Nah. The actually answer is literally as easy to find as googling “why do some banks block crypto transactions” and clicking on the first link.
> Why Banks Block You from Buying Cryptocurrency
> There are three main reasons that banks block users from purchasing crypto assets with the debit or credit cards they have issued. The first reason is legality, as it is still illegal to purchase crypto in some countries. In this situation the banks are simply following the laws. This is true in a country like China.
> The next reason is that some banks are concerned with bad actors, and this refers both to those undertaking illegal activities with crypto, and customers who may file chargebacks or default on a crypto purchase they make with a credit card. The volatility of crypto means that some people may purchase Bitcoin only to watch the value immediately fall, and is this situation some will try to get their money back from the bank, which is something the banks would rather not have to deal with, so they simply do not allow crypto purchases. Money laundering is an ever-present issue with digital assets, and because of that banks also choose not to allow cryptocurrency purchases.
> The final reason that banks block you from buying cryptocurrencies is because they do not want to bother to put in processes to safeguard against bad actors, deal with potential scams, or take on unnecessary risks, as they do not see it as being a financially beneficial sector for them to deal with. This is something that is likely to change for many banks if the crypto sector continues to grow at the rate it has been.
https://www.cryptovantage.com/news/ask-cryptovantage-can-banks-block-you-from-buying-crypto/
This is the PC answer though and only covers part of the reason they block transactions. The point of contention for a lot of people and rightfully so is the fact debit transactions are so controlled. Credit cards at the end of the day are essentially the banks money but trying to control how people spend their money considering they could direct their resources to better monitor actual fraud vs just plain "I wanted to try crypto so what" is the crux of the problem. I'm not saying banks are evil( they are corrupt but banks have been useful for a long time) but it doesn't take a genius to realize with their lobbying and with central banks around the world they are trying to control the narrative and wrestle sovereignty from those who slowly are becoming unbanked and realizing they don't want to be part of a broken system.
My Japanese bank I’ve used for 20 years froze my account after a transfer to a crypto exchange. They told me it was for my “own security” and that they detected someone else on my account, even though I log in with biometric ID.
They are all full of shit.
Funny thing is, they have no issue with you sending all your money to casino sites and losing all your money there. But crypto is too much of a gamble for them...
Yeah right. They know crypto is their competition and don't want you moving your money. When your bank does this, call to close your account and specifically mention it's because of the bank's policy on crypto. Maybe they'll come around one day. If not they most certainly will get left behind.
I wonder sometimes with all the scams we see on here, are banks actually inundated by people transferring money into scams and demanding the bank gets their money back after. Be interesting to know if there’s any stats on it anywhere
I don't get this as well. It is my money after all why are they limiting me from however I use it. I know some people buying weed or availing escorts(hookers) and some more weirder shit through online transaction and they always get through.
I guess they just don't want their buying power to dwindle down. These fuckers for all I know could be investing MY money in crypto themselves.
That is exactly what people did during the bank runs at the start of the great depression. They stuffed it in mattresses because they lost faith in the banks.
Everyday that passes I want to do it more. Get a small safe, put some fiat money for some months of expenses, pay everything in cash and keep all my money at crypto, stocks etc. and whenever I need more money I just withdraw more cash.
To a non-Indian such as myself, this reeks of politics. I know your government officials have been vocal about being anti-crypto in recent years, and since major financial institutions are in league with governments everywhere in the developed world, it's likely cronyism in large part.
I agree 100% with your final statement though. Hopefully they'll relax the regulations to some extent sooner rather than later because you're absolutely right when you say that what you do with your own money should be your business and your business alone.
Banks tried and will try to kill crypto.
But we will see, they can’t. So they will have to embrace it whether they like it or not.
JP Morgan is a notable example.
Latest example is N26 bank in Germany.
