Royal Bank of Canada BANS ALL Cryptocurrency Transactions!

[Pan Troglodytes]

In my opinion it shows only that they are confused. Just change a bank and that's it. They don't support crypto transactions because their business model is risk based, and they can't assess the risk involved with crypto and they just want to be on the safe side. I don't think that it means they are anti-crypto, they are just a little scared and confused.

[OrlandoLasso]

In my opinion it shows only that they are confused. Just change a bank and that's it. They don't support crypto transactions because their business model is risk based, and they can't assess the risk involved with crypto and they just want to be on the safe side. I don't think that it means they are anti-crypto, they are just a little scared and confused.

Why would they restrict their clients from buying Crypto with debit though?  It's my money and my risk to take.  They allow me to blow thousands at a casino if I feel like it. 

[TIDOVEE]

Bitcoin will be a threat to many of those banks because the success of bitcoin may be lead to loss of value to them, as it will reduce their effectiveness soon even by the time people earn well less people also request loans from and when are better established they invest more in bitcoin. Buy for now they have a lot to offer bitcoin users during exchange.

[SuperD007]

Wow man, I expected the Canadian banks to be a bit more open-minded about crypto.

Oh well, I guess we can all expect some sort of "push back" from all banks, I mean they know what a massive threat crypto is to their business so they will obviously try to push back wherever they can.

Change is inevitable no matter how hard they try to fight it.

Also, I'm sure if you use LocalBitcoins.com then your bank won't know what the transactions are for. They will not be able to tell that they are crypto related.

[Pan Troglodytes]

In my opinion it shows only that they are confused. Just change a bank and that's it. They don't support crypto transactions because their business model is risk based, and they can't assess the risk involved with crypto and they just want to be on the safe side. I don't think that it means they are anti-crypto, they are just a little scared and confused.

Why would they restrict their clients from buying Crypto with debit though?  It's my money and my risk to take.  They allow me to blow thousands at a casino if I feel like it.  

I think that while the country crypto-involving laws and regulations are not existent or unclear, their risk departments might not be able to correctly assess the risk involved in their operations and thus they may issue ill-thought internal regulations prohibiting all kinds of such transactions.

On the other hand, gambling laws are usually quite well established and quite mature and that is why that they are very confortable allowing those transactions.

Don't confuse the risk that involves you and their (bank's) risk (like when you gamble, you take your own risks - they couldn't care less about your risk). What I refer to as "risk" is their (bank's) risk - the risk to a financial institution related to legal dealings in uncharted territory of cryptocurrencies.

[Pursuer]

Wow man, I expected the Canadian banks to be a bit more open-minded about crypto.

Canadian banks are open-minded about bitcoin. in fact there are some banks in Canada that are so happy that bitcoin exists and are even talking about adopting it and offering a bunch of services for it. what you read in OP is just one bank in Canada that presumably did this according to OP.

[Pan Troglodytes]

Wow man, I expected the Canadian banks to be a bit more open-minded about crypto.

Canadian banks are open-minded about bitcoin. in fact there are some banks in Canada that are so happy that bitcoin exists and are even talking about adopting it and offering a bunch of services for it. what you read in OP is just one bank in Canada that presumably did this according to OP.

In each flock there must be a black sheep, it seems

In my (european) country thay started closing accounts too, some companies running well-known exchanges had to even escape abroad to be able to keep on running their service. Which strikes me as particularly dumb - the authorities could have retained their share of the profit in taxes if they kept them from running, and now the taxes will go to completely another jurisdiction.

[VitKoyn]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

Canada didn't have a banking ban for cryptocurrencies right? so I assume that you can still buy and sell cryptocurrencies using other local banks in your country, better to pull out all your money on that bank an transfer to a bank that will let you spend your money on where you want to use it. Some banks are now being threatened by cryptocurrencies that's why they don't want their customers to use their service to purchase cryptocurrencies and those risk and environmental factors are just an excuse. Don't be a puppet of this banks on where you can only use your money. People shouldn't trust banks like this.

