my cousin sold his bitcoin to a guy in Thailand and that person made direct payment to my cousins bank account in Singapore from his Thailand bank but now the bank in Singapore is asking my cousin to produce his income source and has freeze that transaction money in his account. my concern is does the bank have that authority to stop my cousin from taking money out from his account and give such reason or excuses ?
is there any legal solution ? is it possible to sue the bank ?
Banks never freeze an account or a particular transaction unless it's an unusual activity. Either the amount must be too big or the transaction remarks would be showing it as a crypto related payment or something. Yes banks do have the ability to freeze that particular transaction because crypto would not be regularised or legalized in your country. There are many such countries whose bank do so in order to prevent black money turning into white. I know this because my someone I know has faced a similar situation in the past which lead to his bank account getting frozen.