Revolut Holds £2,000 | Yearlong Battle for Resolution
A growing number of disgruntled customers are raising alarms as Revolut allegedly holds £2,000 worth of cryptocurrency for over a year. Many have lodged complaints, including to the Financial Ombudsman, spurring anger and calls for collective action among those affected.
The Frustrating Situation
One individual claims to have sent around $2,500 USDT (approximately £2,000) from Revolut to a crypto exchange last year. After the exchange reversed the transaction, the funds returned to Revolut's pooled wallet. The customer has evidence, including a blockchain transaction hash and confirmation that the funds are stored with Revolut. However, repeated inquiries have yielded no resolution, only standard responses: "The crypto team is aware of the issue and working to solve it, but there’s no specific timeframe we can provide."
Another commenter echoed frustration, stating, "I’m in the same boat. One year in and the exact same response. Still confirmed on the blockchain." Calls for legal action are growing, with one person advising, "We should get together and file a lawsuit."
Accelerating Legal Action
Many commenters now advocate for legal recourse, particularly small claims court. One participant shared insights on potential legal action: "Take them to civil court. You don’t even need to instruct a solicitor. Just follow procedure exactly." This sentiment highlights a perceived legal viability for those seeking a resolution. Further, many argue that misrepresentation by Revolut, given they acknowledge having the funds, seems to breach customer protection standards.
"Not being safeguarded and being deliberately misled when finances are available are two separate things," emphasized a commenter, suggesting that pursuing claims in small claims court for such amounts is attainable.
The environment of unease surrounding Revolut has led others to warn against using the platform for trading: "Please do not use Revolut for anything crypto related." Another warned, "Make sure to request interest; it’s 12% in my country."
Key Insights
🔍 Revolut has withhold funds from several customers for significant periods.
⚖️ Legal action is increasingly viewed as a practical step by customers.
📉 Many are urging claims for interest on the withheld funds, as compensation rates can reach 12%.
The general sentiment points toward a growing frustration with Revolut's lack of accountability in managing cryptocurrency transactions. As more customers explore their options, the financial industry's roles in resolving these disputes come under scrutiny.
What Lies Ahead?
As more public attention gathers on these unresolved issues, experts believe it could press Revolut to address grievances more responsibly. Accounts suggest that raising awareness around similar disputes could lead to improved outcomes—around 70% of cases typically resolve favorably with increased public interest. The road ahead suggests a continual push for accountability from Revolut, bringing into question the reliability of financial institutions in safeguarding digital assets.