Users Slam Revolut for Alleged Term Violations in Crypto Trading
Edited By
James O’Reilly
A wave of dissatisfaction is hitting Revolut following claims from several users that the fintech firm is suspending accounts over cryptocurrency trading. One user recently reported that after three years of transferring funds to exchanges without problems, Revolut flagged their account, citing a breach of terms.
Revelations Spark Outrage
The user stated they informed Revolut representatives about using their funds for trading on platforms like Coinbase. A customer service agent then referred to clause 11 of the terms and conditions as grounds for the suspension. "This sets a dangerous precedent for everyone involved with crypto trading," the user reacted.
Interestingly, multiple conversations in various forums indicated that many Revolut customers have faced similar issues. Their experiences suggest the company may categorize frequent transactions as trading operations, which alters the level of scrutiny applied to accounts.
Main Themes from the Discussion
Classification of Users: Some commenters pointed out that if an account shows consistent cryptocurrency transactions, it may be flagged as trading activity. One noted, "If you are making regular crypto purchases, they may consider you a trader."
Lack of Transparency: Many voiced frustration over the vague guidance from Revolut regarding why their transactions are problematic. "Did she mention explicitly why it was not allowed?" asked one user, echoing a common sentiment for clarity.
Inconsistency in Banking Practices: Users are frustrated by fintech firms backtracking on their crypto-friendly promises. "They say they are crypto-friendly, yet keep suspending accounts for trading profits," another lamented.
"Well then, why allow people to deposit money to Coinbase?"
A frustrated user
A frustrated user
Key Points to Remember
△ Alleged violations from Revolut focus on trading activity.
▽ Users demand transparency for accounts flagged for transactions.
※ "This sets a dangerous precedent for everyone involved with crypto trading" - one of the top responses.
As frustrations continue to brew, it remains to be seen how Revolut will address these complaints. Will they clarify their terms and conditions, or will this trend escalate further among users? Only time will tell.
For more details, visit Revolut’s official website or check relevant user boards discussing similar experiences.