1. Corporate account initiated prior to their new introduced platform as of May 2021.
2. A deposit of $149,950 made 10/29/23
3. Wallex decided that due to perceived 'risk factors' they would refuse the deposit and close the account.
4. The opportunity existed at this time to operate in good faith with clean hands to simply return the deposit to sender and liquidate other funds in the account. They did not.
5. Wallex required ID from the ultimate beneficial owner of the sender of the funds for KYC purposes. It was promptly provided.
6. Funds were not returned
7. Wallex then presented a list of additional requirements for the sender to provide which were highly personal and confidential and not necessary for AML or KYC purposes.
8. Against the better judgment of the sender this was provided in an attempt to recover the funds.
9. After one week, the Funds were still not returned and more hurdles laid down.
10. Mazzuca and his team now says that "...Please be advised that the refund process may take up to 20 working days to complete."
11. This is after Wallex has already had full use of the funds for 30 days and they are using this excuse to hold on to the funds for another 30 days, or more if they are ever returned.
12. This means that both the client who received the deposit for its intended use, and the sender have lost the use of funds for a minimum of 60 days, if Wallex ever intends on releasing them.
13. In addition to the deposit in question are other client funds that were on account and there has been no attempt to return those funds either.
14. No crime has been committed. Both parties are well known and fully identified for KYC purposes, neither one is on any terrorist list or World Check database, both parties have been fully compliant and cooperative with disclosure requests above and beyond what is required, and the result.....
15. ...Simone Mazzuca aka Wallex Custody Ltd. is unlawfully depriving its client and associates of their property.
16. Claims are being prepared for damages for the lost use of these funds and if resolution is not prompt criminal charges are being considered.
Wallex CUSTODY Reviews
1. Corporate account initiated prior to their new introduced platform as of May 2021.
2. A deposit of $149,950 made 10/29/23
3. Wallex decided that due to perceived 'risk factors' they would refuse the deposit and close the account.
4. The opportunity existed at this time to operate in good faith with clean hands to simply return the deposit to sender and liquidate other funds in the account. They did not.
5. Wallex required ID from the ultimate beneficial owner of the sender of the funds for KYC purposes. It was promptly provided.
6. Funds were not returned
7. Wallex then presented a list of additional requirements for the sender to provide which were highly personal and confidential and not necessary for AML or KYC purposes.
8. Against the better judgment of the sender this was provided in an attempt to recover the funds.
9. After one week, the Funds were still not returned and more hurdles laid down.
10. Mazzuca and his team now says that "...Please be advised that the refund process may take up to 20 working days to complete."
11. This is after Wallex has already had full use of the funds for 30 days and they are using this excuse to hold on to the funds for another 30 days, or more if they are ever returned.
12. This means that both the client who received the deposit for its intended use, and the sender have lost the use of funds for a minimum of 60 days, if Wallex ever intends on releasing them.
13. In addition to the deposit in question are other client funds that were on account and there has been no attempt to return those funds either.
14. No crime has been committed. Both parties are well known and fully identified for KYC purposes, neither one is on any terrorist list or World Check database, both parties have been fully compliant and cooperative with disclosure requests above and beyond what is required, and the result.....
15. ...Simone Mazzuca aka Wallex Custody Ltd. is unlawfully depriving its client and associates of their property.
16. Claims are being prepared for damages for the lost use of these funds and if resolution is not prompt criminal charges are being considered.