Source of Wealth declaration – Clarity and Transparency
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Thought I’d document my case for clarity and transparency for anyone else in the same boat, as I am reading more and more people are becoming confused about this matter and the request.
Have ALWAYS complied with any AML/KYC and as much a pain as it is its just something that has to be done. As someone who deals with AML in part of the employment in I am well aware of the requirements for companies.
In January 2022 I was asked for ”Source of wealth” declaration, for which I was successful, happy days.
Fast forward to last month and I had a pop up on my finance account asking, once again, for source of Wealth declaration. I’m not quite sure why the source of wealth has to be so frequent in all honesty.
Anyways…. I sent in my latest payslip, P60 earnings, dividend earnings and bank statement showing that dividend (which ironically also shows my tax paid to HMRC aswell, have always been compliant with HMRC as again my job involves direct dealings)
I submitted my documents and it took around 14 days (the completion deadline estimation had passed so I went on support and asked if this could be chased) 2 days later I have been contacted saying it has been rejected.
Now the rejection said my estimated net worth didn’t correspond with documents supplied. this confuses me. How does one decipher if your net worth match your payslip/P60. If someone earns £30k a year and they put there net worth as £300k, how does one not know that someone had been saving for 20/25 years? If you don’t save and spend every penny your net worth could be £0? if you save every penny of that £30k a year over 20 years your net worth could be £600,000. Im confused as to how they are ascertaining their workings/calculations.
I am drafting out an actual details letter which has details of ALL my income streams, basically salary and occasional dividend.
I have itemised my net worth, including current investments (which we all know fluctuate massively in this market) even including my property (less mortgage balance) which I did forget about last time in all honesty. I cannot be more accurate with the information I have provided.
Im actually going to attach more documentation than requested, including payslip, P60, bank statements and my official HMRC self assessment tax calculation along with official HMRC confirmation.
I honestly struggle to see anyway or anyhow to be more accurate with the information I am about to supply and the documents attached.
I wanted to document this so that anyone in the same boat as myself (and you will be aware of the undue stress and hassle this involves) for peace of mind and to provide clarity and transparency to all.
Once I submit my documentation later today or tomorrow (when I have time as working takes up my time) I will update this post to any response from Binance. I will post any positive outcome/response aswell as any negative. I find too often people don’t come back to a post to say if the issue was resolved/successful, and I will always give credit when credit is due.
Crypto is meant for freedom. Sometimes it really does not feel like this even if you do, and comply, with anyone and everything involved to the very best of your ability.
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Imagine if you hit gold with a shitcoin like an x100 with a 1k-2k initial investment. That investment was your only savings and you said fuk it. You find yourself with a small fortune and try to withdraw from binance. Que the networth question popsup. Youre screwed.
Problem is you can play all your life in defi but to date you cant go anywhere without a cex in order to cash out thus, making the decentralisation a pipe dream.
Before I send in my documents I have even requested my employer and also my accountant to provide letters stating the figures are factual and accurate. There should literally be no further questions once submitted.
Ok, documents have been uploaded and I even asked on support (who were very helpful to be fair) as some of the questions ask for figures in USD but all my papers show GBP, so was told to convert the figures to USD.
Have uploaded documents along with a letter from my accountant confirming the figures are accurate and factual.
Will report back once I get a response. Says due for completion 5th March but support said they would mark mine as a priority.
6 hours have now passed and on my chat/case nobody has contacted me
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It’s now been 96 hours and I’m still in the queue with support chat and nobody has responded.
For transparency and clarity 01/03/2023- was finally contacted by support from the relevant team and explained a question to which I gave my response (with backing) and will await their response on the matter.
I will say none of my withdrawals have been suspended (crypto) which I’d like to say is a positive from this matter and will always give credit where credit is due, so kudos on that front to Finance whist the matter continues.
10/03/2023
After re uploading EVERYTHING again, and filling all details again, 2 days later on the live chat support I have now been told my application has been approved.
This has been a long drawn out process which I do believe can be made a lot simpler to follow/understand, but I’m glad it has now been sorted.
I don’t see why additional documents can’t be uploaded separately rather than having to do and upload EVERYTHING again, something I hope can be addressed going forward.
I didn’t get an official email saying its been approved, and I kept getting those when it was rejected, it was just a confirmation in the live chat. So again I think it would be beneficial/clearer if an official separate email was sent out clarifying the situation is now sorted and approved.
What I did to get money from Binance.
I converted EUR to USDT in Binance. Then I moved USDT to Kraken. In Kraken I changed USDT to EUR and made a withdraw to my personal account.
Fuck Binance, never again.
Now extremely worried about what is going on here. I’ve gone on support again as the email said to go on support to get through to compliance team. The chat support is now saying a 6 hour wait.
This really should not be this difficult nor stressful
I will update once I have (if I can get though to) the compliance team.
10 hours after being transferred by support to the corresponding team and escalating my case, with no contact from support yet, I have the automated message on my screen saying:
“We understand the case is taking longer than usual. Rest assured that your case has been escalated and we are working on it.”
It’s now been 24hours after being transferred by chat support to the corresponding team and although the estimated time for response was 5minutes to 6hours, 24hours have passed and nobody has responded
Always been an advocate for Binance support but this is now approaching 36hours with no response when I have been compliant and obliging the whole time
48 hours have passed and still no response from live chat support after I was put through to the corresponding team
08/03/2023 have yet to have a response, sent the document Binance requested twice in my open case chat yet both replies said ”Please upload the document” I sent a screenshot of the actual chat showing I have uploaded the document within the chat. Have asked for confirmation if they have received it but as yet no response. Really not clear
08/03/2023
”Hi Binancian, sorry for keep you waiting , thank you for your clarification. Kindly assist to upload the document into Binance System in order for us to review your case as the document has yet to uploaded into our system . We appreciate your patience and understanding. Thank you”
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This kind of response doesn’t make any sense, I have uploaded securely the document in the chat support, they aren’t specific, whether I need to do the whole source of wealth again or just that document they wanted (which I have already sent in the chat)
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Frustrating communication
Hi, we also would like to check your case and see what can we do additionally. Therefore, could you be so kind to share your case ID with us? | TS