Big 5 Canadian Banks Will Not Accept Cryptocurrency

[BitTechNewbie]

Hey everyone,

I was speaking to a branch manager today from one of the top 5 Canadian banks. They were saying that there is now a directive going across all the banks that if anyone deposits money that comes from Cryptocurrency that their accounts will be frozen.

I wanted to ask you guys, especially the ones who have been into Cryptocurrency for years. Have you guys heard this issue before?

I look forward to your response.

Thank you,

BitTechNewbie

[squatz1]

Yeah, many have heard of issue like this. And while I haven't heard of this issue in Canada, as I don't live in Canada, that doesn't detract from the point that this is happening all over the US as well. This is the reason that if you're buying BTC with a bank cash transfer, you're advised to NEVER mention BTC as the reason for it -- so they're not able to freeze your account.

This happens, banks are trying to hold onto power. It's usual.

[ahmedjamal1998]

Did you ever think banks are just gonna give up easily and lose control on the economy easily ?
Not gonna happen. In fact, you haven't seen anything yet. This is just a start. I
If they decide to start a real war against crypto, things will get difficult and it would actually affect the demand in bitcoin (not sure how big this would be).

I'm not talking about now or even next year, but generally as time goes by. They won't give up easily.

that if anyone deposits money that comes from Cryptocurrency that their accounts will be frozen.

And how are they going to find out whether or not that the money is from crypto.
Money coming from exchanges makes sense as they can just track those. But what about transactions between individuals selling and buying btc ?
They can't do sh*t about it.
Whenever I sell, I do it the old "hand to hand" method. I avoid all banks transfers, deposits etc.

[avikz]

Hey everyone,

I was speaking to a branch manager today from one of the top 5 Canadian banks. They were saying that there is now a directive going across all the banks that if anyone deposits money that comes from Cryptocurrency that their accounts will be frozen.

I wanted to ask you guys, especially the ones who have been into Cryptocurrency for years. Have you guys heard this issue before?

I look forward to your response.

Thank you,

BitTechNewbie

That's sad! Banks are seeing bitcoin as their biggest enemy now. The fear of loosing business to crypto currencies is engulfing them big time. However, I am sure you guys have many other banks in your country who are not a part of such a group. If possible close your account with such useless banks and move your funds to small co-operative banks. Also don't keep all your funds in a single bank account. Instead create two or three accounts with small banks just to be on a safer side. This type of hostile mentality is really sad. IT's your money and Banks don't have any right to freeze your entire funds, but they have the power to do so. So it is better you take away your business from them.

[olubams]

Hey everyone,

I was speaking to a branch manager today from one of the top 5 Canadian banks. They were saying that there is now a directive going across all the banks that if anyone deposits money that comes from Cryptocurrency that their accounts will be frozen.

I wanted to ask you guys, especially the ones who have been into Cryptocurrency for years. Have you guys heard this issue before?

I look forward to your response.

Thank you,

BitTechNewbie

Banks are known to be hostile towards bitcoin users over the years and not until when they get a directive before they show their colour it has always been there and even not only Canada several other countries in the world face the same thing. Since that is the case, we can then tackle it the same way in those other countries which is mostly using a peer to peer options in cashing out your bitcoin and if it goes through the bank, it will merely be like citizen A sending money to citizen B which is not a crime in most countries of the world.

[franky1]

this is stupid.
when someone buys bitcoin. the fiat does not burn and evaporate into a cloud of dust. the fiat just transfers from the buyer to the seller. banks know this and know that bitcoin is not a economic threat. (fiat still circulates, it doesn't disappear)
so anyone saying its a 'economic control' ploy is just making an uneducated opinion based on rumour and not fact.

the reason that banks are cautious about people receiving fiat which is linked to a sell of bitcoin is to do with the traceability of what that bitcoin was initially used for. banks are cautious to not handle funds of drug dealers and child molesters and other laundering(mixing) stuff

and while the tide of perception could have changed where bitcoin could have been used as a common currency to buy food, rent, vehicles. the whole tx fee has crippled the consumer/retail potential use of bitcoin for common use. and so banks still see bitcoin as something predominantly used for the more nefarious stuff.

now going back to the 'economics' opinion some have. banks and governments have legislation to keep fiat in circulation. things like the national minimum/living wage ensures people get paid in a certain currency for the majority of people. taxes, fines, public sector businesses/services receiving and using fiat from the treasury.

all of this means that bitcoin wont take over a countries economics just by existing. instead lots of legislation would need to be repealed first no matter how popular bitcoin became, and as that is not something that is happening at any time soon then its not something banks have to care about.

in short
its like banks in canada do not care about how popular the Euro is, they also dont worry that the Euro will b a economic threat to canadian banks just because of popularity. because there is canadian legislation that keeps canadian dollars in circulation where taxes, salaries, fines and public services are circulated using canadian dollars in canada, not the euro

[LeGaulois]

Hey everyone,

I was speaking to a branch manager today from one of the top 5 Canadian banks. They were saying that there is now a directive going across all the banks that if anyone deposits money that comes from Cryptocurrency that their accounts will be frozen.

I wanted to ask you guys, especially the ones who have been into Cryptocurrency for years. Have you guys heard this issue before?

I look forward to your response.

Thank you,

BitTechNewbie

Yeah, it happens in multiple countries and not only for deposits received from cryptocurrencies companies but for sending money to crypto businesses (usually exchanges sites) as well. Here in my country, it happened with Kraken when several banks stopped to send any funds to them unless you sign a paper explaining you understand the risk of fraud. (They were blocking payments telling there is a high risk of fraud lol)

Your banks may have been brainwashed by the bank of Canada

[franky1]

it happened with Kraken when several banks stopped to send any funds to them unless you sign a paper explaining you understand the risk of fraud. (They were blocking payments telling there is a high risk of fraud lol)

yep its not a 'economic threat' reason as the OP presumed. its about nefarious usage.

the more specific reason that these red flags are raised is that sometimes a business has been highlighted as receiving funds linked to a crime. or more commonly that scammers send funds to things like kraken, then the scammer cries wolf to say he has been defrauded to do a chargeback /bank wire reversal, thus making kraken look bad and become an alert to banks that see funds moving to kraken due (yes its the main reason) to chargeback scammers

[Nilda]

Not only in Canada. Because cryptocurrency isn’t regulated yet. Some countries even banned bitcoins. Give them time. I’m sure they’re not aware of what’s happening right now.

[streetlight]

I do not know if this is actually true but if it is that is okay as you won't hear anyone that is serious into crypto going to the bank and saying it comes from crypto $. If they say this then they are absolute idiots and there is nothing anyone can do about it, but this is the way things go sometimes with people. They think banks have power and they should be subservient to it.

[jseverson]

Wait what? I though such cases were isolated incidents regarding exchanges? I had no idea it was also happening with regular users. How are they going to know where the money comes from anyway, provided the account had already been opened beforehand?

I know we don't have confirmation yet, but this is kind of a big blow to crypto. Canadians shouldn't mention anything about crypto to their banks for now. This is a good example of why we need crypto though -- banks have too much power.

[freebutcaged]

There is a way to bypass the legislation and regulations of governments they have over banks, mate banks are in bed with us, they finger our hole

And we do the same for them, we're fuck buddies. governments don't like it when banks try to hide their activities for certain people from certain

Countries. exchanges need to use a new account with just the cash out amount requested by their customers and if a certain bank blocked their

Funds after a certain transaction, exchanges would know who was the fucker by knowing they only used that certain bank account for only one

Person, and since they log all the information, they should send someone to kill the bastard rat.