My Crypto Account Application Got Rejected – Why?

People ask me these questions over and over again, and it’s visibly (or digitally) clear how furious and annoyed they are. Their main complaint is that crypto is supposed to be the most democratizing and omni-accessible service, this is why it was created in the first place, which is why rejection in this space feels extremely unfair and morally wrong.

Here are the most common reasons of why your crypto account application may have been rejected.

If you are a natural person, you may have been rejected when:

1. You live in a country that your service provider decided not to support.

• maybe, your country residents are famous for initiating frivolous and opportunistic class actions for no particular reason,
• maybe your government has issued specific warning or prohibitive statements about crypto trading,
• maybe your neighbours have recklessly used an IP address very similar to yours for serious hacking or DDOS attacks lately,
• maybe, your provider’s financial partners forced them to only accept clients from a certain region.
• maybe people from your country don’t speak English well enough and there is no language support available within the customer service for case like yours.
• maybe it’s a technical bug or lack of education, and someone just forgot to add your country to the drop-down list at the back-end.

2. Your answer to “Provide your Full Name” was “None or your business”, “Santa Claus”, “Real Donald Trump” or similar.

3. You tried to register with an email address “F**kYouAll@gmail.com or a variation thereof.

If you are a legal entity, your account application may have been rejected when:

1. Your legal entity is based in one of the non-supported countries (see above).

2. You say in your application that you are a leading crypto fund/crypto wallet/crypto payments provider with daily volumes of $ XXXX billion, but your website is crap (or does not exist) and no-one really heard of you.

3. You say in your application that your business is not yet incorporated and you are operating with friends and family only and you would like to open an account just in case, if your business picks up.

4. You say that you are providing crypto services and have a solid customer base, but your website is crap (or does not exist), you have not published your terms and conditions and privacy policy, and it’s not really clear from your website, what your service is all about.

5. You say in your application that you are running an ICO right now, and need to convert some funds from pre-sale, that you have just collected, so that you can run away quickly and easily with the funds, because your website is crap and your White Paper is crappier.

6. You say in your account application, that the documents you provided are about one of your old businesses (e.g. taxi company, chocolate factory, yoga studio, etc.) that you had with your former partner, and this business is no longer active, which is why the business is registered on the name of that said partner, and instead of doing proper re-registration paperwork, which you find very annoying, you are just using this legal entity for bitcoin ATM business, online gambling and crypto trading, because it is your conclusion that nobody really cares and none of these activities are regulated.