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Charity Donation Generated from Crypto is Blocked by Bank

Charity Donation Generated from Crypto is Blocked by Bank

This story, while anecdotal in nature, sums up rather nicely the present state of the fiat-cryptocurrency relationship.

A man is blocked from wiring just over six figures of lawfully acquired money to a verified, genuine animal shelter.

A charity coin that I've put resources into, MoonBud, raised around $140,000 for a UK-based charity through transaction fees directed to a charity wallet. The owner of MoonBud, throughout the entirety of a week or so, exchanged these tokens into BNB, withdrew it into Binance and then again into his bank account.

Despite receiving confirmation from the charity that they were ready to receive the donation through wire transfer, the owner was blocked from completing the transfer by his bank’s manager. They then notified the police, as the director associated him with illegal tax avoidance. The donation was planned to Dog’s Trust, one of the largest animal charities in the UK (if not the largest) and one with a high public profile, not some backwater obscure shell company cover.

Now, after a week of waiting on empty corporate phone lines, meetings with his local branch, presentation of a printed, formal explanation of the mechanism of the charity coin, proof that Dog’s Trust had accepted his proposal and was prepared to receive the funds, and extensive documentation showing each publicly viewable crypto transaction that composed the charity funds he was attempting to donate, not only is the bank still blocking the transfer to Dog’s Trust, but the entirety of the funds in his account remain frozen, impeding the owner from buying even basic consumer goods with the money.

It's ridiculous. The Dog’s Trust is a huge, legitimate charity, that is eagerly awaiting the donation. The token's creator has supplied enough proof that shows that all of the funds he is ATTEMPTING TO DONATE TO A LEGITIMATE CHARITY are legally acquired, through Crypto. Despite this, his entire bank account is still frozen.

This is all verifiable and It's still an ongoing situation.

submitted by /u/blackinfinities
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