Barclays closed my account

g120303

Bank account is closed my bank that really worries me. I've not done anything wrong from my side and told them happy to give source of income/transaction receipts but
Barclays don't want to hear any explanation from me simply closed my account.

I'm using this bank as a secondary account so they don't see the source of income. 

Few weeks back I joined a Crypto website, and done two trades, when I receive the money from buyer I immediately move the money to Crypto exchange to buy crypto and send back to buyer((all checks done by the website) to avoid any price volatility. There was no issues with the transactions. After two transactions my account was blocked and now they closed my account and there is no explanation from them other than breach of terms and conditionsin the letter.

Now raised complaint with bank but not sure they will reopen my account.

I would really appreciate if any help/advice to to take this forward.

Many Thanks

[Deleted User]

There's nothing you can do to take it forward or in any other direction. Your behaviour looked very dodgy and they won't be reopening your account.

Open one elsewhere.

g120303

Deleted_User said:

There's nothing you can do to take it forward or in any other direction. Your behaviour looked very dodgy and they won't be reopening your account.

Open one elsewhere.

Thanks, not sure what's wrong with this and looks dodgy, dealing with Crypto is wrong here?  

colsten

You have been using a personal account for business purposes, and potentially shady ones at that. Barclays are within their right to close your account.

The relevant section in the T&Cs states:

Accounts covered by the terms in this booklet are all for your personal use and not for money relating to any business you run. We can close an account (or stop providing a service) if we find out you are using it for non-personal use, or are not eligible for it. We’ll try to tell you in advance if this happens, but if we were breaking any rules or laws by continuing to offer you the account or service, we would have to close or stop it immediately. If you need a business account, have a look at barclays.co.uk/business to see the accounts we offer. 

g120303

I am not running as a business just like as we do one off buy/sale thru eBay like this, I thought that;s what most of the people do and they don;t have business account for eBay buy/sale. 

colsten

g120303 said:

Few weeks back I joined a Crypto website, and done two trades, when I receive the money from buyer I immediately move the money to Crypto exchange to buy crypto and send back to buyer((all checks done by the website) to avoid any price volatility. 

It seems Barclays considered this business, and/or activity that they can legally allow to take place on their systems. It does sound like business to me, as your descriptions sounds as if you are acting as a financial intermediary.

g120303

If there is any reasonable number of transaction then agree this should be via the business account, with some warning from Bank will be really helpful as we are not sure which one is like business or personal as I stated before people still use eBay/Amazon with personal account for one off sale/buy.

colsten

Nobody uses eBay or Amazon as a financial intermediary.

SnowTiger

https://complyadvantage.com/knowledgebase/anti-money-laundering/aml-fines-2019/: 

2019 is set to be a record year for global anti-money laundering fines as criminal activity continues to threaten the financial landscape and regulatory changes from 2018 (and previous years) begin to take effect.

[...]

Between January and April 2019, the UK imposed $1.23 billion in fines: the penalty actions represent a significant increase in regulatory activity – given that up to 2019, the UK had imposed only $0.44 billion in fines.

You're not involved in any illegal activities.  I know.

jonesMUFCforever

This thread is very similar to one on here previously - Crypto = dodgy.

DCFC79

g120303 said:

If there is any reasonable number of transaction then agree this should be via the business account, with some warning from Bank will be really helpful as we are not sure which one is like business or personal as I stated before people still use eBay/Amazon with personal account for one off sale/buy.

Maybe the bank think your involved in something dodgy.
You might find it hard to get another 1 open, keep an eye on your other account as it could get closed.