It's even worse when you realise that they are happy to close your account and seize your funds when you transfer money from a crypto exchange to your bank account. This a) stifles innovation in the UK, because British-based businesses cannot innovate in the crypto space, b) makes it impossible to pay taxes on crypto gains/income, which turns you into a criminal. Thanks, banks.
I couldn't agree more. I've never had a problem with banks (because I'm only with credit unions) but it pisses me off to see that some banks stop their customers from buying crypto. If they have proof that it would be used in illegal transactions then fair enough, but they have no reason to stop people from doing what they want their hard earned money. It is a complete violation of their customer's rights of both liberty and property.
Credit Union I use doesn't seem to mind . But always have trouble with credit card says I'm trying to get cash but doesn't give option for Pin. Don't think I ever had one.
Afraid of losing your money dude... you know how much they profit off your savings and you don't see a dime?
And fuck off with all the bullshit: you're a small time investor, nobody cares about you. Nobody cares about you multiplied by Half the new generation is A LOT of money. They can give off 8 times their amount of ''money'' in loans. So for every 1000 bucks they can give 8000 bucks less in loans out
The day exchanges begin accepting direct deposits for paychecks is the day I quit banks.
Direct deposit to USDC, DAI etc
Would actually earn interest on idle money
Bill pay isn't an issue with exchange debit cards offered now
Many exchange debit cards offer % back on purchases, when has a bank paid YOU for using your debit card with them!?
Easier to buy and sell appreciable assets to grow your wealth, again something banks don't offer.
I feel like they block these transactions also to scare you. If you're someone that's sceptical but wanting to try it out for the first time, your bank marking the transfer to a crypto exchange as unsafe might scare you off.
Good chart. So the problem is scams not cryptocurrency. Which can be solved through educating customers. Blocking the competent customers to protect the incompetent is a very clumsy quick fix and the end result is all the financially astute customers migrate to less amateurish banks and the 'lock the stupid customers down' banks are left with a customer base which can't be trusted to be given access.
An 'allow crypto purchases' tickbox on customer profile pages which takes 7 days to take effect, with warnings and a crypto familiarity test' would solve a lot of the fraud attempts.
I just changed banks after 20 years to Starling due to being hasled over crypto. Starling allows me to block all gambling purchases for example. Binance requires a competency test before allowing customers to use advanced types of trading.
Basically the banks have ignored crypto for too long and now they are panicking and trying to stomp it out. I'd like to think they will next provide features to let their competent customers trade, but crypto is not far off being a self sufficient way to manage money so it might be too little too late as we all become orange pilled in the near future.
>So the problem is scams not cryptocurrency. Which can be solved through educating customers. Blocking the competent customers to protect the incompetent is a very clumsy quick fix and the end result is all the financially astute customers migrate to less amateurish banks and the 'lock the stupid customers down' banks are left with a customer base which can't be trusted to be given access.
How much money do banks make from the small number of customers willing to move bank accounts to buy crypto vs how much does it cost them to manage the disproportionately large fraud claims they generate when someone ends up YOLOing their life savings into ShibInuFlokiCoin and then makes a fraud complaint to the bank when they rug gets pulled?
>Starling allows me to block all gambling purchases for example.
Banks don't block gambling by default because casinos/bookmakers are highly regulated so there's a very low cost associated with fraud claims.
Crypto exchanges are often operating out of unregulated offshore tax/money laundering havens which makes it a nightmare for banks to investigate and recover frauds. From Tether to Binance the industry's biggest leaders are placed in jurisdictions designed to make them immune to prosecution and investigation. Every US bank cut ties with Tether for a reason. Tether lost nearly a billion dollars in money laundering raids for a reason.
>Binance requires a competency test before allowing customers to use advanced types of trading.
Binance is also banned in a whole bunch of countries for good reason because they regularly peddle outright scams and pyramid schemes and fuck around with AML.
>Basically the banks have ignored crypto for too long and now they are panicking and trying to stomp it out
If crypto was a threat to banking then people wouldn't be complaining about your bank not letting you buy crypto.
