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Joy Nicholas
Joy Nicholas, Lawyer
Category: Law
Satisfied Customers: 2706
Experience:  Lawyer
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I recently opened an account with Binance, a Cyrpto currency

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I recently opened an account with Binance, a Cyrpto currency exchange. I intend to use it for buying crypto currency and maybe depositing some of it with a couple of brokers. I attempted a transfer to this account from my bank account at Santander. The transfer was automatically denied and lead to my account logins being blocked. The woman at the fraud department explained that would they did not allow any transfers to this Binance because of some people using this exchange getting scammed. Undoubtedly she was concerned for my welfare. She believed that, if I’ve been in contact with a broker to make deposits via this exchange, I was being defrauded. I was disturbed to hear this and, although I didn’t know whether she was correct, I told her what I could and supported a fraud investigation. Meanwhile, I didn’t wish to attempt any further crypto exchange transactions of any kind using Santander. She said my account would be unlocked within 48 hours. During that I couldn’t log in to my account. The only thing I could use was my debit card.48 hours later, I still couldn’t log in. The fraud department said their team was still investigating. I’m used to monitoring my account. I protested at this and asked for the situation to be resolved as fast as possible. I decided to use my debit card to move some of my money into another bank account at Halifax. Subsequent to this, my debit card has now been blocked. I can log in but can’t make transfers to anywhere or have actually access to my money. Only direct debits work, nothing else. The fraud department now say that my account and card will remain blocked while their investigation is pending. They say they can give me no time frame at all as to how long this will take. Weeks or months are not ruled out.I intend to complain about this but Id like to know what my rights are.
JA: PayPal, Debitcard or credit card are all fine. Because consumer protection law varies from place to place, can you tell me what location this is in?
Customer: UK
JA: Have you contacted the seller or manufacturer?
Customer: This is concerning a bank.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: All as above
Hi, thank you for your message. I am sorry to hear about your situation. Can I confirm how long has your account been blocked now?
Customer: replied 8 days ago.
Access was first blocked when I attempted the payment on Monday 1st August. On Thursday my debit card blocked as well. Total: 6 days.
Hi, thank you for your message. I would advise that you contact the financial ombudsman who may investigate this matter further and liaise with the bank. You can contact them here: https://www.financial-ombudsman.org.uk
I hope this helps. Best wishes
Joy Nicholas and 3 other Law Specialists are ready to help you
Customer: replied 8 days ago.
Ok thanks
No problem. Best wishes