Crypto Exchange Account Frozen: Why Nobody Tells You Why, and What Actually Helps

The information provided in this article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries a high level of risk. The withdrawal is stuck, the account is frozen, and support keeps answering in building blocks: "A review is under way, we are not permitted to give further details." It looks like evasion. It is precisely what the law requires. Anyone who receives no explanation after a freeze is not facing arbitrary treatment. They are facing Section 47 of the German Money Laundering Act, the GwG. That provision expressly prohibits the provider from telling you about a suspicious activity report it intends to file or has already filed, and equally about any investigation that follows from it. Once you know this, you stop asking the wrong question and start asking the right one. Account frozen: the key points Under Section 47 GwG the provider must not inform you about a suspicious activity report. The silence is a legal duty, not bad service.Under Section 46 GwG a reported transaction may be executed at the earliest once the consent of the Financial Intelligence Unit or of the public prosecutor has been passed to the provi...