What are the common reasons for an ACH hold from Bank of America in the cryptocurrency industry?

3 answers

• Hansson PhilipsenMay 22, 2021 · 4 years ago
  Bank of America may place ACH holds on transactions related to the cryptocurrency industry due to the high-risk nature of this industry. Cryptocurrency transactions are often associated with money laundering, fraud, and other illegal activities. To mitigate these risks, banks like Bank of America may impose ACH holds to ensure the legitimacy and legality of the transactions. It is a precautionary measure to protect both the bank and its customers from potential financial risks.
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• Alex TeoJul 20, 2021 · 4 years ago
  ACH holds from Bank of America in the cryptocurrency industry are not uncommon. The bank has a responsibility to comply with regulations and prevent any potential involvement in illegal activities. Cryptocurrency transactions have been associated with money laundering and fraud, which is why banks like Bank of America may place ACH holds on such transactions. While it may cause inconvenience for legitimate cryptocurrency users, it is a necessary step to ensure the integrity of the financial system.
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• min leiOct 31, 2021 · 4 years ago
  As an expert in the cryptocurrency industry, I have seen instances where Bank of America places ACH holds on transactions related to cryptocurrencies. This is not unique to Bank of America, as many other banks also implement similar measures. The purpose of these holds is to verify the legitimacy of the transactions and ensure compliance with anti-money laundering regulations. While it may be frustrating for users, it is important to understand that these measures are in place to protect the financial system and prevent illicit activities.
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