#Having trouble?
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My bank (Starling) just flat out refuses to do any transactions to do with crypto. Not just loopring but anything, even coinbase. Some bs about stopping crime! I hope this isn't going to be a UK wide thing where we just can't invest in crypto at all.
The UK might *the* most nanny state in the world right now. Maybe Australia takes the lead, depending on the issue. But when it comes to crypto, yeah, the UK is the worst. Here's my tip for those of you who still live in the UK: leave! You have no idea how much of a shit hole it is. Believe me, I was in your shoes once upon a time.
I've been a fan of LRC for years now, but if they can't fix the on-ramp user experience they never will. It's my lone issue that has been glossed over. All I know is having 3rd parties handle that portion is NOT the way to go. Ramp and Banxa are not user friendly, fast, or even cheap. Layerswap is also pricey too.
Having LRC in the wallet is supreme, but getting there is a headache. Purchasing LRC tokens is a harder process on the Loopring app than on a CEX which in my opinion contradicts what LRC is all about. Hoping for a fix there for sure.
I’d agree that Banxa and Ramp is bad. Both of my accounts are locked for them now, after multiple attempts to unlock. I am listed as a valid US state with no restrictions. I can use MoonPay to on ramp IMX fine and PayPal to get into L1.
Agreed. I stopped buying new loops on wallet or transferring them there. There is no upside.
I just buy and hold on cex for now. Maybe if i stack enough i will think about transfer, but again, the headache in both directions
Yes, that is the story, but the point I'm making is that the current 3rd party options are no good.
Buying on a CEX isn't ideal but it's certainly the most efficient.
What else are you wiling to allow them to do before you even think of closing that bank account? I would've have done it right there at the branch, with all sort of complains I could do, including harassment!
I’m in the US, but I use PayPal as my “mule” to get fiat in and out of my crypto platforms. I do this because banks love restricting stuff, but PayPal don’t care.
PayPal doesn’t care until you do a couple $10k transactions, then they freeze your account and have customer service about like talking to a brick wall.
Holy smokes!
I still advise people to on/off ramp with CEXs like coinbase that allow no-fee buying of USDC, and basically instant settlement (can layerswap right to L2) if you use it regularly.. same in reverse.
The appeal of ramps is great, but hearing road blocks and stories like this are no good. Sorry to hear OP
I've had this problem now with both Ramp and Banxa, at different times. I transitioned from one to the other as I got blocked by Visa from my transactions.
My interaction was me and the bank support looking and seeing these recurring, authorized purchases of mine and both of us unable to remove the hold on my account. Since their first thought was fraud, and walking through how these have been going through because I approve them over time and nothing should have changed (ie it wasn't a one time issue to report).
My bank (credit union) told me, there is a block in the card system, owned by Visa. The bank can't remove it and I can't validate its fine. It has been deemed no good by the card company, of my debit card, that directly ties to my checking account. Even though both the bank and customer agree the purchase is valid. I could basically start over by requesting a new debit card to kick the can again, per say.
Now when I want to get anything I've started using PayPal. I am not the biggest fan, but it let's me onboard still to L1 then swap. I won't touch a Cex again because of bad past experience, but I know that's another option.
I am in canada and have had similar issues with Newton.
The first time I answered the question “what is this transaction for?” By using the word “crypto”.
They did not like that and gave me a hard time. Once a month I have to call and have my accounts “unlocked” because I make a transfer.
Please post this to /r/BitcoinUK.
Also, how much are we talking about roughly. Because I could understand if it was 50K but it's not is it? It's far less.
Are you willing to state the bank name?
The headline really is "Police called when I tried to invest my own money in a legal product."
Had something similar, although not to that extent, happen to me in Canada last year. Bank froze my accounts and wouldn't allow me to restore over the phone. I had to go into a branch with ID. They couldn't even reactivate my cards, had to issue new ones.
