Sunday, 1 March 2020

Revolut blocking SEPA transfers to Bitpanda - who else are they blocking?


Last night I set a SEPA transfer from my new Revolut account to Bitpanda but woke up in the morning to find Revolut had blocked the transfer.I asked the agent and he said it was blocked by "internal policies".When I asked for further details, such as what forms the decision process to block this transfer, what other entities may be blocked and for published details of these policies the agent said they could not give me anymore information.Given that Bitpanda will have passed due diligence of the Austrian Postal Service, it comes across less like a user safety feature and much more like anti-competive behaviour given Revolut have their own incredibly restricive cryptocurrency service (which looks for all intents & purposes to be more like an ETF than actual currency ownership).I am however glad I found this out now as was considering moving some of my banking to them - however this lack of transparency and apparent disengenous policy making will mean I go no further than using their fiat currency options on the basic account for the smallest of transactions.To me, the most concerning part of this scenario is not that my transfer to Bitpanda was blocked but that their policy was utterly opaque and unpublished.This allows for such abuse of trust with my money that I do not feel I could rely on them with anything other than pocket change when it suits me to use their service.It is not a massive stretch of the imagination to think that they could block transfers to entities such as Tranferwise or Travelex or even back to a bank if they wanted.Have others had similar experience with Revolut if so who did they block you sending to, as they will not give a defined list and would not answer if they would block transfers to Coinbase.Can we crowdsource the list here of blocked entities here? via /r/Bitcoin http://bit.ly/38b3t5V

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