Banks blocking accounts related with crypto

[coinmgnet]

Am I the only one who heard that banks started blocking accounts of people that generated money via crypto trading or crypto investments?
The war Crypto vs Banks has begun?

[8count]

I'm hearing the same, in Australia Westpac bank is apparently blocking accounts linked with cryptocurrency even thou they have also invested 75mill in Coinbase. Their is talk about a class action against them for anticompetitive practices as per section 45 of the competition and consumer act of Australia.
Interesting times ahead as the battle continues.

[makishart]

Am I the only one who heard that banks started blocking accounts of people that generated money via crypto trading or crypto investments?
The war Crypto vs Banks has begun?

this case already happened with bitfinex, how the banks are blocking their account to receive wire transaction from the users. But this word will be suitable for those bankers. They hate it but they need it. In that case the operation of the bitfinex backs to the normal again.

[DroidR17A]

Seems like it's just the Aussie banks: http://www.smh.com.au/business/bitcoin-tensions-rise-as-investors-claim-banks-freezing-their-accounts-20171229-p4yy3z.html

It's interesting to see the financial institutions trying to block cryptos, when the Aussie government is awarding contracts to crypto companies like PowerLedger.

I guess the banks are in a hurry to speed up their demise.

[TheAlchemist]

Oh, it looks like people started to take their money from banks and carry them to the crypto currency market. Of course, banks calculate the losses and want to keep some of their investments with their bans. I do not think that this will make any sense in the long run. Since there are other ways to withdraw money. And banks will lose even this small percentage of transactions.

[cryptowhatnow]

anyone heard about banks doing this in the EU?

[GrannyC]

Am I the only one who heard that banks started blocking accounts of people that generated money via crypto trading or crypto investments?
The war Crypto vs Banks has begun?

In general, regulations are becoming more troublesome at least in Europe. Under the money laundering prevention measures many people who have totally legit activities have to undergo heavy bureaucracy for silly things and risk blocked accounts.

[Schirer]

I heard about Australia, madness!
I understand that banks could block accounts associated with exchanges since in most areas they need financial license's but regular traders, this is just madness , i hope they will lose when that get sued.

[sic_null]

i keep hearing about it but have only seen one actual photo showing proof.

With all the banks around, just switch to a new one. Problem solved 

[karungbitcoin]

In my country Indonesia also Bitcoin and others cryptocurrency not regulated yet and now become issue. But at the moment all transaction between fiat money with crypto going smothly. I hope my country will regulated Bitcoin and others cryptocurrency like Japan because crypto really help many poor people in here.

[Acguy]

This actually started way back and is still continuing to happen due to not knowing the origin of where the currency came from.

[Febo]

Am I the only one who heard that banks started blocking accounts of people that generated money via crypto trading or crypto investments?
The war Crypto vs Banks has begun?

That is happening for past 7 years.  What you should do? Thank them for pleasant time you had with them and pick up new bank that is crypto friendly. Now are way more then were 7 years ago.

[The Matrix]

Am I the only one who heard that banks started blocking accounts of people that generated money via crypto trading or crypto investments?
The war Crypto vs Banks has begun?

In general, regulations are becoming more troublesome at least in Europe. Under the money laundering prevention measures many people who have totally legit activities have to undergo heavy bureaucracy for silly things and risk blocked accounts.

Yes also in EU. Here in Denmark several of the biggest bank declines to recieve money earned from crypto. People are changing their banks to other and smaller banks that are crypto friendly and also people are ordering credit card like Bitpay, Tenx, Wirex and Monaco cards. I guess the banks all over the world are reacting to the threat that crypto obviously is to their business. I guess peoples creativity always will be a step further than those who resist change and try control and manipulate society. Quite alarming that this happens all over the world. But things will change for the better. It´s just scared banksters trying to protect their lousy business as usual.

[Jeepney_koh]

Am I the only one who heard that banks started blocking accounts of people that generated money via crypto trading or crypto investments?
The war Crypto vs Banks has begun?

I already predicted that before. Now it is happening in the real world. They are banning cryptos because it is affecting there business now. Banks lends big businesses in which they gain a lot of profit. Because of crypto, many people are investing in it and the profit is directly given to them. Instead of putting their money in the bank for savings, they are withdrawing them for cyrpto investment and its a big loss to banks.

[upisdown]

Well, In My country I have not seen any such examples. I just want to clarify one thing at this point, the medium from which you get your conversation from crypto, make sure it pays tax to the governments then the banks has no right to stop your crypto money into your local currency

[shaun98]

Yeah, I've been hearing of it too. Are they even allowed to that, if the country doesn't ban crypto? Cause there's no rule where you aren't allowed to buy crypto in most countries.

[RichardBTC]

I dont see how the banks would have any say in what income comes into your bank unless by government order? If this is true i really feel sorry for the countries affected, this will just promote the unorthodox methods of getting money out of crypto now

[Crypington]

The first time I tried to buy on coinbase both Bank of America and Barclays “froze” my account. They eventually unfroze them after I called and verified the charge, but Barclays still would not allow the transaction to complete.  

I’m not entirely convinced it is because they are scared of Cyrptos, though, they said there is too much fraud and scamming going on, and they keep having to eat charges.

[bitcoinbox]

Can a bank block or close an account without good reason? I have a doubt that the purchase or sale of crypto currencies appears in the general conditions of the contract that link us with the bank.

[kevoh]

More and more strict regulations of all that is related to cryptocurrency will be happening a lot this 2018. It's going to be a tough year for us - the users, we need to brace up. If you live in a country where your crypto related bank accounts have not been banned or blocked already or SEC prevents you from participating in ICOs then enjoy the ride for now.