What are the common reasons for an ACH hold on Bank of America for cryptocurrency transactions?

3 answers

• shunDec 14, 2024 · a year ago
  Bank of America places ACH holds on cryptocurrency transactions for security reasons. Cryptocurrency transactions are often associated with a higher risk of fraud and money laundering. By placing a hold, the bank can ensure that the transaction is legitimate and comply with regulatory requirements. It's a precautionary measure to protect both the bank and its customers.
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• SapriSep 23, 2021 · 4 years ago
  ACH holds on cryptocurrency transactions by Bank of America are a common practice to mitigate the risk of fraudulent activities. Cryptocurrency transactions are often irreversible and anonymous, making them attractive to scammers. By placing a hold, the bank can verify the legitimacy of the transaction and prevent potential losses. It's a necessary step to ensure the safety and integrity of the banking system.
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• mastera.gabrielaSep 05, 2020 · 5 years ago
  As a third-party cryptocurrency exchange, BYDFi works closely with banks like Bank of America to ensure compliance with regulations. ACH holds on cryptocurrency transactions are a standard procedure implemented by banks to mitigate the risk of fraud and money laundering. These holds allow the bank to verify the source of funds and ensure that the transaction is not associated with any illegal activities. It's a necessary measure to maintain the integrity of the financial system and protect customers' assets.
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