I Got My Money Out from blockchain.com here’s how I did it.

Hi,

I posted on here about a month ago with an issue I was having with blockchain.com specifically a ‘pending’ withdrawal of cash from the app. I gave it a bit of time and then got the KYC email from them requesting lots of information from me. I was very frustrated and tried to look on here for examples of people that had got their money out but all I found was lots of complaints. And trust me I get all the complaints and frustration, but just thought I’d document my experience on here of resolving the issue I had.

So my issue was specifically withdrawing money from my account after selling 0.5 Bitcoin which at the time of sale was £24k. Not a small amount of money for me by any means, enough to cause a full blown panic attack when I entertained the thoughts they were just going to keep asking me for more information and not really engaging with me and having them keep it in pending forever!

The information they asked from me was as follows, I have also noted what I gave them:

-Confirm your occupation - I TOLD THEM WHAT I DID FOR WORK

• Purpose of use of service - I TOLD THEM ‘TO INVEST IN BITCOIN’

• Explanation and proof of source of funds for the BTC transaction of 0.51120451 BTC into Blockchain.com - I EXPLAINED HOW I HAD THIS AMOUNT IN MY BLOCKCHAIN ACCOUNT. FOR ME THIS WAS THE SALE OF 0.511 FROM MY DEFI WALLET AND ALSO A PURCHASE WITHIN MY ACCOUNT. EVEN THOUGH THIS WAS ALL IN BLOCKCHAIN APP I PROVIDED SCREEN GRABS AS I DONT THINK THEY HAVE ACCESS TO YOUR ACCOUNT.

• Please explain and provide supporting evidence for funds deposited to your account regarding where (third party platforms) you originally purchased - THIS WAS THE MOST COMPLEX PART AS THE PLACE I BOUGHT STOPPED FUNCTIONING. LUCKILY THEY STILL ALLOWED FOR YOU TO LOG IN AND DOWNLOAD MY TRANSACTION HISTORY. LOCALBITCOINS.COM IT WAS IF YOU ARE INTERESTED

• Proof of source of funds, in the form of full PDF bank statements for the last 3 months I GAVE THEM MY BANK STATEMENTS

-Proof of source of wealth, in the form of payslips, bank statements showing your salary. I GAVE THEM MY BUSINESS ACCOUNT STATEMENTS AND PAYSLIPS. I AM SELF EMPLOYED

Ok so importantly here is what I learned and advice I can pass on from my experience:

• if you have a cash withdrawal pending and they have requested KYC they will only release funds when they are satisfied you have sent everything they have asked thus cancelling out any suspicion of fraud.
• Send all of the information they ask for in reply to the email they requested. Do not open more tickets through the app. This will only slow down the process
• Read the emails a few times and try and fully understand the best way to provide the information in a concise way
• Be polite, concise and considered in the emails. The more you email them the more you will simply get pushed to the back of the queue. They have millions of customers and are massively under staffed to deal with these fraud checks that they are now required to do. Yes I agree this is terrible in their part. You want to come across as someone that knows what they’re doing. Assume each email will be looked at by someone different and that person is probably 23.
• if you continue to have problems ask them for an update and if they need more time I found this much more effective than threatening them with legal action. You want them to want to help you and they will say if they still need more info.

I really hope this helps at least 1 person as I know it would have helped me.

Thanks for reading x