chances of bank closing account if you buy bitcoin

[rosebrand]

It depends on your location and the rules guiding that region, if you are in a country which is against bitcoin and warns individuals not to indulge in bitcoin or crypto related activities, then you get credited and the description bears the name bitcoin or bitcoin attached to it surely your account will be blocked immediately tho there might not take your money but at same time you can't make use of it untill you go to the  bank to explain urself and believe there are questions you will surely need to answer and if you are not lucky enough you might face a penalty for violating the rules.

[macson]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

Your best bet is probably to head over to the local section, and ask about the specific bank you're planning on using. The answer to your question will pretty much vary with country to country and with bank to bank.

what ^@mk4 said is true, it all depends on the respective country....here in my country there is not a single case as you said, the bank does not close someone accounts that transact Bitcoin.  if you hear this from someone then it is most likely "FUD".

[thesmallgod]

According to recent crypto regulation in Nigeria, The central bank has asked the bank to close any customer that his/her account linked to any crypto related transaction. In such case the account holder might lose his/her money when the account is freeze by the bank. However, for someone who can afford a lawyer can make case with in the court to get his/her account unfreeze

[xiboothrezi]

i think bank would not close if you buy bitcoins. people still need pitty cash and keeper so that we can secure are savings.--

This really depends on the regulations that apply in a country related to bitcoin.  If there are no restrictions on engaging with cryptocurrency, then there is no problem if we make crypto or bitcoin purchases through a bank account.  in fact, the current trend is that many centralized exchanges provide direct withdrawal services to bank accounts.  This is the main attraction because it is very easy for users.  so for convenience, please check the cryptocurrency rules set in your country.

[masphie]

What do you mean they can't taking all the money ?
It seems impossible for a bank to withhold some of the money from its customers if all of it will be taken.
The possibility that what could happen is that the bank cannot give all the money that the customer has in large amounts if the demand is sudden. So you have to confirm before taking large amounts of money.

[Newlifebtc]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

I think those policies have been revoked and if it is still uphold in your country it is advisable you go for pair to pair or while doing the transaction don't specify is for the purchase of bitcoin or any crypto just transact and say its for business purpose

[pinggoki]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

If they close your bank account just because you are buying bitcoin or you are using this bank account to transfer your profits on cryptocurrency or bitcoin then probably they will just hold it first before closing your entire bank account and another thing is that you will be able to received some messages from the bank informing you that they will hold or close your bank account. I've seen a lot of this in our country to avoid money laundering.

[Kakmakr]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

The chance is very big that they will do this again, because they did that in the early days.. when Bitcoin was still a huge threat to them. If you want to be safe, open a new account at another Bank ...just for the purpose of using that for Crypto currency transactions. (That way, if they close the account.. it will not be disruptive and your other savings will be protected.)

Banks quickly saw that they were the off-ramp for Crypto that was converted to Fiat and that they could cash in on the transaction fees of these trades... so they forgot about those days. 

[Coyster]

According to recent crypto regulation in Nigeria, The central bank has asked the bank to close any customer that his/her account linked to any crypto related transaction. In such case the account holder might lose his/her money when the account is freeze by the bank. However, for someone who can afford a lawyer can make case with in the court to get his/her account unfreeze

That's the situation in Nigeria at the moment as the banks have disassociated themselves from cryptocurrency transactions (not a ban though), as it's no longer possible to buy crypto using credit/debit cards of Nigerian banks, neither does the bank process crypto to Fiat, into customers bank account via exchanges, everything related to crypto is as such done via P2p now.

Having said that, if OP is a resident of a country like Nigeria, then P2p is a reliable option, and then you avoid making it known to people that you either have or bought Bitcoin, but if you're in a country that sees nothing wrong with crypto, nor have any laid down regulations, then you can freely buy and transfer your funds into your bank account after selling without any hassles of any sort.

[conected]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

The chance is very big that they will do this again, because they did that in the early days.. when Bitcoin was still a huge threat to them. If you want to be safe, open a new account at another Bank ...just for the purpose of using that for Crypto currency transactions. (That way, if they close the account.. it will not be disruptive and your other savings will be protected.)

Banks quickly saw that they were the off-ramp for Crypto that was converted to Fiat and that they could cash in on the transaction fees of these trades... so they forgot about those days. 

If an account has been caught, there are chances account with the person's name and bank verification number vulnerable to been caught again because it will be under watch. It is important to avoid being caught by carefully sending fund, as most exchanges advice never mention anything cryptocurrency as sender and warn anyone sending to the account also.

- The situation of arrest is quite rare in recent years as the buying and selling processes have become more thorough than in the beginning, everyone knows how banks are capable of observing our accounts, so negligence in information is not advisable. But in the modern and evolving era of crypto and bitcoin, banks are also quite comfortable in this matter, they encourage and observe more on the profitability of services, the cost for such services is also not low and so they can close their eyes and pretend they don't know the truth inside.

[Bilgent]

As long as making investment into cryptocurrencies is not forbidden in your country, there must be no chance for banks to do such thing. In the end, why would banks do that when there is no reason for it? It doesn't make sense.