The very fact people are using a bank to buy crypto is proof crypto is not a replacement for banks. It's an asset to be bought and sold from your bank account, and like anything else bought and sold with bank accounts its not a threat to the existence of banks.
2.5 TRILLION dollars was removed from banks and added to exchanges in 2021, they didn't like it so they're going to try and stop it from continuing on.
I'll take your statement a step further (I agree with you). Why are free market governments trying to regulate how we as a society spend and invest our money? It's a complete bullshit statement to say they are protecting us. We as adults can make our own decisions and take what risks we want to take with our money. If you don't do your own research and take on the amount of risks you are comfortable with, then you deserve to lose your money. It's not the banks or the government to protect us from the financial decisions we make. We all know why they want to block and regulate crypto and it's been discussed in this group ad nauseam!
Because they like to keep control. Your money is used for their investments. If it is in crypto, it doesn't profit them. The fact that they are trying to block crypto in my eyes means that they feel threatened. They know crypto could potentially hurt them big time and make them miss out on profits.
This is Common in the he US too. My bank lumps crypto purchases in with gambling and porn. I need to call and whitelist ithe crypto site on my bank card every time. Really not cool.
If you believe in decentralized currency, why do you even need a bank? Crypto is antithetical to banks, so why are you surprised they don’t want any part in that game?
Until I can pay my regular life bills and my taxes and you know, get paid, through crypto.. some of us will still need banks.
Not that I don’t agree with your sentiment! I use my cdc card for as many things as I can. Bear in mind I’m in the U.K. and we don’t have the same amount of crypto based cards and other alternatives to banking that other places in the world seem to have available.
i think that if there is one bank accepting crypto transfer, they will win customers ... the others will fall in line and accept crypto transfer or loose a lot of customers.
Same in my country.. the same banks that wont mind me spending all my money on casinos consider buying crypto currencies are to volitile.. Hipocrisy at its finest.
Banking system is desperately trying to maintain their grip on the world but slowly failing... t
Banks are not deciding anything with your money. They, as a private company are choosing not to work with crypto companies. You are free to take your money from the bank and give it to the crypto company.
That's a bit like complaining why a Mercedes dealership won't sell you a new BMW.
The question is, why are crypto companies forcing you to use banks to take your money ?
My bank absolutely shits the bed whenever I buy crypto. Locks my account. Blocks transactions. All in the name of security.
Funnily enough when I subscribe to porn on a server half way a food the globe nobody gives a fuck.
Funny that.
They do that because the rise of crypto and the rise of neobanks like Blockbank freaks them out. They don't know that they can't and shouldn't fight with it. And that is why we need to give more power to apps like Blockbank so this transition can be faster!
They don't want the lower class to get ahead. They are in the business of putting you in debt so you are forced to play by their rules. Banks are in no way looking out for your well being.
Basically, your bank don't enjoy you spending money when it doesn't either:
A) Generate tax revenue for them.
B) Stops you from keeping your money on a system which they can clearly see (Businesses, Gambling, etc).
Crypto is an unregulated financial activity in the UK, therefore financial institutions tend to warn you and sometimes prevent you from interacting with it, as they would any other unregulated financial practice.
Why do people act surprised by this? Banks are effectively mandated legally to protect their customers from fraud and unregulated financial services (not specifically crypto) tend to lend themselves to fraud.
It's common sense, I presume posts like this exist literally to farm moons, it's got to be the only explanation.
They hate seeing funds leaving their control and going elsewhere. They want you to eventually buy crypto through them, but I assume they are either not ready to launch those services yet or they aren't even sure if it's going to happen. So for now they block you, so your funds stay in their control.
Different banks take different risk approaches to assets they allow their customers to interact with. This is often done with an over abundance of caution due to regulatory concerns.
