I have been a customer of Xapo Bank for almost 3 years. Last year, I logged into my account only to find that it was suddenly blocked. After struggling to get in touch with customer support, they informed me that the bank had made a decision to block my account and that it was final. However, later that evening, at 10:30 PM, my account was unblocked without any clear explanation, and I was told there had been some kind of misunderstanding, though no details were provided.In September 2024, I was contacted by a manager for a routine review and document request, which I promptly provided. I received an email confirming that my documents met their requirements and that everything was fine. Yet, just a month later, I received another email informing me that the bank had decided to close my account within 60 days, again without any reason given. When I inquired about the rationale, I was met with a refusal to disclose any details.
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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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