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Smarkets verification of wealth email

Pleasantly worded “we want to know you better and understand the source of the funds used for your smarkets account”

The source of the funds is from trading/arbing/matched betting, nothing else, the account is only used for that, that’s where the money comes from

Since recently being gubbed by most for promotions or offers I just spend more time chasing trades, deposit a grand or so every morning and withdraw it in the evening with 30 or 40 quid profit, bank statements will confirm this

I did wonder when upping the numbers due to being gubbed whether alarm bells would ring, do I have a problem here?

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whitehallgreen
8

May 10, 2023 at 5:16 pm

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Matt
Keymaster
1495 May 22, 2023 at 3:01 pm

They have a licensing obligation to know that the source of the funds customers use to trade with is legitimate.

If you’re depositing a large amount each day, regardless of your withdrawals, that may have prompted them to look at your account more closely. Depending on your situation, it may be better to withdraw your profit each day or once at the end of the week rather than depositing and withdrawing such large amounts each day.

Have they requested certain documents? If so, once you’ve provided them, you should be able to continue using your account as usual.

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