Not trying to excuse OP, but you all can't imagine how many times big corps close accounts because their algorithms were wrongly triggered by false signals.
I heard that too, they usually exchange it quickly to ¥, so maybe most Chinese merchants will be unaffected.
Unfortunately, I don't think the decision-makers at Wise are paying attention to OCT or giving your words as much importance as the rest of us do. So, I doubt they'll stop allowing U.S. citizens to open accounts anytime soon. It'll probably take something going wrong before they even consider it, and that's if they manage to survive the fallout.
Receiving USD (especially from many 3rd party) is much higher risk for them compared to sending. The reason I heard is because the scammers usually use EMIs as intermediaries to move stolen USD and EUR bank transfers.
Something similar happened with USDC too last year, when they stored 10% of their USD reserve in Silicon Valley Bank during its bank run.
Only if the (illegal) proceeds are from a crime! I explained this before! Don't let lawyers or accountants or know-it-all idiots hoodwink you into believing this BS so they can extort money from you or overcharge you!
It's not that simple! If you receive illegal money to a Wise account or any other bank account you should expect your account to be closed! Same goes for mickey mouse KYC you provide to any bank as well as Wise.
I can say the opposite.
well since they pretty much legally own our banking balance, they can basically do what they want providing any argument.
If that is really the truth you can sue them to hell and back in court of law. Stealing money is illegal. So just go and hire a lawyer, close and shut case.
hmmm are you sure the story is like this ?