[gabmen]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

Well i don't think you should be surprised. That's why banks are threatened by btc because they control your own money. Think about it, they shouldn't have anything to do with your debit card purchases right? I can understand if it's purchased through credit cards but using debit card should allow to make any purchase you want

[imteaz]

I'm from Canada, and i know Royal Bank has stopped transaction related to cryptocurrencies, But it is only 1 bank, There are lots of banks who still fine with crypto, such as CIBC, Scotia Bank, BMO, TD Bank etc, so you don't have to worry about it.

[livingfree]

They can see it as a threat so they have to ban all crypto transactions just like what the banks from the India did.

Maybe the same thing will happen that there will be people who will be against to this move who are supporters of crypto. But if this is final and their decision won't change then you have to accept the fact and look for another way to load up your account.

[bit-freedom]

It is just one bank in Canada banning crypto transactions. To make thing easy, why don’t you just open another bank account for crypto? If the other Canadian banks are not banning the crypto transactions, there is no reason for Royal Bank of Canada to continue the ban.

[cellard]

then it is time to change your bank!
it is simple, when a bank that you are using stops offering the service that you wanted to use, then you simply switch to another bank that does offer that service. other banks may not have the same rules, and i know that some of them are even offering cryptocurrency related services such as a cryptocurrency vault in  Pacific & Western Bank of Canada.

Soon will be entire nations banning crypto, so even if you change to another bank, and let's say you are in Canada like OP... then every bank under Canadian jurisdiction will not allow you to do anything crypto related, which means you are forced to, at that point, move your crypto activities off-shore, which can lead to some problems if you don't know what you are doing.

This is why im too scared to do anything with my coins other than holding them. It's better to just hold long term and let everyone take their masks off and define themselves as pro bitcoin or anti bitcoin, and once it's clear who is going to give you a good treatment and who is going to steal and confiscate all of your funds as soon as they hit their bank's jurisdictions, make some moves. Until then my advice is to not risk it, just hold and let things develop.

[cryptohunter]

Any bank banning you using your actual own money to fund crypto is insane in the developed world.

Get a new sensible bank a global one like barclays or hsbc

These are developing crypto trading platforms.

Sure banning credit card purchases is understandable but all transactions


When the winds of change blow some build walls others build windmills...

Smart progressive banks will crush out those that don't see change is here now.... people can always move to other banks so they will expand whilst the others vanish

[yourmomy]

Cryptocurrency now as a locomotive that can not be stopped. Its development is inevitable. Banks will try to stop it, but it will not stop the development, but only slow it down. This is certainly not good news, well, nothing, bitcoin will survive it.

[yoseph]

My bank, RBC has banned all transactions involving crypto.  I can't even fund my Coinsquare account with my debit card anymore.
This is the response I got when I emailed them about it:

"The cryptocurrency environment is continuously evolving. After carefully reviewing the current regulatory, risk, and external environmental factors around cryptocurrency, we've elected to stop facilitating transactions involving cryptocurrency. We will continue to monitor these factors going forward."

They are surely going to regret it in some time to come when their customers are going to stop using their banks and go to other banks which are offering services that suit their customers. I suggest that OP moves all his funds to a new bank.

[bitcoinposts]

banking restrictions are common in the crypto currency filed but in Germany banks transferring loans through bitcoin so there is variations in every county banks to understand

[jpespa]

Well cryptocurrency definitely has risks involved and maybe it would endanger the bank if they continue to get involved in transacting crypto. Because these cryptocurrency is decentralized if something bad happens, bank may not be able to do anything.

[OrlandoLasso]

Here's the thing.  What if I want to transfer $1,000 to CoinSquare and invest in US dollars or gold stocks?  Who says I'm going to trade my CAD for Bitcoin?  The bank is telling its clients which investing organizations we're allowed to use.  Any email or phone call you make to them just results in a minimum wage employee repeating the same banter about cryptos being risky.

[coinwizard_]

They are simply trying to defend themselves against the inevitable collapse of the banking sector. They can try to ban cryptocurrency trading but there will always be a way, most likely we will move to decentralised exchanges like BISQ.