Dear WBF Exchange users,
Bank card freeze includes bank freeze and judicial freeze.
1. Banks in some countries and regions do not allow bank accounts to participate in the digital assets transaction(for example, BTC, ETH, USDTand others are noted when transferring, which is detected by the bank's risk control system). Therefore, when an account involves in the transaction of digital assets, the bank will freeze or suspend some trading functions;
2. It is also possible that the bank account triggered the bank's anti-money laundering system (e.g., large overnight transfers, frequent transactions with multiple people, long periods of no balance on the card, etc.).
Generally speaking, banks do not freeze cards directly, but only restrict your non-counter business or suspend some of your trading functions.
How to deal with it?
It is reasonable to contact your deposit bank and provide relevant information according to the requirement of the bank(explain the reason for the money flow)
How to prevent it?
(1) Remind users not to remark USDT, BTC and other sensitive words when trading.
(2) Prepare multiple bank cards and replace them over time.
The logic of judicial freezing varies in different countries' judicial procedures. But it's pretty much the same thing.
After the victim reported to the police who froze all the related bank accounts that the victim's money circulated. For example, there is a sum of money of telecom fraud which experienced several transfer, and then arrive at the platform. When the victim reported to the police who will freeze almost all the bank cards related along the transfer path of funds. Sometimes, it is not you who receive the funds in question, resulted in asset freeze. It might be the reason of a transaction you made a few days or months ago.
How to deal with it?
If your bank card is frozen by the judicial organ, users need to resort to the deposit bank or the bank telephone hotline and get three key information: frozen period, frozen method (bank or judicial organ), frozen body.
Most judicial freezing are temporary and out of cooperation with police investigations, which will be automatically released within two or three working days. But users must be careful and transfer the money when it's due, because that could be frozen in more than one place and may be refrozen later. In addition, 48 or 72 hours do not refer to the specific time and might delay hours or half a day.
The other kind of freezing indicating half a year. If the funds were frozen for half a year, that is because you have received the assets in question or are close to the source of the funds in question. Of course, each local judicial organs have their own measures. Judicial organs actually freeze the funds for half a year.
It is wise and reasonable to contact the local police as soon as possible, ask the police about which payment resulted in your involvement. If they do, then provide the information requested by the local police. The relevant information is generally used to explain why you transferred the funds. The information includes the order record on WBF Exchange in a certain time and your frozen bank card flow. In addition, if the police required you to provide the personal information of traded party, please contact the official OTC customer service of WBF Exchange and follow the legal procedures provided by the customer service.
After submitting the above materials, the police will give some feedback according to the different handling methods of the local public security system and the different circumstances of the case. For example, some will not unfrozen the funds until the case was solved or withdrawn, some may only freeze the funds involved, and some even directly unfrozen. If the police refused to release the funds after making the record, you can ask about the funds involved. If the funds involved are far less than the frozen funds, you can apply for the release of the non-involved funds. In the legal sense, if you really are not involved in telecom fraud or money laundering, but just involved with the sale of digital assets, then you should be a Bona fide victim and should consult the relevant attorney.
Thank you for your continued support to WBF Exchange. If you have any other inquiries regarding OTC business, please add our official OTC customer service and learn more information:
WBF Exchange team
January 8, 2020