, Attorney Michele Scognamiglio, am writing to urgently follow up on the unresolved matter of the unjustified freezing of my account, which has remained blocked since September 6, 2024. Despite my full cooperation and the timely provision of all requested documentation, almost 5 months have passed without any resolution, release of funds, or satisfactory explanation for this prolonged delay.Your most recent communication, dated November 26, 2024, failed to provide any substantial updates or clarity regarding the progress or status of the reviews. I must once again reiterate the following: 1. Request for Account Balance and AML Details:To date, I have not received a clear and detailed statement of my account balance, nor have I been provided with any information on the ongoing AML (Anti-Money Laundering) verifications. I reiterate my demand for an immediate statement of my account balance and a comprehensive update on the monitoring or verification activities causing this block. 2. Complaint to the GFSC:Due to your continued inaction and non-compliance with applicable AML regulations, I have formally lodged a complaint with the Gibraltar Financial Services Commission (GFSC). I remind you that failure to adhere to Enhanced Due Diligence (EDD) timelines constitutes a clear breach of industry regulations and your Terms and Conditions. 3. Timeliness and Regulatory Compliance:AML regulations mandate that verifications and account freezes must be conducted within reasonable and justified timeframes. The disproportionate and unjustified delay in resolving this matter constitutes a violation of my rights and Xapo Bank’s regulatory obligations.After nearly 5 months of inaction, this delay is not only unacceptable but also a breach of fundamental client rights. I hereby demand: • An immediate and detailed response regarding the status of my account. • The release of the blocked funds without any further delay.Should this matter remain unresolved by January 10, 2025, I will have no choice but to pursue additional legal actions and further escalate my complaint through the Alternative Dispute Resolution service to safeguard my rights.I trust that Xapo Bank understands the gravity of this situation and will take prompt steps to resolve this issue in full compliance with applicable regulations.
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Xapo Bank is the first fully licensed, Bitcoin-enabled bank that combines the security of traditional banking with access to Bitcoin and stablecoins. Regulated by the Gibraltar Financial Services Commission, Xapo Bank facilitates wider use cases for crypto by providing simple and secure ways to store, save, earn and transact in fiat and crypto across borders 24/7.
Established in 2013, Xapo Bank was founded on the belief in the long-term potential of Bitcoin. As the first crypto company in the world to be awarded a banking license, Xapo Bank has since evolved from an e-money wallet into a digital-first bank. Xapo Bank’s proprietary technology provides a seamless bridge between traditional finance and digital assets. Following the sale of its institutional custody business to Coinbase‘s custody arm in 2019, Xapo Bank pivoted to service solely retail customers, focusing on the protection, growth and diversification of wealth.
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