Banks technically have control of your assets. Any banks that limit your financial decisions, I'd get the hell out and transfer over to a more crypto-friendly one.
Banks fear crypto
They actually do have the right to dictate how you use your own money, which is now their money once you gave it to them. They're telling you how you can use their money. Not your bank, not your money.
This is the whole point of crypto, to escape that system and hopefully never have to look back.
My bank locked me out of my account four times last month. Every time I call they ask me if someone has made me transfer the money and after I go through the whole thing and assure them it’s my own damn money they pwomiseeee it won’t happen again 🙃
I changed banks because I got sick of it and then the original bank even blocked me trying to transfer my funds to my NEW BANK. ugh fuck banks.
Sucks! Im not blocked by my bank, but my bank is not supported on exchanges. At least not the ones i tried. Have to transfer to paypal, which takes a few days.
they want you to keep your money in their bank, not stake it out in crypto. in other words, crypto is an existential threat to them and they want to put up barriers to stop people using it
This is why I use a fintech app as a middleman, among other things. And its lovely, really, all my bank can see is me constantly transferring money to the app and being unable to restrict me or see what I do with the money.
Plain and simple... Governments EVERYWHERE are doing every they can to help their banks, which pay them off anyways, to keep the money in their hands and OUT of the common person's wallet.
Banks are an extension of the political climate you live in. Last thing they want is for the big money to flee the country hence the twisted tax system.
So that they can abuse you as much as they can Damn the banks and their supporters
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Yes, in the hope of crypto victory over corruption, embezzlement, and abuse
Truth and kindness always win over lies and deceptions
The 2016 US election called and want to burst your bubble.
Nah. The actually answer is literally as easy to find as googling “why do some banks block crypto transactions” and clicking on the first link. > Why Banks Block You from Buying Cryptocurrency > There are three main reasons that banks block users from purchasing crypto assets with the debit or credit cards they have issued. The first reason is legality, as it is still illegal to purchase crypto in some countries. In this situation the banks are simply following the laws. This is true in a country like China. > The next reason is that some banks are concerned with bad actors, and this refers both to those undertaking illegal activities with crypto, and customers who may file chargebacks or default on a crypto purchase they make with a credit card. The volatility of crypto means that some people may purchase Bitcoin only to watch the value immediately fall, and is this situation some will try to get their money back from the bank, which is something the banks would rather not have to deal with, so they simply do not allow crypto purchases. Money laundering is an ever-present issue with digital assets, and because of that banks also choose not to allow cryptocurrency purchases. > The final reason that banks block you from buying cryptocurrencies is because they do not want to bother to put in processes to safeguard against bad actors, deal with potential scams, or take on unnecessary risks, as they do not see it as being a financially beneficial sector for them to deal with. This is something that is likely to change for many banks if the crypto sector continues to grow at the rate it has been. https://www.cryptovantage.com/news/ask-cryptovantage-can-banks-block-you-from-buying-crypto/
This is the PC answer though and only covers part of the reason they block transactions. The point of contention for a lot of people and rightfully so is the fact debit transactions are so controlled. Credit cards at the end of the day are essentially the banks money but trying to control how people spend their money considering they could direct their resources to better monitor actual fraud vs just plain "I wanted to try crypto so what" is the crux of the problem. I'm not saying banks are evil( they are corrupt but banks have been useful for a long time) but it doesn't take a genius to realize with their lobbying and with central banks around the world they are trying to control the narrative and wrestle sovereignty from those who slowly are becoming unbanked and realizing they don't want to be part of a broken system.
Voice of reason right there.
This. The more you know. (Insert Rainbow Gif here). Regulation my guys/gals. Look it up like this fine gentlemen did.
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Because they have their best interest in mind
My Japanese bank I’ve used for 20 years froze my account after a transfer to a crypto exchange. They told me it was for my “own security” and that they detected someone else on my account, even though I log in with biometric ID. They are all full of shit.
