Bitcoin Forum

Today Jordan Spencer, a client of Lakestone Bank & Trust, said on his Facebook account that the bank sent him a letter, informing that purchases and receiving funds from Coinbase.com is against Lakestone’s policy and the bank will close Jordan’s account if transactions continue.

Read more: https://hype.codes/bank-threatens-close-accounts-bitcoin-buyers

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Use a different bank, or just keep the coins. :)

There is a decent amount of banks that are bitcoin friendly and unless someone use a known exchange for these transactions, I don't see how would they know that this transaction involve bitcoin, someone can always trade his BTC for PayPal or Skrill and then withdraw to his bank account.

Seems like they've angered a lot of the Bitcoin community if you look at their Facebook ratings.
Yeah I would not want to be a customer at a bank that decides for me where I can spend my money...

I am wondering what the thought-process behind this is? Have they received too many complaints in the past regarding Bitcoin and people getting scammed for example?
Or are they just 'against' Bitcoin in general?

it's normal for this to happens because banks hates bitcoin, it's a possible threat to their existance so they are fighting back and we have already seen country in north africa banning the trade of bitcoin

I think that bank don't have exchanges in cryptocurrency. Prohibiting of cryptocurrency in banks is normally today because I think that crypto will be the greatest enemy of banks. However, it ia too scary that if it will implement worldwide (Prohibition of crypto), i think it is too hard for us to withdraw using our digital wallet to banks and maybe our bank account will close if we use it.

Well people are free to spend their money on what they want so the bank shouldn't have done that kind of move. If it were me then i will close my account and use different bank. They can't prevent people from using coinbase if the government itself allows it.

Similar story posted 2 months ago, In France > https://www.reddit.com/r/CryptoCurrency/comments/77sjk4/bnpparibas_is_closing_all_my_bank_accounts/
As long as your money is available, I see no problem with it.
Most banks have "anti money laundering" instructions and that's why they don't want to be responsible if some dirty money transited into their bank. Just get a bank account from somewhere else, US residents could look at Belize for instance, European residents can look at Malta, just two examples.   

It'll have a huge market effect if this happens on a large scale.    Yeah, btc will still be around, but it's still a fact that for most normal everyday folks, their funds originate from some bank account, and it would be difficult to convert it to btc without a bitcoin exchange. 

This guy can certainly close his account with this bank. But why should he do it? If there is no law in the country that prohibits bitcoin, then the bank is obliged to serve the customer. Accordingly, the client does not violate the law and can use the services of the bank.

Well, no.   If anyone bothered to read the fine print of just about any basic savings or checking account, the bank absolutely can terminate the relationship for pretty much any reason at all.   They don't keep your money, they just don't owe you a service.   Now, they can't discriminate based on race, religion, etc. etc... but they CAN end the relationship if it is to limit their own risk.   It's no different than the bank having an absolute right whether or not to loan you money.   Getting a loan is not a right either. 

He should definitely change banks.

I understand large banking institutions may feel jeopardized by bitcoin.. but for the moment they know they still have the upper hand.
There is no reason to refuse such transactions.. as for the banks, it only makes a new source of revenue, so new funds to place on traditionnal trading places.

In the end, I hope bitcoin will allow us to get rid of traditionnal banks. But it is still too soon!

What? Coinbase is blacklisted by them? just use VPN then LOL joking
I agree with others, just use more friendly bank account, they have nothing to do with what we earn online, as long as it is not money laundering
Or perhaps your friend withdraw huge amount of money and frequently? It is normal for the bank to take precaution then

I heard of some bitcoin traders who were asked to closed their account because they had bitcoin transaction.  As most of the government do not support bitcoin, it is expected.

the real fight against bitcoin have started, this time banks will lose, the time will come when bankers will  be scared to lock the money from people.

Your bank won't allow you to use bitcoins? Well then show them they made a bad decision and take all your money out. This is ridiculous. Coinbase is pretty much the largest exchange in the US. And banks not accepting funds from it just stupid, considering the gov't itself consider the exchange's operation legal. I live in a third-world country and all banks here accept bitcoins from our local exchanges.

Anyone has an account with them should terminate the account immediately.

Hope the banks realise customers can open accounts in other banks.

Just use a different bank, this is new info I heard so far from a bank.
In my country this is not a problem yet, I hope this issue never happen
to my bank, The government are trying to stop the progress of bitcoin cant anyone see it.

This is what we hate, banks always limit the money we have. With the bitcoin we can feel the freedom of owning the finances themselves, without the help of banks without government assistance.

At least they sent him a letter before taking any actions. Some banks will just terminate an account without even sending any notice and explanation for the termination of their accounts. But that policy of Lakestone could hurt their market as more people are somehow connected to btc. I bet most of their clients who are transacting in btc will move on to another btc friendly banks as soon as they received those letters.

What must happen is the following :

Some of the richest Bitcoiners or Crypto millionaires should open a Bank for Bitcoiners and give these people some

competition. There are millions of Bitcoiners out there and they should have their own Banks. I would move all my business

to a Bank that supports Bitcoin.  ;)

This is very bad, I will just close my bank account and move on to another bank. Thanks for the information, I will avoid this bank at all costs.

Everyone leave them a bad review. I'm not against banks but I am against banks trying to me a monopoly. That's one of the points Bitcoin is trying to solve. This bank is trying to act as a monopoly and should be exterminated.

Why this Banks always threatens Bitcoin only? there is a thousand of other cryptocurrency out there, I think they are just hiding something behind their coats because they have a plan to penetrate the cryptocurrency itself in the future or they have already chosen a specific crypto coin to support.

The banks actually starting to look over bitcoin but before they even accept transactions like converting bitcoin into their national currency and deposited to the account of their client but since the value of bitcoin grow so fast banks become threaten of its capabilities to kill banking institutions also another point is that some countries start to legalized bitcoin and if this happen around the world with the technology of bitcoin banks are no longer needed.

The problem here is that what they are transacting now is Fiat Currency and is most likely legal. There is no sense behind making your bank account be terminated because your Fuat Currency came from Bitcoin or its transaction originally. It is like prohibiting both the business and the person to have their normal transaction. Luckily they are loopholes in their problem where they can operate from another bank to their affected bank.

There will always be another bank that you can use instead as a customer you are not doing anything wrong buying bitcoin if they don't want you doing that take your fiat somewhere else.

In my cohntry as well news have started circularing that banks under the order of he government that there has been an order to close accounts of jokders wherein bitcoin transaction was used or stored in it which hs caused panic and fear to some crypto users

The war between bankers and the cryptomir has only just begun. In 2018, we will see fierce fights on the money market.
Closure of accounts, only a small and ridiculous step made by the bank.

That's really sad but a lot of governments and banks are doing such things to Bitcoin users, he should switch to a more BTC friendly bank asap.

They will lose costumers... money will shift to diferent places... dumb idea by banks.

Bank are dinosaures. Old and greedy never-have-enough people...

In some i think yes but in our country no because bank and crypto help each other to our economy here,actually some work here in our country are more on crypto and it help the economy that's why it continue to grow and it's spread day by day here.I say the bank and crypto have a lot of people that works like in our country called coins.ph it's a wallet that need to monitor day by day so it's a job and it's a bank and a btc wallet also.

I suppose these would look like some exchanges that require ID photos and government documents. Definitely would not be anonymous but people in need of loans would accept any good deal they can find. That would be the only use of these "bitcoin banks" anyway since bitcoins allow us to keep our money on our own.

I don't know how they'll do it but more competition is definitely better. Give these bankers a run for their (well not actually their ;D ) money. 110% support.