There are two main types of freezing, bank freezing and judicial freezing.
First, banks freeze.
There are two main types of bank freeze:
1) Banks in some countries and regions do not allow bank accounts to participate in the transaction of digital funds (such as BTC, ETH, USDT, etc. when transferring accounts, which will be monitored by the bank's risk control system), so when an account involves the transaction of digital funds, it will be frozen or suspended by banks.
2) It may also be that the behavior of the account triggered the bank's anti-money laundering system (such as late-night large transfers, frequent multi-person transactions, long-term no balance in cards etc.).
Generally speaking, the bank will not freeze the bank card directly, but will restrict your non-counter business or "pay-no-collect", that is to suspend some of your trading rights.
How to deal with this situation?
Contact your bank directly and provide relevant information (usually explaining the reasons for the exchange of funds) according to the requirements of the bank.
How can this be prevented?
1. When dealing with buyers, remind the other party not to mention sensitive words such as USDT, BTC.
2. Don't just use one bank card. You can prepare several more cards and change them at intervals.
The second type is the judicial freeze which is the most annoying thing.
The logic of judicial freezing varies from country to country according to different judicial procedures. But it's almost the same.
After being swindled, the victim reported the case to the police. The police will freeze the bank accounts which relate to the money. For example, the victim's money is transferred to the bank account A, A to the bank account B, B to the bank account C, and then extended to D, E, F; then it is possible that A, B, C, D, E, F will be frozen, and B, C, D, E, F may not know the source of the funds.
The account may not be immediately frozen the moment you receive the funds from unidentified sources. You may be frozen for trading a month ago. But in general, it may be frozen by the deal a few days ago.
How to deal with this situation?
- If your bank card is frozen by the judiciary, you need to ask your bank of deposit or call the bank staffs to make sure that your frozen period and where was it frozen? This information is very important, and the bank must have these records, so please make sure to get it.
- Most of the judicial freezes are only temporary. In cooperation with the police investigation, your account will be automatically thawed within two or three working days. Don't worry too much about it because your account will be automatically thawed when it expires. Please make sure to transfer the money when it expires, because it is possible that the involved case is not only a victim in one place, it may be frozen in more than one place, and it may happen again in the future. In addition, the account may not be thawed on time, and it may be delayed for several hours or even half a day.
- The account may be frozen for half a year. Generally speaking, your account may be frozen for half a year since you directly receive the funds from unidentified sources, or you are close to the source of the funds from unidentified sources. Of course, due to the different methods of different judicial authorities, in some areas, it may be directly frozen for half a year.
- Please contact the local police as soon as possible and ask the police to provide the information that which amount of money is related to the case. If the local police tell you the information, then you should provide relevant information as required by them. Relevant information is generally used to explain why you made the transfer of this fund. So, generally speaking, it includes the records of your order during a certain period of time (you can click on the order on the top right corner after loging in the PIEXGO OTC account, export and print), the flow of your frozen bank card, etc. In addition, if the police need you to provide the personal data of a transaction counterparty, please contact PIEXGO OTC customer support, and operate according to the legal process provided by customer support.
- When the above materials are provided to the police, they will give you some feedback according to the different cases and the ways of the different local public security system. For example, some will strictly require that the account can be thawed only when the cases are solved or withdrew, some only freeze the funds involved, and some places can directly thaw. If the police refuse to thaw directly after you have made a statement, you can ask about the funds involved. If the funds involved are far less than the frozen funds, then you can apply for thawing the non-involved funds. In the legal sense, if you are not really involved in Telecom fraud or money laundering, and your account is frozen only because the sale of digital funds, then you are an innocent victim involved, it is recommended to consult the relevant lawyers to deal with.