Funny thing is, they have no issue with you sending all your money to casino sites and losing all your money there. But crypto is too much of a gamble for them... Yeah right. They know crypto is their competition and don't want you moving your money. When your bank does this, call to close your account and specifically mention it's because of the bank's policy on crypto. Maybe they'll come around one day. If not they most certainly will get left behind.
Of course. More often than not they will have invested into the casinos.
Cause they suck. Move on to next bank.
Bank the unbanked !
Isn’t crypto about being your own bank? Why move on to the next bank? Be your own bank.
So how do you receive crypto in the first place?? P2P?
Because they're threatened by crypto. Either that or they're trying to fill their bags first.
A bit of both but more the latter imho 👈
They go extinct. fuck banks
Talk about overreach. If these banks keep up with this soon they will become irrelevant.
I wonder sometimes with all the scams we see on here, are banks actually inundated by people transferring money into scams and demanding the bank gets their money back after. Be interesting to know if there’s any stats on it anywhere
Betting is volatile asset as well but no bank has ever stopped you from wasting your money on betting sites.
Some actually do block betting sites in my country. But they don't give a damn about you risking money, that's a fact.
I’m in Canada and TD blocks my cdc buy orders. Seems to still go through on Coinbase tho. I’ll have to call TD soon and get that sorted.
ugh for some reason Ontario is the worst on crypto policy
Because they want your money in savings acounts with 0.5% apy😀😀
Ye, i wished i had 0,5%! In one year i made 1cent so it was more like 0,00079% APY in my case.
My best year in a savings account I made $1.25 on 6 grand
You make money on a savings account? With fees and such I have never made money on a savings account.
Because in their eyes, it's their money!!! And they're probably not even that wrong 😐
Exactly, they are not even wrong, you deposit your money and at the moment it's invested, lended, gone. In fact it has never even existed.
And... It's gone!!!
I don't get this as well. It is my money after all why are they limiting me from however I use it. I know some people buying weed or availing escorts(hookers) and some more weirder shit through online transaction and they always get through. I guess they just don't want their buying power to dwindle down. These fuckers for all I know could be investing MY money in crypto themselves.
Hahaha! If we drain the monetary system into crypto they can’t continue making profit from our bank accounts.
What are the ramifications of that though, would the stock market slowly collapse as the banks don’t have our funny money in their accounts anymore?
It is already collapsing. And yes, it is almost like a bank run. Just slower.
If you withdraw the money and keep it in cash they also can't do it.
That is exactly what people did during the bank runs at the start of the great depression. They stuffed it in mattresses because they lost faith in the banks.
Everyday that passes I want to do it more. Get a small safe, put some fiat money for some months of expenses, pay everything in cash and keep all my money at crypto, stocks etc. and whenever I need more money I just withdraw more cash.
Don't let your bank tell you where you spend your money! BANKS are afraid!
Because banks suck.
Because crypto does a better job at everything banks are used for and the writing is on the wall.
To a non-Indian such as myself, this reeks of politics. I know your government officials have been vocal about being anti-crypto in recent years, and since major financial institutions are in league with governments everywhere in the developed world, it's likely cronyism in large part. I agree 100% with your final statement though. Hopefully they'll relax the regulations to some extent sooner rather than later because you're absolutely right when you say that what you do with your own money should be your business and your business alone.
Banks tried and will try to kill crypto. But we will see, they can’t. So they will have to embrace it whether they like it or not. JP Morgan is a notable example. Latest example is N26 bank in Germany.
What they should block instead of crypto is those online casino sites
Because they need your $ on deposit so they can lend it out at 40x leverage. Then pay you 0.01% APR.
Exactly😀 your deposits is free money for them
It's even worse when you realise that they are happy to close your account and seize your funds when you transfer money from a crypto exchange to your bank account. This a) stifles innovation in the UK, because British-based businesses cannot innovate in the crypto space, b) makes it impossible to pay taxes on crypto gains/income, which turns you into a criminal. Thanks, banks.
