Revolut closing my account - forcing me to liquidate crypto savings, not allowing transer to Binance

rdeen

Hello,

I have been banking with Revolut since 2018, primarly for travel expenses and to organise my savings, and when the crypto feature was introduced, I invested about £3000 into BTC and ETH for long term holding and just left it there. Recently, Revolut started asking questions about my expenses and payments and after a lengthy review process they deemed that they cannot offer their services to me any longer - not a problem. I was asked to withdraw all my savings and await the closure of my account next month (Jan 2023)

I withdrew all my cash savings, everything went smoothly. However, I wanted to withdraw my crypto savings to my Binance account and they have disabled all transfers out and are forcing me to liquidate all my crypto to cash, and withdraw as cash only. Obviously, the Crypto market has crashed now and my £3000 investment is standing at a mere ~£1500 but I invested in crypto to hold it for a long time hoping the future value will come in handy, and I still insist on holding on to my crypto. Revolut is unwilling and won't allow the transfer of my crypto to other crypto-wallets. 

I have been a paying customer at Revolut since I signed up, and yes, they had some very useful features to help with my lifestyle and travels so I stuck with them and was happy to pay £12/month for the service. Now I feel cornered, and as my bank (since I am still a customer) they have no regard for my loss in this case and are being ridiculous with their stance. If my account is only being closed in Jan 2023, surely they should afford all their regular services to me as a customer until I am not one?!

I am only asking to be allowed to transfer my crypto savings from my Revolut to my own Binance account so I can hold on to it, and prevent a 50% loss - are they not accountable for protecting my savings as a financial institution? 

Any advice?

Thanks!

Ballard

This isn’t ideal but couldn’t you withdraw the cash and then rebuy the crypto with it. Presumably, other than fees/margin, you’d be in the same position once purchased. 

flaneurs_lobster

Nowhere near the same magnitude but I bought 20 quids-worth of DOGE using Revolut a while back, the intention was to play with having my own crypto wallet. Soon discovered you can't actually transfer your "holding" anywhere. 

It is mentioned in the T&C, which I didn't read. 

MattMattMattUK

rdeen said:

Hello,

I have been banking with Revolut since 2018, primarly for travel expenses and to organise my savings, and when the crypto feature was introduced, I invested about £3000 into BTC and ETH for long term holding and just left it there. Recently, Revolut started asking questions about my expenses and payments and after a lengthy review process they deemed that they cannot offer their services to me any longer - not a problem. I was asked to withdraw all my savings and await the closure of my account next month (Jan 2023)

I withdrew all my cash savings, everything went smoothly. However, I wanted to withdraw my crypto savings to my Binance account and they have disabled all transfers out and are forcing me to liquidate all my crypto to cash, and withdraw as cash only. Obviously, the Crypto market has crashed now and my £3000 investment is standing at a mere ~£1500 but I invested in crypto to hold it for a long time hoping the future value will come in handy, and I still insist on holding on to my crypto. Revolut is unwilling and won't allow the transfer of my crypto to other crypto-wallets. 

I have been a paying customer at Revolut since I signed up, and yes, they had some very useful features to help with my lifestyle and travels so I stuck with them and was happy to pay £12/month for the service. Now I feel cornered, and as my bank (since I am still a customer) they have no regard for my loss in this case and are being ridiculous with their stance. If my account is only being closed in Jan 2023, surely they should afford all their regular services to me as a customer until I am not one?!

I am only asking to be allowed to transfer my crypto savings from my Revolut to my own Binance account so I can hold on to it, and prevent a 50% loss - are they not accountable for protecting my savings as a financial institution? 

Any advice?

Thanks!

You have already made a 50% loss, that is baked in. You may recover some of that in the future, however there are no guarantees.

As it currently stands you have £1,500 of Bitcoin with Revolut, if you liquidate that you get £1,500. You can then use the £1,500 to buy £1,500 of Bitcoin with another organisation, you will be in the same position, or at least very close to it. 

You currently have around 0.11 BTC, that converts to £1,500.
You can then convert the £1,500 back to 0.11 BTC. 
I do not see why you have a problem with this?

Bitcoin is not classed as savings, but investments, although many consider it gambling. 

flaneurs_lobster

It's another form of gambler's fallacy. If I go to the Casino, buy £100 worth of chips then lose half of them, I have only made a loss if I then cash my £50 worth of chips in. 

rdeen

Ballard said:

This isn’t ideal but couldn’t you withdraw the cash and then rebuy the crypto with it. Presumably, other than fees/margin, you’d be in the same position once purchased. 

Thanks. Yes, I have been considering this as the next best option - I know it equals out eventually. I just felt a bit let down that they don't allow direct transfers - maybe it's in the T&Cs like flaneurs_lobster says... just wanted to check if anyone else has had this issue on the forum.

Thanks all.

booneruk

rdeen said:

Ballard said:

This isn’t ideal but couldn’t you withdraw the cash and then rebuy the crypto with it. Presumably, other than fees/margin, you’d be in the same position once purchased. 

Thanks. Yes, I have been considering this as the next best option - I know it equals out eventually. I just felt a bit let down that they don't allow direct transfers - maybe it's in the T&Cs like flaneurs_lobster says... just wanted to check if anyone else has had this issue on the forum.

Thanks all.

A direct wallet to wallet transfer would incur a network fee anyway, which can vary wildly depending on the crypto network/demand etc. Might well be cheaper to cash out and buy back in elsewhere

Cactus_Jack

I think when they started offering the service they may have used Bitstamp. May be worth, as a last shot effort, to ask if you can transfer the funds to Bitstamp - I doubt they will but worth a try.