Revolut, Wise, N26, and Bunq are on a massive account-closing spree. Freelancers using crypto or P2P platforms are seeing their accounts deactivated in bulk, often with zero explanation.
With EU regulators heavily tightening the screws through MiCA regulations, neobanks are terrified of fines. To save costs, they have outsourced compliance to strict AI algorithms. It is cheaper for them to instantly ban a "high-risk" freelance client than to manually review their invoices.
😍Watching this from Switzerland, we see a stark contrast. The Swiss approach to crypto focuses on dialogue and individual risk assessment. In the EU, however, the rules have become completely rigid. Diversify your accounts immediately before a blind algorithm flags your legal income.
Have your Revolut or Wise accounts ever been put under review because of crypto? ✅🍌