Bitpanda
Proof of origin (“source of funds“) and account restriction
Bitpanda is an Austria-based trading platform that enables trading in crypto assets, among other things. The services are provided within the Bitpanda Group via several group companies, with the head office based in Vienna. In Germany, the Bitpanda Group maintains Bitpanda Asset Management GmbH (BAM), a group company based in Frankfurt am Main and supervised by the German Federal Financial Supervisory Authority.
Which company of the Bitpanda Group has become the contractual partner in the specific individual case is determined by the respective terms of use and may vary depending on the product and account type.
If a user trades cryptocurrencies such as Bitcoin via the platform, a company of the Bitpanda Group – such as Bitpanda GmbH – can be the contractual partner of the trade, while deposits and withdrawals in euros can be processed via a payment service provider such as Bitpanda Payments.
At Bitpanda, account restrictions are often related to money laundering checks/reviews. Users report in particular that they are required to submit detailed proof of origin (“source of funds“).
In practice, disbursements or transfers are temporarily restricted until additional documents have been checked. In some cases, there are multi-stage documentation requirements. Communication is regularly in German. In addition to complying with regulatory requirements, the platform is interested in good customer relations.
However, if no remedial action is taken over a longer period of time, targeted communication with a lawyer can emphasize the rights of the affected person and decisively strengthen its position in the environment of numerous support requests and legal inspection requirements.
Initial assessment via the online mask
You can use the online form above to describe your concerns in a structured manner. The information provided will enable an initial preliminary examination of the facts of the case and help us to assess whether and in what form legal action should be considered.
The use of the online form does not constitute a mandate and does not replace a comprehensive legal examination. Concrete prospects of success, recommendations for action or a legal assessment in individual cases will only be made after explicit commissioning.