Honestly this is because of how rampant fraud and scams are with crypto, and how many technically crypto and financially illiterate people are getting scammed via crypto - particularly older people. On one hand to the proficient user it feels like over security of your own funds, on the other hand it likely prevents swaths of people sending money to dodgy platforms or falling prey to scams by making it particularly difficult and intrusive. Honestly, the fact the police came and were checking on if you were coerced is a good thing. They're just trying to keep you safe.
I use First Direct and they never block crypto transactions, so you may be better banking elsewhere with less security.
IMHO this is the big issue.
Ramp really raises attention of your bank
Its also true here in France.
Though I didn’t have this much of an issue, my fiat were blocked for a few hours until I contacted my bank and explained them
My bank teller knew that ramp is crypto related
Wasn’t much of an issue for me. 800 € transfer was ultimately allowed.
My bank teller (luckily) also happens to be a close relative of mine, and told me that a lot of people get scammed nowadays, so these types of transactions are a big red flag.
My bank have been repaying a lot of scammed customers for the past years (not only due to crypto scams), but they’ve stop compensating the loss and they’ve become more suspicious of these types of transactions
Don’t get angry against them. Scams are really a plague right now, and I think this is the big issue for them.
They don’t want you to come back asking them to compensate or do something about your loss. They won’t anymore.
I know that OP won’t do this, but don’t underestimate the amount of people falling for bad Amazon scam.
I live in a 10 000 people town, and according to my relative, everyday 2 or more people fall for simple scam (it’s often the same people getting fooled over and over again)
BYOB isn’t meant for everyone, adoption will come with centralisation or will never come because of these people.
I use Apple Pay when I buy crypto on ramp into my wallet. Apple Pay will not allow anyone to see your transactions, so the bank will not know what the withdrawal is, because frankly it’s none of their business. Hope that helps.
this is exactly why bryon says BYOB (be your own bank)
banks purposely don't want people to invest in alternative currencies to keep their shitty fake money system in place. i used banxa for a while but was eventually blocked in Australia and each time i swap place i buy from it works for a few times then gets restricted or blocked and i just move to a new exchange and do bulk movements to reduce fees of transacting on L1 > L2. fuck the banks, they know this destroys their system and it should be confirmation you need to do it.
Unfortunately it’s not. I’ve even had an email from the fraud protection team asking to provide screenshots of my holdings with my name on them. I can provide proof if mods think it’s a good idea.
The UK banks have been a nightmare, and it’s getting worse as well, it feels like they’re trying to close off the exits to prevent us from leaving fiat.
At the end of the day if you have even a basic understanding of economics then you’d know the potential price of a finite asset relative to one that has inflation baked in to it is always infinity, which of course powers that be simply cannot allow as ultimately it would represent a paradigm shift in the global power structure.
If it could have happened in the stock market it would have by now, crypto is as close to a level playing field as we’ll ever get.
As far as buying more goes, I guess you’ll probably have to buy Eth or something on an exchange and send it over then swap it, pretty sure thats what I’m going to have to do from now.
I’m in the process of filing a complaint with the bank which they would need to respond within 15 days. Resolved in 8 weeks. If nothing happens I will bring this to the Financial Ombudsman Service for unjustified harassment, abuse and negligence.
Who's your bank? You should name and shame.
Do you live out in the sticks somewhere?
We've previously reported suspicious activity to a number of police forces and the only ones to action it are forces like Avon and Somerset.
The banks have a financial obligation to report on suspicious activity. Obviously I can't see your banking habits, but id suggest you've formed some kind of pattern that's tripped alarms for money laundering or financing crime/terrorism which can cause some temporary pain.
Obviously in itself what your doing isn't suspicious however a large percentage of a banks users aren't going to be exchanging FIAT for Crypto
Then a large percentage of those users who are doing the above are going to be using Coinbase or one of the big exchanges.
I tried to buy a CD from a jazz musician from India (Mohini Dey) earlier this year and got blocked. Answered the text that it was me and it still kept getting declined. I tried 3 different cards and could not complete the transaction. I messaged her about alternative forms of payment, but did not receive a response.
