeveelheden, als in dat je je bunq account voornamelijk voor het handelen in crypto gebruikt. Af en toe wat crypto handelen is toegestaan. Maar duidelijke richtlijnen en concrete bedragen ontbreken, daar gaat deze thread over.
marcelAce@thijsoost#287033
oke
De ING bank is hier heel duidelijk over: crypto is gewoon toegestaan, alleen het kan zijn dat je vragen krijgt over waar het geld vandaan komt. Maar in het algemeen is crypto geen enkel probleem.
Ik vind het allemaal erg vreemd hoe Bunq crypto ziet. Volgens hun eigen voorwaarden mag Bitvavo geen zakelijke klant zijn, maar dat is het wel. Ook Finn geeft hetzelfde antwoord.
En antwoorden als "Af en toe wat handelen mag" of "als de bedragen maar niet al te groot zijn" slaan natuurlijk nergens op. Regels moeten duidelijk en niet op verschillende manieren te interpreteren zijn.
Ik heb de Bunq klantenservice ook een bericht gestuurd, maar nog geen antwoord gehad. Ik hoop dat iemand van Bunq op deze thread een duidelijk antwoord kan geven. En dan bedoel ik een "Ja, het mag" of "Nee, het mag niet".
Hey all 👋 Thank you for sharing your experience and feedback, it's extremely valuable for us 🙏I've reached out to our team to be able to update our crypto policy in our Terms and Conditions, to make it clearer for all of you. At the moment, you can view this under "10.2 Financial misuse" of our Terms and Conditions 👉 https://www.bunq.com/documents/personal 🌈
@alice-lime-puma#287122
Ook deze voorwaarden zijn verwarrend:
”Actief handelen of beleggen in onroerend goed, forex, edelmetalen, cryptoactiva of ongereguleerde markten”
wat is jullie definitie van actief handelen? Is dat 2x per maand? 20x per kwartaal? 50x per jaar?
En Simon van de klantenservice geeft een ander antwoord zie bijlage.
dus wederom; wat is jullie policy?
ThijsProdigy@New-Blue-Dormouse-3474179314#287139 Alice heeft net aangegeven dat ze de voorwaarden gaan verduidelijken.
Ik ben benieuwd…
RemziRookie@thijsoost#276567 This is categorically not true. I bought around 2000 Crypto and saved around 200 each month in crypto and they warned me that any buying of crypto goes against their T&C (Terms and conditions), see 10.2 Financial misuse, see below for citation:
10.2 Financial misuse
At bunq, we believe in giving you the freedom to use your money the way you want it. However, we also have a legal obligation to prevent the misuse of the financial system. To keep everyone safe, we ask that you follow our fair use policy.Our accounts are meant for everyday banking use, such as making payments and saving money. It is not meant for business activities or receiving charitable donations, for that we offer business accounts. To minimize the risk of misuse, we ask that you avoid using your account for these higher-risk activities:
- Gambling with large amounts of money;
- Using a personal account for Business purposes;
- Depositing or withdrawing large amounts of cash;
- Actively trading or investing in real estate, forex, precious metals, crypto assets, or unregulated markets;
- Receiving, spending, or sending money to countries that are considered high-risk by the European Union or have a low score on the Corruption Perception Index from Transparency International.
- Please note that this list is not exhaustive, and we may terminate our relationship with you if we notice any other high-risk behavior on your account. We assess each situation on a case-by-case basis.
If we do notice any concerning behavior, we may terminate our relationship with you at any time, even if we initially allowed the behavior or did not take action against it.
We hope you enjoy using your bunq account and appreciate your cooperation in keeping our financial system safe for everyone.
See source: https://www.bunq.com/documents/personal
LatifRookieOk this just happened to me as well, so apparently we are not allowed to spend our money as we wish. Not even on a purchase of crypto as small as 10 euro!
This while in the past this was no issue at all with Bunq, i actually even joined Bunq through a BL3P site suggestion at that time.
This is all a joke and totally unacceptable.
Time for me to move on to another bank.
Bye Bye 👋🏼 Bunq, you just became another old Dinosaur just like the other Dino’s out there.
marcelAceik heb zelf geen crypto's vind dat persoonlijke helemaal niks, maar dat is voor iedereen anders en zijn of haar keuze.
het is raar dat bunq dit verbied alsof alle crypto eigenaren wiswassen enzo.
mijn buurman is ook een bunq-er en gebruikt voor zn crypto hobby revolut.
hij boekt het van bunq daar naartoe en doet via daar zn ding. nu gaat het maar om een paar tientjes per maand
hooguit echt voor de fun
In the past couple of months I’ve bought and sold around €2k of crypto via Bitvavo without any problems. Are you also using Bitvavo? Maybe it is not a problem with Bitvavo because they are also a business customer of bunq.
