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I signed up to a non governed financial institution

Customer Question
(coinjar) and verified and followed...
I signed up to a non governed financial institution (coinjar) and verified and followed all steps required.
They've frozen my account under suspicious behaviour, yet I've only used the account in methods they've allowed me to use it?
I've provided additional information, including a "selfie ID" before they even asked me for additional legal documentation.
Now asking me to provide all transaction information of third parties or they will withhold the funds. Also a statuary declaration included. If one third party objects lawfully I can't do anything.
Are they legally allowed to do all of this? Even when I've gone even further to identify myself? I haven't done anything illegal.
Submitted: 1 year ago.Category: Australia Law
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Answered in 8 minutes by:
6/14/2016
Solicitor: Leon, Solicitor replied 1 year ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,443
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Verified

Good Evening,

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

Are they based on Australia?

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Customer reply replied 1 year ago
They are based in the UK, online Bitcoin platform where money can be sent via BPay methods, yet I misread they do not accept third party payments from accounts that aren't mine. They have been doing so though.
I've done all they require plus more. I cannot obtain all transactions as they have been sent via BPay and I didn't keep the records.
I feel they have invaded privacy and now bullying me into keeping funds. There is no third party disputes of the transactions, and no illegal activity conducted. It's all based on mere suspicion ?
I've apologised and acknowledge breaching of terms of conditions and happy for money to go into my linked verified bank account but they won't unless I get a stat dec with all they require now.
Surely they can't do this legally? Especially when I haven't done anything illegal and am not being investigated by law endowment
Customer reply replied 1 year ago
enforcement
Solicitor: Leon, Solicitor replied 1 year ago

Good Evening

You have a problem. Because they have Terms and Conditions and if you ticked the box that you agreed with them you may have breached them.

The BPay transactions from banks can be re-accesed by logging onto your bank account.

If you know the third parties that made the payment you should get evidence from them.

You are in breach of the agreement and you cannot sue them to get your money. They have every right to do what ey have done.

You are the one that has to prove that the transactions are legitimate and that the third parties have no issue. If you cannot then under the money laundering laws they can stop you accessing the funds.

Any suspicious transaction can be stopped the same applies here in Australia. The banks will freeze the accounts.

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Customer reply replied 1 year ago
Ok. The BPay doesn't show where it was transacted from. I was given a BPay automatically.
They said I need a statuary declaration of all transactions and from whom. Now if they object to give me their details there's nothing I can do?
I can show them everything that identifies me and get a stat dec signed, of others no.The money wasn't put into my bank account, it was put into the cash account linked to coinjar, not my own. So there's the issue as I didn't keep the persons details.They're not a banking institution, I'm not being investigated for breaking the law. Anything I can say? I said the money to be sent to my verified bank account and close the coinjar account.I haven't been getting the money out via my linked bank account either, rather the cash card issued to my by the supplier,
Coinjar.
Solicitor: Leon, Solicitor replied 1 year ago

Good Evening.

Did you Bpay from your account with your bank?

If you did the you can log on to your account and see the transaction and the identification of it.

You shod be able to see the transactions and when they were made. Also if you authorised them to be made you are responsible for them.

They work the same and the laws make sure that there is no money laundering.

You have to prove where it came from and that it is legitimate. If not you will lose out.

You have a problem and if you want to solve it through the courts they will not grant you relief if they feel that they are suspicious and may report you to Scotland yard in the UK. Any actions has to start in the UK.

So you have to work thorough all the transactions and isolate them and give them what they want.

I am really sorry i cannot give you anything more positive but if they suspect the money is from proceeds of crime or trying to avoid tax in other countries you face possible jail term in the UK if you take it further

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Customer reply replied 1 year ago
No I didn't BPay from my bank account. The BPay was attached to the cash account from coinjar.
I will do as much as I can, and have this far. I used it via the platforms it allowed me to.
Solicitor: Leon, Solicitor replied 1 year ago

I know you used it as they allowed you but you allowed third parties to use it and under the Terms and Conditions it is not permitted. They failed in picking it up early but there is a breach.

If you don't know who was using it there is a problem.

Good luck with it and I am sorry I cannot give you more positive news. It is a hard position and many have lost out doing the same.

Good luck and all the best.

You are very welcome and thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

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Customer reply replied 1 year ago
Ok, so end of the day there's loopholes they leave open to take your money even after identifying yourself ... God damn.They even asked for a "ID selfie". Have you had a quick overlook? Would greatly appreciate it.. I'm financially not in a good place, $3,000 is a lot of money to me and I sold goods. I'm not that educated, so from one human to another I'd greatly appreciate it.
Something small to you would significantly change my life.
If not that's fine, feedback will be given positively .. I'm crying
Solicitor: Leon, Solicitor replied 1 year ago

Good Evening

I cannot say there are loopholes. I believe that it is clear in the terms and conditions that you have agreed to.

They will use them to benefit themselves.

What do you mean by an ID Selfie?

They want confirmation who deposited the money and that it was clean money.

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Customer reply replied 1 year ago
A selfie ID was a picture of myself holding a piece of paper with "Coinjar" written and the days date. So they have my passport, utility bill, verified bank account, mobile number(plan with my ID) selfie ID and drivers license. Now want further information with them all statuary declared. It's been ongoing for 3 weeks, hence the difficulty to even remember the transaction.Surely they are bullying me or invaded privacy .. I requested the selfie ID to be removed after I uploaded as I was advised by a friend who works for a bank I shouldn't have done that.
Solicitor: Leon, Solicitor replied 1 year ago

Good Evening.

They want to know who put it into your account.

No there is not breach of privacy because they are not disclosing your information to others.

This is what they are relying on and you agreed to it.

"CoinJar reserves the right to request identification information (such as driver’s license, identity card, invoices, Government issued photographic identification, utility bills, residential certificate, signed certification of cohabitation, or similar, banking information) depending on the amounts requested through our service or any apparent suspicious activity which may indicate money-laundering or other illegal activity. Identification of the bank account to or from which funds are transferred may also be requested. In certain cases notarization of certain documents (including apostille) may be requested. Transactions may be frozen until the identity check has been considered satisfactory by CoinJar as required by applicable money laundering laws. CoinJar may request additional identification information at any time at the request of any competent authority or by application of any applicable law or regulation. CoinJar may also make enquiries using third parties to verify your identity and / or your account details."

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Customer reply replied 1 year ago
that's fine. But I don't have the details via BPay. Otherwise I could ... It just shows BPAY ------> cash account.And then my BPay number assigned automatically to me.
If these people choose not to give to me that's now their right under privacy laws. Feck.
Solicitor: Leon, Solicitor replied 1 year ago

Good Evening

But you have to advise them of who used the BPAY system to deposit the money.

They are suspicious of the amounts deposited.

You allowed them access and you are responsible. This is what they will rely on and if you read the rest of the conditions it says you are responsible.

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Customer reply replied 1 year ago
Very well. To me it's like a nightclub, no under aged people allowed in, yet no bouncer to check ID's. Could've been avoided by my mistake. Now I lose money.Thanks
Solicitor: Leon, Solicitor replied 1 year ago

Good Evening

I am sorry I could not give you anything more positive.

You are very welcome and thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

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Leon
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,443
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Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

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