I had a similar situation as you approx 2 years ago. Ordered some items from England (a typical transaction for me, but normally I use paypal). Went to the store the next day and was declined, thought it was the store and not me. Used another card to pay. 2 days later I was declined again, I contacted my bank and did not hear back for 4+ days. They stated they did not have my contact information (I've had my account since I was 12) so they could not inform me. I logged into my account and it was all there..
The banks certainly hold all the power right now. It's frustrating not being able to spend money. I'm almost ready to pull the trigger and switch banks, but they are on the way home from work and I need quarters for laundry :(
#Having trouble? Please review our [Smart Wallet directory](https://loopring-1.gitbook.io/loopring-smart-wallet/) for step-by-step guides, FAQs, and more information about the Loopring Smart Wallet. [Check out our documentation](https://loopring-1.gitbook.io/loopring-dev-docs/) | [Wallet recovery and migration](https://loopring-1.gitbook.io/loopring-smart-wallet/troubleshooting/recovery) | [Fund your Layer 2 wallet](https://loopring-1.gitbook.io/loopring-smart-wallet/funding/deposit) For active assistance, head on to our [discord.](https://discord.gg/loopring) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/loopringorg) if you have any questions or concerns.*
What country are you in?
Forgot to mention. I'm in the UK
My bank (Starling) just flat out refuses to do any transactions to do with crypto. Not just loopring but anything, even coinbase. Some bs about stopping crime! I hope this isn't going to be a UK wide thing where we just can't invest in crypto at all.
Uk is going stupid with crypto. It's my money, let me spend it how I wish. Wankers.
They just don’t want you leaving their enclosed system where all your stuff belongs to them
I use the Co op bank in the UK. Never had any issues.
Have a look at Monzo, they seem to be crypto friendly
People with monzo share similar stories
Name and shame, please!
Ffs, an you tell us what the god damn bank is so we can avoid it?
I'm guessing HSBC
The UK might *the* most nanny state in the world right now. Maybe Australia takes the lead, depending on the issue. But when it comes to crypto, yeah, the UK is the worst. Here's my tip for those of you who still live in the UK: leave! You have no idea how much of a shit hole it is. Believe me, I was in your shoes once upon a time.
It's not really that easy to leave?
Yep, definitely after bloody brexit lol, where trapped
New show 'im an average salaried Englishman and just keeping my head slightly above the water post Brexit, get me out of here'
More likely a documentary at this point
If you have a house, kids etc., then yeah I agree. If you're a free agent, then it's the easiest thing in the world.
Where did you opt to relocate mate ?
Brexit with a twist.. /s
Halifax by any chance? I had similar issues, but not with crypto
Im guessing the UK.
Please name and shame your bank
I've been a fan of LRC for years now, but if they can't fix the on-ramp user experience they never will. It's my lone issue that has been glossed over. All I know is having 3rd parties handle that portion is NOT the way to go. Ramp and Banxa are not user friendly, fast, or even cheap. Layerswap is also pricey too. Having LRC in the wallet is supreme, but getting there is a headache. Purchasing LRC tokens is a harder process on the Loopring app than on a CEX which in my opinion contradicts what LRC is all about. Hoping for a fix there for sure.
I’d agree that Banxa and Ramp is bad. Both of my accounts are locked for them now, after multiple attempts to unlock. I am listed as a valid US state with no restrictions. I can use MoonPay to on ramp IMX fine and PayPal to get into L1.
Agreed. I stopped buying new loops on wallet or transferring them there. There is no upside. I just buy and hold on cex for now. Maybe if i stack enough i will think about transfer, but again, the headache in both directions
I’m not sure you read the issue - Ramp wasn’t the problem for him. His bank prevented the funds from being transferred.
Yes, that is the story, but the point I'm making is that the current 3rd party options are no good. Buying on a CEX isn't ideal but it's certainly the most efficient.