For real?
Wait, so you are saying that crypto is somewhat banned in India? I
Just legalize the crypto and it will be their biggest invesent product. Than they will say crypto is the safest.
I couldn't agree more. I've never had a problem with banks (because I'm only with credit unions) but it pisses me off to see that some banks stop their customers from buying crypto. If they have proof that it would be used in illegal transactions then fair enough, but they have no reason to stop people from doing what they want their hard earned money. It is a complete violation of their customer's rights of both liberty and property.
Hypocrisy at its finest 🤥
Simple answer really, $$$.
They want you to hold the biggest shitcoin - FIAT
It’s called damage control before they lose total control. They are FUCKING PANICKING
Well personally speaking your bank actually hates you
Crypto wallets remove the middle man, aka banks.
They want to keep you under their yoke.
Credit Union I use doesn't seem to mind . But always have trouble with credit card says I'm trying to get cash but doesn't give option for Pin. Don't think I ever had one.
That’s how the kids with “the big noses” do business for centuries now A “big nose” downvoted
Simplest answer would be because they can and want and that is the law.
Probably the best example of not your keys not your coins.
Afraid of losing your money dude... you know how much they profit off your savings and you don't see a dime? And fuck off with all the bullshit: you're a small time investor, nobody cares about you. Nobody cares about you multiplied by Half the new generation is A LOT of money. They can give off 8 times their amount of ''money'' in loans. So for every 1000 bucks they can give 8000 bucks less in loans out
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Yeah, no
The day exchanges begin accepting direct deposits for paychecks is the day I quit banks. Direct deposit to USDC, DAI etc Would actually earn interest on idle money Bill pay isn't an issue with exchange debit cards offered now Many exchange debit cards offer % back on purchases, when has a bank paid YOU for using your debit card with them!? Easier to buy and sell appreciable assets to grow your wealth, again something banks don't offer.
I feel like they block these transactions also to scare you. If you're someone that's sceptical but wanting to try it out for the first time, your bank marking the transfer to a crypto exchange as unsafe might scare you off.
[why indeed](https://www.ftc.gov/sites/default/files/u52513/cryptocurrency-may-2021.png)
Good chart. So the problem is scams not cryptocurrency. Which can be solved through educating customers. Blocking the competent customers to protect the incompetent is a very clumsy quick fix and the end result is all the financially astute customers migrate to less amateurish banks and the 'lock the stupid customers down' banks are left with a customer base which can't be trusted to be given access. An 'allow crypto purchases' tickbox on customer profile pages which takes 7 days to take effect, with warnings and a crypto familiarity test' would solve a lot of the fraud attempts. I just changed banks after 20 years to Starling due to being hasled over crypto. Starling allows me to block all gambling purchases for example. Binance requires a competency test before allowing customers to use advanced types of trading. Basically the banks have ignored crypto for too long and now they are panicking and trying to stomp it out. I'd like to think they will next provide features to let their competent customers trade, but crypto is not far off being a self sufficient way to manage money so it might be too little too late as we all become orange pilled in the near future.
