Blacklisting of payment processors USD

[OracolXor]

The other day I was trying to buy the dip   using my Atomic Wallet ( they use Simplex payment processor)  ..but to my surprise (and after about 2 hours on the phone with Capital One customer service representatives) I found out that they have blacklisted any payments processors that deal with cryptocurrencies. I had to verify so I tried another service to buy BTC with credit card online but same thing happened. Tried two credit cards and two payment processors. Is anyone having similar issues lately?
If the financial institutions in the US are restricting the fiat to BTC and vice versa  ..that would be very bad news for the already dropping price.
Cheers!

[1715123506]

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[BitcoinGirl.Club]

It's a common crisis when bitcoins price goes down.

Lately this is what I am thinking. Have some USDT or any other stable coins. Just keep them so that when needed you can just convert them into BTC. There are a risk always though. You have to trust the future of that stable coin you are dealing.

[gentlemand]

Just to double check these are credit cards and not debit cards? Have you used it without trouble in the recent past?

Many banks in many places have shut down the option of buying crypto with credit cards. Debit cards are a separate thing and often still work. Depends on your bank.

[exstasie]

The other day I was trying to buy the dip   using my Atomic Wallet ( they use Simplex payment processor)  ..but to my surprise (and after about 2 hours on the phone with Capital One customer service representatives) I found out that they have blacklisted any payments processors that deal with cryptocurrencies. I had to verify so I tried another service to buy BTC with credit card online but same thing happened. Tried two credit cards and two payment processors. Is anyone having similar issues lately?
If the financial institutions in the US are restricting the fiat to BTC and vice versa  ..that would be very bad news for the already dropping price.
Cheers!

The big US banks (including Cap One) have been trying to block crypto purchases with credit cards since at least early 2018. https://www.coindesk.com/coinbase-confirms-4-banks-blocking-bitcoin-purchases-on-credit-cards

So this is nothing new. It makes sense too. I took a personal loan years ago and the bank clearly prohibited using the funds for investments. I assume credit card agreements have similar restrictions. They are loaning you money based on your income, not trying to fund high risk get rich quick schemes.

It started with Coinbase but they're getting around to blacklisting all the known processors. Simplex is one of the biggest so no surprise there. You can probably get by with a smaller card issuer but the big banks like Capital One are locking it down.

[OracolXor]

Just to double check these are credit cards and not debit cards? Have you used it without trouble in the recent past?

Many banks in many places have shut down the option of buying crypto with credit cards. Debit cards are a separate thing and often still work. Depends on your bank.

Yepp, credit cards that I used with no problem for at least 1 year to purchase BTC

[OracolXor]

The other day I was trying to buy the dip   using my Atomic Wallet ( they use Simplex payment processor)  ..but to my surprise (and after about 2 hours on the phone with Capital One customer service representatives) I found out that they have blacklisted any payments processors that deal with cryptocurrencies. I had to verify so I tried another service to buy BTC with credit card online but same thing happened. Tried two credit cards and two payment processors. Is anyone having similar issues lately?
If the financial institutions in the US are restricting the fiat to BTC and vice versa  ..that would be very bad news for the already dropping price.
Cheers!

The big US banks (including Cap One) have been trying to block crypto purchases with credit cards since at least early 2018. https://www.coindesk.com/coinbase-confirms-4-banks-blocking-bitcoin-purchases-on-credit-cards

So this is nothing new. It makes sense too. I took a personal loan years ago and the bank clearly prohibited using the funds for investments. I assume credit card agreements have similar restrictions. They are loaning you money based on your income, not trying to fund high risk get rich quick schemes.

It started with Coinbase but they're getting around to blacklisting all the known processors. Simplex is one of the biggest so no surprise there. You can probably get by with a smaller card issuer but the big banks like Capital One are locking it down.

Well this must be recent in Canada then ( I am located in Canada ) . I am using  these 2 cards for paying various crypto related expenses ( hosting fees ,SSL,Fiverr etc) for our platform , and I have never had a problem to pay in any country for any service so far, until now..Let's hope is just a local thing

[LeGaulois]

Paying for services/expenses related to your crypto activities (Fiverr, SSL, hosting) is a lot different than buy cryptos directly. They don't prohibit the first but the second, not the industry but the item (coins)

2 different things, that's why.

[OracolXor]

Paying for services/expenses related to your crypto activities (Fiverr, SSL, hosting) is a lot different than buy cryptos directly. They don't prohibit the first but the second, not the industry but the item (coins)

2 different things, that's why.

What do you mean "that is why" ? I was buying cryptos for the past year using those cards...

[squatter]

2 different things, that's why.

What do you mean "that is why" ? I was buying cryptos for the past year using those cards...

Your credit card issuer doesn't care about charges for hosting fees, SSL, or Fiverr -- those may be crypto-related to you, but they aren't to your bank. Your bank just sees them as web services, freelancing, etc.

When they see you charging credit to buy bitcoins through Simplex, that's a very different type of activity, which is prohibited by the bank.

[gentlemand]

Your credit card issuer doesn't care about charges for hosting fees, SSL, or Fiverr -- those may be crypto-related to you, but they aren't to your bank. Your bank just sees them as web services, freelancing, etc.

When they see you charging credit to buy bitcoins through Simplex, that's a very different type of activity, which is prohibited by the bank.

OP's own words.

Yepp, credit cards that I used with no problem for at least 1 year to purchase BTC

Maybe OP hadn't used it in a while as it's been blocked since June 2019 - https://www.investopedia.com/news/capital-one-blocks-cryptocurrency-purchases-its-card/

And they blocked Coinbase buys at the start of 2018 but I dunno if that changed.

I can't imagine they slipped through the cracks until now so something's getting lost in translation.