Crypto.com withdraw problems

Giraffe76

Hi all,

My wife invested £250 into crypto.com about 7 years ago and forgot about it until recently.

She contacted them and got a call back yesterday. The guy who she spoke to named Oscar spent 3 hours trying to help her but there wasn't a way to create a link from the crypto account to her English bank account because the bank account wouldn't accept it so he said that she would have to send them more money to create the link so that the profit that she's apparently made can be sent to her English bank account and the account then be closed.

His story about what their finance team wants keeps changing and the deadline that they impose to be able to complete this transaction and close the account was meant to be yesterday and then it was today because that's the way the crypto system works apparently as once you start the process of converting the crypto to pounds there's no going back.

We are very suspicious about this whole situation and this guy is very pushy so wanted to know if anyone has experienced this before

Kind regards mark

flaneurs_lobster

….so he said that she would have to send them more money to create the link so that the profit that she's apparently made can be sent to her English bank account…

Really? And this didn't make you shout "SCAM" very loudly and cut the call?

Block the number and move on.

la531983

Send the crypto to a Coinbase wallet, or a Kraken one.

You dont need to speak to anyone to do this. Should be easier to withdraw from there.

soolin

I would be more than suspicious, this is such an obvious scam , anyone that wants more money to withdraw your own money cannot be trusted.

EthicsGradient

Much as this sounds like a scam, it is indeed what crypto.com say on their website:

For regulatory reasons, you must first make a successful GBP deposit via FPS to the Crypto.com App before you can withdraw GBP funds back to the same bank account.

GBP Withdrawals via Faster Payment Service (FPS) | Crypto.com Help Center

How do I withdraw GBP to my bank account?

1. Activate GBP withdrawals by making one deposit from your bank account via FPS
2. Select a verified bank account that you wish to withdraw your funds to
3. Enter a withdrawal amount, review the transaction details, and click Confirm to Withdraw

UK Retail Users | GBP Fiat Deposit and Withdrawal via FPS (Exchange) | Crypto.com Help Center

FPS	Minimum: £20 GBP

GBP Deposit by Bank Transfer | Crypto.com Help Center

I'm not saying that it isn't dodgy, just that they openly admit it,

Aretnap

Classic advance fee fraud. When you withdraw money from an account, the people holding the account send money to you. You don't make a withdrawal by sending money to them - that really isn't how these things work. If there is a legitimate fee for withdrawals, any legitimate company would simply deduct it from the amount that they sent you.

If you do pay, they will almost certainly come up with a rain why you still can't withdraw your money, and need to send them even more money. Rinse and repeat until you either realize that it's a scam or you run out of money.

Altior

I can't vouch for the site but there will be money laundering safeguards, ie it's not that unusual to not be able to withdraw to a different bank account that's not been used before. A nominal deposit is a method to match id to the account. Is £20 nominal, maybe not but you'd need a lot of them for that trip to the Bahamas!

Woodstok2000

https://forums.moneysavingexpert.com/discussion/6661151/crypto-com-withdraw-problems

I've been using crypto.com for years and never had an issue withdrawing my money. I had to make a deposit initially to link the account for withdrawals, just as you've been told to. They're a legitimate crypto platform - their support can be a bit slow, but they've always resolved any issues I had eventually.

flaneurs_lobster

I'd be half-minded to believe the crypto.com part of this story, but the other half with "Oscar" putting on pressure and talking about deadlines? Nah.

The funds have been in crypto.com for 7 years, why the hurry-up now?

Why not just direct the OP's wife to the help pages that @EthicsGradient quoted above? Convinced me.

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/81936125#Comment_81936125

My thoughts too. It's easy enough to do everything without dealing with their 'agent", if thats who he is.

Jami74

https://forums.moneysavingexpert.com/discussion/6661151/crypto-com-withdraw-problems

Ooh how much is it supposedly worth now? I would love to discover some forgotten investments.