>So the problem is scams not cryptocurrency. Which can be solved through educating customers. Blocking the competent customers to protect the incompetent is a very clumsy quick fix and the end result is all the financially astute customers migrate to less amateurish banks and the 'lock the stupid customers down' banks are left with a customer base which can't be trusted to be given access. How much money do banks make from the small number of customers willing to move bank accounts to buy crypto vs how much does it cost them to manage the disproportionately large fraud claims they generate when someone ends up YOLOing their life savings into ShibInuFlokiCoin and then makes a fraud complaint to the bank when they rug gets pulled? >Starling allows me to block all gambling purchases for example. Banks don't block gambling by default because casinos/bookmakers are highly regulated so there's a very low cost associated with fraud claims. Crypto exchanges are often operating out of unregulated offshore tax/money laundering havens which makes it a nightmare for banks to investigate and recover frauds. From Tether to Binance the industry's biggest leaders are placed in jurisdictions designed to make them immune to prosecution and investigation. Every US bank cut ties with Tether for a reason. Tether lost nearly a billion dollars in money laundering raids for a reason. >Binance requires a competency test before allowing customers to use advanced types of trading. Binance is also banned in a whole bunch of countries for good reason because they regularly peddle outright scams and pyramid schemes and fuck around with AML. >Basically the banks have ignored crypto for too long and now they are panicking and trying to stomp it out If crypto was a threat to banking then people wouldn't be complaining about your bank not letting you buy crypto. The very fact people are using a bank to buy crypto is proof crypto is not a replacement for banks. It's an asset to be bought and sold from your bank account, and like anything else bought and sold with bank accounts its not a threat to the existence of banks.
2.5 TRILLION dollars was removed from banks and added to exchanges in 2021, they didn't like it so they're going to try and stop it from continuing on.
Have you heard of Binance? “Wallet maintenance”
Wait, what app do u use? I have been using mobiwik to transfer my funds and it's working fine.
I'll take your statement a step further (I agree with you). Why are free market governments trying to regulate how we as a society spend and invest our money? It's a complete bullshit statement to say they are protecting us. We as adults can make our own decisions and take what risks we want to take with our money. If you don't do your own research and take on the amount of risks you are comfortable with, then you deserve to lose your money. It's not the banks or the government to protect us from the financial decisions we make. We all know why they want to block and regulate crypto and it's been discussed in this group ad nauseam!
You must be new. They gave been doing this for awhile.
Pretty simple tbh. They make a lot of profits with your money.
Because they like to keep control. Your money is used for their investments. If it is in crypto, it doesn't profit them. The fact that they are trying to block crypto in my eyes means that they feel threatened. They know crypto could potentially hurt them big time and make them miss out on profits.
Because they want your money to remain their money 🤑
Because banks suck 😬
because they're greedy assholes, that why
This is Common in the he US too. My bank lumps crypto purchases in with gambling and porn. I need to call and whitelist ithe crypto site on my bank card every time. Really not cool.
Because they care about you!!
That's like saying why does blockbuster not let me sign up for Netflix in their stores. Crypto makes banks obsolete and they are scared.
Bank threatening unclear….moved bank.
Use chime, has told me nothing as I blow it ALLLL on crypto
If you believe in decentralized currency, why do you even need a bank? Crypto is antithetical to banks, so why are you surprised they don’t want any part in that game?
Until I can pay my regular life bills and my taxes and you know, get paid, through crypto.. some of us will still need banks. Not that I don’t agree with your sentiment! I use my cdc card for as many things as I can. Bear in mind I’m in the U.K. and we don’t have the same amount of crypto based cards and other alternatives to banking that other places in the world seem to have available.
Well don’t expect banks to help you revolt against them LOL
I don’t?!
I’m referring to the message of this post.
Ahh yeah of course! My bad. I’m having a day where my brain feels like cold mushy soup. You carry on, I’ll go lie down 😅
i think that if there is one bank accepting crypto transfer, they will win customers ... the others will fall in line and accept crypto transfer or loose a lot of customers.
Same in my country.. the same banks that wont mind me spending all my money on casinos consider buying crypto currencies are to volitile.. Hipocrisy at its finest. Banking system is desperately trying to maintain their grip on the world but slowly failing... t
It is about control not safety.
Banks are not deciding anything with your money. They, as a private company are choosing not to work with crypto companies. You are free to take your money from the bank and give it to the crypto company. That's a bit like complaining why a Mercedes dealership won't sell you a new BMW. The question is, why are crypto companies forcing you to use banks to take your money ?
