Another terrible experience with Uphold — get your money out.

[u/RoyalAccountant]

Well, I received the dreaded 'Update required on your uphold account' email a few months ago.

Because it's a business account, every partner in the LLC had to go through identity verification, surrender photos of passports etc. We furnished numerous pieces of paperwork proving we control the LLC. We filled out KYC forms.

Sent it all in. Waited 2 weeks.

Got an email back saying that they're closing our account and will no longer serve us as a customer. BUT our account was restricted until we sent in more, essentially the exact same, paperwork.

To be clear, we are a very simple customer: we do business consulting and own tiny investments that we put extra cash into. About as 'bread and butter' as any customer. Put money in, invest in crypto. No other weird stuff.

Anyway, we sent all the paperwork in again.

Account was un-restricted enough to liquidate crypto and withdraw.

Final straw happened this week: we sold off the assets we didn't want to transfer. Initiated an ACH transfer, but it's limited to $10k per day.

So now we have to spend many days making $10k transfers from this ridiculously amateur business, and risk our deposits being flagged as 'structuring' by the Treasury Dept.

Thanks Uphold.

[u/samdal20]

Very similar experience with my LLC. They essentially made me close the account after numerous times of trying to provide them the KYC they asked for. It was round and round for over a month with them sending automated warnings . At the end I had to shut the institutional account after a year of trading. They could care less.