Does iDeyPay freeze or block accounts?

It’s important for us to distinguish between disabling buy/sell services, closing a iDeyPay account, and preventing access to funds.

Disabling Buy/Sell Services

From time to time, due to violations of our Terms and Conditions, iDeyPay may restrict access to buy/sell services on a customer’s account. This can happen for a number of reasons including, but not limited to, high risk of fraud. When this happens, customers retain full use of their Bitcoin and Naira wallets even though buy/sell services are disabled. Additionally, any funds remaining in Naira Wallet can be withdrawn to a verified bank account.

Closing an iDeyPay Account

Similar to above, due to violations of our Terms and Conditions, iDeyPay may initiate closure of customer accounts. This can happen for a number of reasons as defined in our Terms and Conditions. When this happens, buy/sell services are disabled and in addition you are no longer permitted to use your iDeyPay account. However, you are allowed to withdraw all funds from your iDeyPay Bitcoin Wallet and send it to any wallet address you choose, so access to bitcoin is never “frozen” in this case. You are also allowed to clear any balances in your Naira Wallet by withdrawing to a verified bank account before the account closure proceeds.

Note that if your account is closed in this manner while a buy or deposit is pending, the funds will be available to withdraw once the transaction completes.

Preventing access to funds

In extremely rare circumstances, and only where required by law, iDeyPay may block or “freeze” customer funds on our platform. We will take this action only when: We are required to comply with an order from a court or other authority that has jurisdiction over iDeyPay which compels us to restrict access to funds.