Account Unlocked (Unfrozen/Unfreeze) by WirexApps

Wirex is a simple Exchange but that users can only buy and sell Crypto at the market rate (place market orders). It provides a Crypto card (WirexApps) that allows you to perform conversion between Crypto to Crypto, Fiat to Crypto, or Crypto to Fiat. With Wirex Card, you can cash out your Crypto.

Two days ago, I was depositing some BTC to Wirex in order to earn a higher AER to get some passive income, however, when the fund arrived, the account was immediately locked (I think it automatic triggered the security measures). And my Wirex Card was locked.

Put it simple, we can create X-accounts, and then transfer crypto to the X-accounts, then the interests are paid out weekly (every 7 days). If we upgrade to X-accounts plus, we get additional AERs. For example, the X-accounts give 16% AER for USDT. The down side is that it takes 30 days for the funds in the X-account plus to become available. However, during the 30 days period (unlocking), the interests are still paid out weekly as scheduled.

I immediately submitted the proof of source of funds (screenshots of funds coming from CryptoCOM wallet), and waited a day or so. The ticket was escalated after I chatted in the discord support channel and tweeted about it. Today, the Wirex Team asked me to uploaded ID and address proof as the ID (Driving License) I was using expired.

I quickly submitted the document, and then a few minutes later, my account was unfrozen (unfreeze) by WirexApps, and I can continue to use the account without problems.

When the account is locked, there is not much you can do e.g. card is locked, funds are locked and can't be moved out. The best thing is to submit required document and work with the team to get it unlocked by the Wirex Team.

So, this is one of the risks to store the funds in CEX (Centralize Exchange), you don't have keys, and the funds are managed by the Exchange. So basically, like bank, they can suspend your account if you are a bad actor see below T&C 18 - Account Suspension and Termination by Wirex:

18. Account Suspension and Termination by Wirex We may end or suspend your use of the Wirex Service without notice to you, at any time, and with immediate effect in the following circumstances:

Where you have provided us with false or misleading information;
Where we determine, in our sole discretion, that your use of your Wirex Profile, Wirex Multicurrency Account or Wirex Card is detrimental or harmful to Wirex in any manner;
Where you have breached these Terms or engaged in any restricted activity;
Where we suspect you have breached these Terms or otherwise acted fraudulently, including during the AML/KYC verification process;
Where we are required to do so to comply with a court order, law, regulation, regulatory decree or ombudsman’s orders;
Where you have been declared bankrupt; and
Where you have been declared deceased.
We exclude all liability for any losses incurred where we have suspended an account in accordance with this clause. Wirex is not required and may be prohibited by law to provide any further information regarding your account closure or suspension.

We may also terminate your Wirex Profile and your use of the Wirex Service at any time by giving you 2 months' notice.

Also, any CEX could be hacked and the customers' funds could then be stolen. So a piece of good advice: Never put all your eggs in one basket!

I have updated the trustpilot review rating - to not cause further FUD or "high pressure". Some reviews were posted on Trustpilot just to get tickets escalated.. There are good reviews as well.. The Wirex is regulated, so unlikely the loss of funds will occur.

I tweeted:

Funds locked by @wirexapp for 2 days now. Got the standard reply "Our team is working on your case and will notify you via email as soon as there is an update." I can understand the purpose of verification for money laundary etc, but This is against the spirit of blockchain.

--EOF (The Ultimate Computing & Technology Blog) --

Posted via Account Unlocked (Unfrozen/Unfreeze) by WirexApps

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