We were onboarded through Venn, who uses Currencycloud as the backend payment processor. After a large incoming wire of $30,000 USD was received, it was placed under "compliance review" by Currencycloud — something we were told would take a few days to resolve.Weeks later, the funds remain frozen. Despite multiple follow-ups, we received vague updates, no resolution timelines, and no access to a proper escalation or complaint process — which both Venn and Currencycloud are required to provide under FCA and Canadian consumer regulations.Now, Venn has unilaterally offboarded us and is shutting down our account — before the funds have been released. They claim the money will be returned to the sender but have refused to provide any proof of return or even basic transaction details. Repeated requests for compliance contacts or regulatory disclosures have gone unanswered.This has placed our business in a vulnerable position with zero financial transparency, no clear recourse, and loss of operational funds. We are now escalating to the UK Financial Conduct Authority, Financial Ombudsman Service, and relevant Canadian consumer protection authorities.🚫 Warning to other businesses: Be extremely cautious before trusting this platform with your company’s funds. Their communication, compliance transparency, and dispute resolution processes are deeply lacking — especially when something goes wrong. If your funds are flagged, you may find yourself stuck in a regulatory black hole with no support.
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