I would like to warn everyone about Swan Bitcoin…because I feel this is important for people to know about. I have been DCA’ing on Swan for the span of 6 days. Today, out of nowhere, my account was closed for “fraud” and my money in Swan locked up to 60 days, according to their email. I am shocked – considering people talked so highly of Swan on previous posts in this subreddit. This is unacceptable to hold people’s money hostage for this long.
I would like to note, my mom also wired over $50,000 into Swan after I convinced her to invest into BTC and her funds are now also locked for 60 days. We run a family owned business (my parents opened over 30 years ago) and are relatively well off, never been accused of fraud by any financial company until we encountered Swan Bitcoin. Please, stay clear of this company if you do not want a similar experience!
Edit: this was the email I received when they decided to close my account:
“This is xxx with Swan. I’m writing to let you know that our Fraud team has decided to close your Swan account. At this time, we think it poses a higher level of risk than we are comfortable with and we are going to part ways. According to our terms of service (1.5) we “may reject your application to create your Account, or cancel an existing Account, for any reason, in our sole discretion.”
For your convenience, our terms of service can be found here: https://www.swanbitcoin.com/terms/
You will be able to withdraw any bitcoin that remains in custody after 60 days time. We hold it for 60 days to make sure that we can financially cover the expected bank rejections / chargebacks. If we receive a chargeback from your bank we have to sell the bitcoin to finance it. Any bitcoin remaining after 60 days from now will be available for your withdrawal at that time – you may reach out to us.
Please note a decision to close your account does not constitute an accusation of any wrongdoing. Decisions like these involve a lot of internal risk assessment and we appreciate that you may not agree with our decision to close your account. “