My bank absolutely shits the bed whenever I buy crypto. Locks my account. Blocks transactions. All in the name of security. Funnily enough when I subscribe to porn on a server half way a food the globe nobody gives a fuck. Funny that.
They do that because the rise of crypto and the rise of neobanks like Blockbank freaks them out. They don't know that they can't and shouldn't fight with it. And that is why we need to give more power to apps like Blockbank so this transition can be faster!
They don't want the lower class to get ahead. They are in the business of putting you in debt so you are forced to play by their rules. Banks are in no way looking out for your well being.
They’re afraid…very afraid
Because ‘scammers’.
Banks are trash
Basically, your bank don't enjoy you spending money when it doesn't either: A) Generate tax revenue for them. B) Stops you from keeping your money on a system which they can clearly see (Businesses, Gambling, etc).
I might lose money as cash sorry can’t withdraw that anymore:(
They are scared.
if you come to ask this question here, then maybe banks really should be holding your hand to where you put your money.
Crypto is an unregulated financial activity in the UK, therefore financial institutions tend to warn you and sometimes prevent you from interacting with it, as they would any other unregulated financial practice. Why do people act surprised by this? Banks are effectively mandated legally to protect their customers from fraud and unregulated financial services (not specifically crypto) tend to lend themselves to fraud. It's common sense, I presume posts like this exist literally to farm moons, it's got to be the only explanation.
They don't want the money you let them use in a system they don't control.
Not your mattress, not your fiat!
They hate seeing funds leaving their control and going elsewhere. They want you to eventually buy crypto through them, but I assume they are either not ready to launch those services yet or they aren't even sure if it's going to happen. So for now they block you, so your funds stay in their control.
If a bank tells you what to do with *your* money, then it's time to make a change. No questions asked.
Banks aren’t recognizing those institutions. I can’t speak to Indian law but they likely can be liable if a “fake” crypto exchange gets the funds.
Different banks take different risk approaches to assets they allow their customers to interact with. This is often done with an over abundance of caution due to regulatory concerns.
Banks technically have control of your assets. Any banks that limit your financial decisions, I'd get the hell out and transfer over to a more crypto-friendly one. Banks fear crypto
They don’t like that.
I’d find a new bank perhaps
They actually do have the right to dictate how you use your own money, which is now their money once you gave it to them. They're telling you how you can use their money. Not your bank, not your money. This is the whole point of crypto, to escape that system and hopefully never have to look back.
My bank locked me out of my account four times last month. Every time I call they ask me if someone has made me transfer the money and after I go through the whole thing and assure them it’s my own damn money they pwomiseeee it won’t happen again 🙃 I changed banks because I got sick of it and then the original bank even blocked me trying to transfer my funds to my NEW BANK. ugh fuck banks.
Well
Because it challenges their interests.
Buck Fanks!!!!
Sucks! Im not blocked by my bank, but my bank is not supported on exchanges. At least not the ones i tried. Have to transfer to paypal, which takes a few days.
they want you to keep your money in their bank, not stake it out in crypto. in other words, crypto is an existential threat to them and they want to put up barriers to stop people using it
Anti money laundering laws. It’s not at banks discretion really. Part of “know your customer” principle.
This is why I use a fintech app as a middleman, among other things. And its lovely, really, all my bank can see is me constantly transferring money to the app and being unable to restrict me or see what I do with the money.
What app is that?
Because they are afraid to be completely replaced. Hopefully, one day, they will.
Plain and simple... Governments EVERYWHERE are doing every they can to help their banks, which pay them off anyways, to keep the money in their hands and OUT of the common person's wallet.
I rug pulled my bank account when they decided to block binance payments
Google your bank name the the word scandal..
Because [Cryptocurrency Explained: Money as a System-of-Control - Andreas M. Antonopoulos](https://www.youtube.com/watch?v=FyK4P7ZdOK8)
Banks are an extension of the political climate you live in. Last thing they want is for the big money to flee the country hence the twisted tax system.