Final Update Following Company Response: Your reply continues to rely on vague mentions of "regulatory" and "KYC" duties without specifying any legal basis for your actions. I have no issue with identity verification, source-of-funds checks, or confirming the destination account; all these were completed. The destination account was already on file and had been used for deposits before. My identity was verified multiple times, including photographic ID with a passport. What I object to is the demand that I explain the reason for withdrawing my own cleared funds as a prerequisite to accessing them. This is an unacceptable, abusive, and unlawful requirement for a deposit holder. There is no requirement under Australian law that permits a retail broker to demand a customer disclose the intended use of their own money once identity and account ownership have been verified. Internal withdrawal limits or risk policies do not negate a customer's legal right to their funds. Framing these demands as "for my protection" is not believable. The only party benefiting from the delay was the company, by holding onto customer cash. This is not consumer protection — it is control disguised as compliance. Your claim that the matter is "resolved" misrepresents what happened. The issue was only resolved after extensive obstruction, repeated refusals to escalate, denial of access to any accountable decision-maker, and the initiation of external complaints. Resolution under pressure is not indicative of a compliant or customer-focused process. It was only after the authority acted on the complaint that the company acknowledged its fault. I also directly messaged your CEO. Your response is misleading and frankly dishonest, which will lead to a formal record being made. Your trust rating is 1.8—enough said. Withdrawal Refused – Unacceptable Behavior: I have used the service for some time and never needed to contact support. Unfortunately, when I did, it exposed just how flawed, opaque, and disrespectful this platform truly is. I attempted to withdraw funds exceeding their arbitrary daily limit. What followed was an exasperating experience: endless automated responses, followed by "human" responses that merely repeated scripts. Over four emails and multiple chat sessions, I repeatedly requested to escalate and speak to a manager. This was outright denied. Apparently, at this service, senior staff are either mythical or deliberately hidden from customers. When I decided to close my account and transfer my holdings to another broker, the company audaciously demanded that I justify, in writing, why I wanted access to my own money. To be clear: there is no valid reason for a retail broker to require a customer to disclose the purpose of withdrawing their own cleared funds simply because it exceeds an internal limit. The fact that their compliance team could not understand why this request is offensive speaks volumes about the culture and competence of the organization. Their so-called "compliance team" — the only ones authorized to approve withdrawals — are faceless, unreachable, and cowardly, refusing to make or take phone calls. Accountability seems to be intentionally designed out of the system. I will be referring this matter to the relevant authority. This is not about inconvenience — it is about control, opacity, and a total lack of respect for customers. If your only goal is to make small trades, this service might suffice. But if you ever need to withdraw more than $20,000, be prepared for intrusive questioning, bureaucratic hurdles, and outright obstruction. This is not how a serious financial institution operates. The justification they provided for requesting documentation regarding the use of my funds was for my protection. This was after I had given them copies of the bank statement showing where the funds were going, the same one from which deposits came, despite providing a photo of myself holding my passport and answering all security questions. It's unacceptable; they profit from holding your cash for as long as possible — it's unlawful disguised as policy. Let's see what the financial ombudsman and the relevant authority have to say.
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