Banks blocking accounts related with crypto

[geyayy]

Even in my country, and my friends are telling me that the banks are somewhat starting to block accounts that seems to be involved in crypto currencies. However, I am not having any problem in my account, I can still deposit and withdraw money from cryptocurrencies, the one I am converting my bitcoins.

[Kingofbitcoin12345]

In my country, Bangko Sentral ng Pilipinas "BSP" (Philippines) supports crypto currency. However a local BANK here named BDO (Banco De Oro) forcefully closed one bank account because of transactions related to crypto. The account owner reported the BANK branch to BSP. In the end the account was released and unblocked.  . im so lucky i live here.

That’s good news and hoping the Philippines will soon legalize it like Japan does.. Most bank like BDO might feeling the hate now from this incident by the Pilipino bitcoin users community and I hope it will reflect to they’re net worth soon.. The BSP is doing such good job as one role model in taking action fairly in both sides and I’m sure the new government administration has the big effect on this..

[fabuloveu]

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 was told that same thing is beginning to happen in Nigeria. But this will only complicate issues for them. Apart from legal battles the banks will subject to themselves, the cryptocurrency investors will always find alternative ways of dealing.

The CBN of Nigeria has already issued a notice to bank to closed all account related to crypto from day 1. Their fear is that there are many fraud in the crypto world and they dont want their customers to lose their money. Remember the MMM ponzi scam was the CBN case study. All they are is saying is that bitcoin is a ponzi scam.

[fabuloveu]

Banks are still at the win win side. Once you convert your crypto into fiat and send to your bank account, bank still charges some percentages and also they charges you when you deposit fiat into your crypto exchange.

[Timeme]

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?

Maybe not Crypto vs Banks? It's the Crypto versus the state, because the Banks are also controlled by the state, so it's possible that the state has relevant regulations that restrict Crypto.

[mashort]

even in my country in Kenya, there has been a crack down on crypto traders especially in localbitcoins. banks are scared stiff

[ClvrGmr]

What you heard wasn't true. Banks maybe not a pro crypto but neither they are anti. Cryptos are too many, we can't be specific to it and bank is centralized. You can't go to war alone.

[Iyanu14]

There must be something more to it. An account been connected to crypto shouldn't be blocked since banks are also investing in it.

[Naoko]

What you heard wasn't true. Banks maybe not a pro crypto but neither they are anti. Cryptos are too many, we can't be specific to it and bank is centralized. You can't go to war alone.

I agree...it can't be true, because the banks are centralized, as you said, and I don't think that they would have started such war, because it will end badly

[cryptopan]

I am from philippines some of the banks here are doing that,i suggest ask them in email first if whats their point of view with crypto and if they support it switch to them to protect your crypto assets.

[Hopeman1]

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 want to know which bank has restricted bitcoin transactions? I only know that China has limited the bank accounts of several large miners.

[cryptotsunami]

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?

Almost everybody knows that it is happening specially if you are involve in trading or sig campaign. Every time you need money to pay bills , you ou have to cash out, if you have a bank account all you need is to transfer your converted into your account and suddenly those banks will give you a letter and interview you. Some of the banks will force close your account.

[bamb]

Who needs bank anyway! If crypto communuty stick with bitcoin and patronize those businesses that accept cryptocurrency, then  there will be no need for bank! ALGORY.IO  is multifunctional trading tool for your crypto portfolio! Get ALGORY TOKEN NOW! It ends on Monday!

[gustaf.berg]

Even in my country, and my friends are telling me that the banks are somewhat starting to block accounts that seems to be involved in crypto currencies. However, I am not having any problem in my account, I can still deposit and withdraw money from cryptocurrencies, the one I am converting my bitcoins.

This was very much expected move from banks actually. We all know that governments doesn't like blockchain because of the tax issues. banks will try their best to abonden you and me from blockchain world but of course they won't be able to succeed.

[nakamote]

Yes this very alarming,my friend's account was closed here in our country because the banks are started to get alarmed by BTC's price.

[Tidsdilatation]

Ive heard about it. Here in Sweden, to be able to transfer money you need to specify for what use the money will be used. If you mention bitcoin during this call you will be put on a list inside the bank. I can only guess what they will do with this list later on, maybe close our accounts or something?

[rejosh]

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.

This is very interesting I hope us and EU won’t start this nonsense   

[@ngelcryptopia]

Yes, this happened in Singapore where a major local bank stopped business relationship with coinhako, coinhako is similar to coinbase.

[cryptotitan]

This is just a normal move from the banks,fiats are getting fucked up by the crytocurrencies.

[gabbie2010]

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 was told that same thing is beginning to happen in Nigeria. But this will only complicate issues for them. Apart from legal battles the banks will subject to themselves, the cryptocurrency investors will always find alternative ways of dealing.

The CBN of Nigeria has already issued a notice to bank to closed all account related to crypto from day 1. Their fear is that there are many fraud in the crypto world and they dont want their customers to lose their money. Remember the MMM ponzi scam was the CBN case study. All they are is saying is that bitcoin is a ponzi scam.

The clamp down on crypto related account by CBN of Nigeria is unrealistic considering the fact that cryptocurrencies trading is legal and trust Nigerians traders they will find alternative means for there transactions that is the beauty of Cryptos "decentralization" the deals will be done anonymously.