Bank trouble after buying crypto - need real help

[ddl]

Hey everyone,
I’ve run into an issue with a Thai bank and could use some advice.

I’ve been buying crypto on an exchange (nothing shady, just regular P2P stuff), but now my bank account is under review - restrictions, weird checks, that kind of thing. I haven’t done anything illegal, but it’s turning into a headache.

If anyone knows a solid service or lawyer who actually helps with this kind of situation - not just talks, but really gets results - please DM me.
Better to keep it private so people you recommend don’t get unwanted attention.

Thanks a lot in advance!

[redwood1]

Errr......How about going to the bank in person and asking them what the problem is....If you cant do this, then maybe they should close your account..

[scubascuba3]

33 minutes ago, ddl said:

Better to keep it private so people you recommend don’t get unwanted attention.

why would getting attention be a problem? usually people want customers

[ddl]

Of course I went to the bank - that was the first thing I did.
They just told me the issue is coming from some government-level agency, and they can't give me any real details. So it's not something the local branch can fix.

That’s why I’m trying to find Thai legal experts who actually understand how these restrictions work. Without their help, there’s no way I can sort this out on my own.

[Jenkins9039]

This is in Thailand, or offshore?

 

P2P platform is within Thailand or offshore?

In Thailand it would be CIB (or equivalent) with AMOL

Offshore likely FBI, Homeland, IRS CLI, ATF, DEA etc i.e P2P you may have touched some funds from a US interested case, onshore you've touched funds from something similar (i.e call centre gangs etc).

If you are clean - then you are clean - but they will put you through the ringer.

[hotsun]

Theres a reason thai people hide their money in their home rather than the banks there

[JBChiangRai]

P2P can be money laundering, the issue is selling P2P, the internal revenue department would be concerned about getting their cut.

[Tubulat]

11 minutes ago, JBChiangRai said:

P2P can be money laundering, the issue is selling P2P, the internal revenue department would be concerned about getting their cut.

Indeed, but then it must be about a considerable amount, more than 1 million Thb, I think, but he doesn't mention that.

[Peterphuket]

It has always put me off buying crypto too, if there is a bank in between you are not sure of your life, sorry I mean to say you don't know if your money is still trusted there.

[CMBob]

16 hours ago, ddl said:

.....these restrictions work. .....

You've mentioned "restrictions" twice but your post would make more sense if you described the "restrictions" that are bothering you.  If you can withdraw and deposit funds, what else is there you need to do?  

[Dazinoz]

Not just Thailand. My bank in Australia limits money transfers to crypto exchanges to $10,000 a month. Thats a fair bit of money and I would not send that much, its just that the bank tells me where I can spend my money I don't like.

 

Also an exchange in Australia I mainly dealt with limited my account because I had sent some BTC to a "gambling" site on the net. I actually used the site to earn interest on my BTC and worked well. That site is now blocked from accessing it from Australia unless you have a VPN. Again, its the control I don't like.

[JackGats]

I'm not surprised. Acquaintance of mine converted 30k euro worth of crypto into euros through transfer to his EU bank account. He'd given warning to the bank through his usual contact at the bank where he was well known and had been banking for 30 years. All the same, his account was rescinded overnight, no explanation given. They (banks, governments) don't want us to do crypto. Soon the only way will be to own private wallets, buy crypto from one another, never convert to fiat, pay only trustworthy merchands (eg porn website, escort girls, drug dealers) with crypto. If you have crypto on a crypto exchange, it's high time to transfer the lot to a private wallet IMO.

 

The OP doesn't say from which crypto exchange he bought. From what I understand some exchanges are considered more legit than others. On the other hand, this might be a Thailand thing.

[Dazinoz]

12 minutes ago, Peterphuket said:

It has always put me off buying crypto too, if there is a bank in between you are not sure of your life, sorry I mean to say you don't know if your money is still trusted there.

 

My philosophy as far as buying, storing, selling crypto is-

 

Cash to bank - transfer cash to crypto exchange - buy crypto - transfer crypto (keys) to offline cold storage.

 

Reverse when want to sell. I do not leave my crypto (keys) on exchanges.

[JBChiangRai]

17 minutes ago, Tubulat said:

Indeed, but then it must be about a considerable amount, more than 1 million Thb, I think, but he doesn't mention that.

 

The rules for checking AML are over 2M baht or any lower amount the bank considers suspicious.

[madone]

17 hours ago, redwood1 said:

Errr......How about going to the bank in person and asking them what the problem is....If you cant do this, then maybe they should close your account..

my, my, aren't you just an unpleasant waste of skin.

[pub2022]

Better use an exchange (and a bank) in your own country, not a thai one.

[CanadaSam]

It would really have helped us if you had mentioned which exchanges you used to trade your crypto via, and perhaps some could have offeredpossible solutions to your problem too.

[Dazinoz]

4 minutes ago, pub2022 said:

Better use an exchange (and a bank) in your own country, not a thai one.

I have both Australian and Thai banks and exchanges. If I need a bit of cash in Thailand I transfer a few crypto to a Thai exchange, sell and deposit directly to my Thai bank account. More stuffing around and more costly to do that through my Australian banks/exchanges.

[renaissanc]

1 hour ago, hotsun said:

Theres a reason thai people hide their money in their home rather than the banks there

I don't trust any bank. They'll smile to get your money, but if they have a problem, they'll use your money to solve their problem.

In Thailand, the bank guarantee is only one million Baht, regardless of how many millions you have in the bank.

Why does anyone keep money in a bank anyway? The interest is pathetic, and you can get a far higher return with gold. Since 1st January, its value has increased by about 27% so far.

[Robert Smith 2]

I would sell all the crypto...

[JBChiangRai]

19 hours ago, ddl said:

I’ve been buying crypto on an exchange (nothing shady, just regular P2P stuff)

 

Buying on an exchange is not P2P.

[rwill]

There are only certain exchanges approved in Thailand.  Are you using one that is not approved by the Thai government?

[goldenbrwn1]

So you been sending money from your Thai bank to a crypto exchange or using a middle man (P2P) to convert cash to a stable coin then onto an exchange to buy crypto assets? 
 

Taking a guess I’d say it’s the peer to peer network service you used, as some swap a a hell of a lot of cash/stables and if they have been flagged for money laundering then any bank account that have used their services could well come under some sort of scrutiny, esp if it’s large amounts.

[emptypockets]

2 hours ago, Robert Smith 2 said:

I would sell all the crypto...

Welcome back Bob/Don/Colin,.....

[Toby1947]

What a load of b@ll#cks, Cash is King.

[kdrayong]

I have been buying Bitcoin and some stable coins at Bitkub.
THB transfer by Thai banks into Bitkub was never a problem.

Of course Bitkub is doing KYC.

[NativeBob]

depends on nationality, seriously.