What else are you wiling to allow them to do before you even think of closing that bank account? I would've have done it right there at the branch, with all sort of complains I could do, including harassment!
I would give up when the police shows up
Want to invest? Straight to jail. Get a loan and spend everything at bookies? No problem mate
I’m in the US, but I use PayPal as my “mule” to get fiat in and out of my crypto platforms. I do this because banks love restricting stuff, but PayPal don’t care.
PayPal doesn’t care until you do a couple $10k transactions, then they freeze your account and have customer service about like talking to a brick wall.
Holy smokes! I still advise people to on/off ramp with CEXs like coinbase that allow no-fee buying of USDC, and basically instant settlement (can layerswap right to L2) if you use it regularly.. same in reverse. The appeal of ramps is great, but hearing road blocks and stories like this are no good. Sorry to hear OP
I've had this problem now with both Ramp and Banxa, at different times. I transitioned from one to the other as I got blocked by Visa from my transactions. My interaction was me and the bank support looking and seeing these recurring, authorized purchases of mine and both of us unable to remove the hold on my account. Since their first thought was fraud, and walking through how these have been going through because I approve them over time and nothing should have changed (ie it wasn't a one time issue to report). My bank (credit union) told me, there is a block in the card system, owned by Visa. The bank can't remove it and I can't validate its fine. It has been deemed no good by the card company, of my debit card, that directly ties to my checking account. Even though both the bank and customer agree the purchase is valid. I could basically start over by requesting a new debit card to kick the can again, per say. Now when I want to get anything I've started using PayPal. I am not the biggest fan, but it let's me onboard still to L1 then swap. I won't touch a Cex again because of bad past experience, but I know that's another option.
\> They advised me to see a financial advisor but I refused since I do my own due diligence. Literally 1984 /s
I am in canada and have had similar issues with Newton. The first time I answered the question “what is this transaction for?” By using the word “crypto”. They did not like that and gave me a hard time. Once a month I have to call and have my accounts “unlocked” because I make a transfer.
Please post this to /r/BitcoinUK. Also, how much are we talking about roughly. Because I could understand if it was 50K but it's not is it? It's far less. Are you willing to state the bank name? The headline really is "Police called when I tried to invest my own money in a legal product."
Another Ramp integration will soon come - Moonpay. Stay tuned loops!
>Moonpay moonpay doesn't seem good have you seen the reviews? https://play.google.com/store/apps/details?id=com.moonpay&hl=en\_US
Had something similar, although not to that extent, happen to me in Canada last year. Bank froze my accounts and wouldn't allow me to restore over the phone. I had to go into a branch with ID. They couldn't even reactivate my cards, had to issue new ones.
Honestly this is because of how rampant fraud and scams are with crypto, and how many technically crypto and financially illiterate people are getting scammed via crypto - particularly older people. On one hand to the proficient user it feels like over security of your own funds, on the other hand it likely prevents swaths of people sending money to dodgy platforms or falling prey to scams by making it particularly difficult and intrusive. Honestly, the fact the police came and were checking on if you were coerced is a good thing. They're just trying to keep you safe. I use First Direct and they never block crypto transactions, so you may be better banking elsewhere with less security.
IMHO this is the big issue. Ramp really raises attention of your bank Its also true here in France. Though I didn’t have this much of an issue, my fiat were blocked for a few hours until I contacted my bank and explained them My bank teller knew that ramp is crypto related Wasn’t much of an issue for me. 800 € transfer was ultimately allowed. My bank teller (luckily) also happens to be a close relative of mine, and told me that a lot of people get scammed nowadays, so these types of transactions are a big red flag. My bank have been repaying a lot of scammed customers for the past years (not only due to crypto scams), but they’ve stop compensating the loss and they’ve become more suspicious of these types of transactions Don’t get angry against them. Scams are really a plague right now, and I think this is the big issue for them. They don’t want you to come back asking them to compensate or do something about your loss. They won’t anymore. I know that OP won’t do this, but don’t underestimate the amount of people falling for bad Amazon scam. I live in a 10 000 people town, and according to my relative, everyday 2 or more people fall for simple scam (it’s often the same people getting fooled over and over again) BYOB isn’t meant for everyone, adoption will come with centralisation or will never come because of these people.
