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Whether we, Bitcoiners, want to stack more sats or sell some Bitcoin to pay for a holiday trip, we need to deal with our traditional banks, and sometimes it comes with an unexpected headache: frozen crypto transfers or even whole bank accounts. If you’ve had your bank freeze transfers due to crypto activity, you’re not alone. Many banks in Europe flag transactions to and from cryptocurrency exchanges, seeing them as high-risk. This can result in delays, frozen funds, or even account closures - leaving you frustrated and without access to your money.
Why does my bank freeze crypto transfers?
Most banks are wary of crypto transactions because they associate them with regulatory uncertainty, fraud risks, or anti-money laundering concerns. When you transfer funds to and from crypto exchanges, the transactions often show the exchange’s name, making it clear the funds are tied to cryptocurrencies. This visibility can trigger automatic red flags and lead to freezes or restrictions on your account.
The wave.space solution: hassle-free Bitcoin banking experience
At wave.space, we understand the challenges Bitcoiners face, and we’ve built a solution to avoid these roadblocks entirely. Instead of transferring funds directly to or from an exchange, wave.space provides you with a virtual IBAN. Here’s how it works:
• Your own name on transfers: All bank transfers through your virtual IBAN are in your name, making them indistinguishable from standard banking activity. It's literally like sending money to yourself.
• No crypto labels: Your bank won’t see any mention of cryptocurrency exchanges or crypto-related activity, eliminating red flags.
This means you can buy & sell Bitcoin seamlessly between your own Bitcoin wallet and your bank account without worrying about your bank intervening.
What to do if your account is already frozen?
If your bank account has been frozen due to crypto transfers, follow these steps:
1. Contact your bank: reach out to your bank to understand the reason behind the freeze. Be prepared to explain the source and destination of funds.
2. Provide documentation: if required, share transaction details to show that your activity is legitimate and complies with their policies. In most countries, buying Bitcoin is not illegal.
3. Reassess your crypto strategy: consider switching to platforms like wave.space that simplify transfers and help you avoid future issues.
Stay in control of your freedom
With wave.space, you can exchange Bitcoin with peace of mind, knowing your bank transfers are secure, private, and hassle-free. No more frozen accounts, so you could bank Bitcoin on your own terms!
