How to handle bank card freezing?

As a BigOTC certified merchant, integrity, safety, and trustworthiness should be the primary requirements. At the same time, it is also responsible and obliged to avoid the inflow of black money as much as possible and minimize its losses and its customers. 

1.  Bankcard freeze

In the process of transactions, blockchain asset sellers must remember to check the real-name information of the sender. If they forget to check the real-name information, they may receive funds from unknown sources and cause the bank card to be frozen. What should I do if my bank card has been frozen?

First, contact the bank that opened the account on working days to ask the following questions:

1. What kind of bank card freezing method belongs to?
2. How long has the bank card been frozen?
3. Where is the freezing agency?

Generally, bank card freezing includes the following two situations: bank freezing and judicial freezing.

Bank freeze, and in two cases:

1.  The bank transfer system is frozen

Reason for freezing:

• a) Banks in some countries and regions do not allow bank accounts to participate in crypto asset transactions (for example, the bank’s risk control system detects it due to BTC, ETH, USDT, etc.) being noted during the transfer ), so when an account is involved in crypto asset transactions In case of failure, the bank will freeze or suspend part of the transaction authority;
• b) Or because of the behavior of this account, such as large transfers late at night, frequent transactions with multiple people, long time zero balance in the card, etc., trigger the bank's anti-money laundering system.

In general, banks do not freeze bank cards but will limit your business or non-counter service " payment", which is a suspended part of your trading privileges.

Solution:

Contact your bank that opened the account, bring the materials required by the bank (generally explaining the reason for the fund transfer), and cooperate with the processing. Usually, takes within three working days.

How to prevent it?

• First, when dealing with buyers, remind them not to remark sensitive words such as USDT and BTC.
• Second, don't just use one bank card. You can prepare a few more and change one at regular intervals. 

      2. Judicial freeze

Reasons for freezing: The logic of judicial freezing varies according to the judicial procedures of different countries, but they are generally similar.

Usually, it is not that you receive the suspicious funds and are immediately frozen. You may be frozen because of transactions made 1 month ago.

But generally speaking, it is because a transaction was frozen a few days ago. This transaction fund might be from telecom fraud, after several handovers, then it reaches the platform. After the deceived reports to the public security, they will follow the fund transfer path and freeze almost all cards on the same line.

There are two cases of judicial freezing:

1.  The police temporarily freeze

Usually, freeze for 36-72 hours, and you are not directly accepting black money cards.

Solution: wait patiently and cooperate with the police investigation. Within two or three working days, the freeze will be automatically unfrozen when it expires.

      2. The police request the people's court to freeze

The freezing period is usually between six months and one year, and the freezing period can also be extended until the case is closed or withdrawn.

Solution:

Contact the public security bureau when you are frozen as soon as possible, and bring a recent transaction certificate, and the bank's printed flow (usually half a year's flow) stamped with the official seal. Then ask the police to provide which of your collections, which caused you to be implicated. Then provide relevant materials following the requirements of the local police.

When the above materials are provided to the police, they will generally be unfrozen in about a week (the regulations of each public security bureau are different, some of them can unfreeze or unfreeze part of the assets after the information is given, and some must be closed to unfreeze).

In the legal sense, if you are not involved in telecommunications fraud or money laundering, but are only frozen because of the sale of crypto assets, then you should be a bona fide victim implicated, and it is recommended to consult relevant lawyers to deal with it.

Reminder:

After being frozen, contact the account opening bank or the bank’s telephone hotline to obtain three pieces of information: freezing period, freezing method (bank freezing or judicial freezing), and freezing agency.

BigONE team