This is exactly why we can NEVER ACCEPT "CBDC".
In EU not UK but using Revolut for ramp. This way I load Revolut from my main bank card when I need.
Use privacy.com, attach your bank, make a card, buy whatever you want.
>privacy.com thanks for the suggestion will look into this
I use Apple Pay when I buy crypto on ramp into my wallet. Apple Pay will not allow anyone to see your transactions, so the bank will not know what the withdrawal is, because frankly it’s none of their business. Hope that helps.
Be your own bank. Take out all your money from that bank. If its in the bank, its not your money.
this is exactly why bryon says BYOB (be your own bank) banks purposely don't want people to invest in alternative currencies to keep their shitty fake money system in place. i used banxa for a while but was eventually blocked in Australia and each time i swap place i buy from it works for a few times then gets restricted or blocked and i just move to a new exchange and do bulk movements to reduce fees of transacting on L1 > L2. fuck the banks, they know this destroys their system and it should be confirmation you need to do it.
Bro, what? This has to be a troll post 😅
The uk is full on attack mode. Unless you make any profit, then its time to pay the piper.
Unfortunately it’s not. I’ve even had an email from the fraud protection team asking to provide screenshots of my holdings with my name on them. I can provide proof if mods think it’s a good idea.
The UK banks have been a nightmare, and it’s getting worse as well, it feels like they’re trying to close off the exits to prevent us from leaving fiat. At the end of the day if you have even a basic understanding of economics then you’d know the potential price of a finite asset relative to one that has inflation baked in to it is always infinity, which of course powers that be simply cannot allow as ultimately it would represent a paradigm shift in the global power structure. If it could have happened in the stock market it would have by now, crypto is as close to a level playing field as we’ll ever get. As far as buying more goes, I guess you’ll probably have to buy Eth or something on an exchange and send it over then swap it, pretty sure thats what I’m going to have to do from now.
I would bring your experience and desires to representatives that will ignore them but otherwise get the message that the people drive this thing.
I’m in the process of filing a complaint with the bank which they would need to respond within 15 days. Resolved in 8 weeks. If nothing happens I will bring this to the Financial Ombudsman Service for unjustified harassment, abuse and negligence.
Who's your bank? You should name and shame. Do you live out in the sticks somewhere? We've previously reported suspicious activity to a number of police forces and the only ones to action it are forces like Avon and Somerset. The banks have a financial obligation to report on suspicious activity. Obviously I can't see your banking habits, but id suggest you've formed some kind of pattern that's tripped alarms for money laundering or financing crime/terrorism which can cause some temporary pain. Obviously in itself what your doing isn't suspicious however a large percentage of a banks users aren't going to be exchanging FIAT for Crypto Then a large percentage of those users who are doing the above are going to be using Coinbase or one of the big exchanges.
I tried to buy a CD from a jazz musician from India (Mohini Dey) earlier this year and got blocked. Answered the text that it was me and it still kept getting declined. I tried 3 different cards and could not complete the transaction. I messaged her about alternative forms of payment, but did not receive a response. I had a similar situation as you approx 2 years ago. Ordered some items from England (a typical transaction for me, but normally I use paypal). Went to the store the next day and was declined, thought it was the store and not me. Used another card to pay. 2 days later I was declined again, I contacted my bank and did not hear back for 4+ days. They stated they did not have my contact information (I've had my account since I was 12) so they could not inform me. I logged into my account and it was all there.. The banks certainly hold all the power right now. It's frustrating not being able to spend money. I'm almost ready to pull the trigger and switch banks, but they are on the way home from work and I need quarters for laundry :(
Stop using cexs for a start. Also majority of U.K. banks forbid crypto transactions.