chances of bank closing account if you buy bitcoin

[irsykes]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

I heard that too if not wrong in my country there are a bank who close a guy's account because involved in crypto. That is when i am not really intense in crypto but when i make bank account and they ask where is my money mostly come from, i said that i am selling online because not want that thing happened to me too.

[7788bitcoin]

I heard that too if not wrong in my country there are a bank who close a guy's account because involved in crypto. That is when i am not really intense in crypto but when i make bank account and they ask where is my money mostly come from, i said that i am selling online because not want that thing happened to me too.

Why would the bank want to know about your business is and what all transactions you will be getting, so do you need to submit your source of each and every transaction. If that is the case all you need is to ask the community from that particular country about the safest bank to make cryptocurrency transactions. I have heard certain complains from certain banks about not allowing cryptocurrency transaction from certain countries but there is always secondary options to overcome those restrictions.

[777Jolami]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

Banks cannot do this without a letter of designation from central / state / authorized level .... which they have to enforce.  Their powers need to be approved by the government under emergency or special conditions and conditions.  It is possible that the Bank will freeze the account to handle related matters such as fraud suspicion, theft of property, lawsuits, tax .... etc.  My country has no news on this issue!  Regardless, they need to have a press release or media release or from app, sms ...


They do not have the right to enforce property confiscation if it is completely legal and is not within the framework that the government and the law prohibit.

[pawanjain]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

The least thing bankers can do is "freeze" the bank account. This only happens when the country you live in has either restricted cryptocurrencies or has no law over it.
If the latter then it depends on the banks whether they want to support cryptocurrency related fiat transactions or not.
Even if that's the case and the bank doesn't support crypto related fiat transactions then all they can do is "freeze" the amount in your bank.
They do not have the rights to access your funds or dissolve your funds. In this case you can go to the bank and get your funds withdrawn either by closing the bank account or by giving them assurance of not doing crypto transactions again.

[NelfiNovita]

I have never bought bitcoin directly from a bank, but what I have ever done was depositing into the crypto market and from there I bought bitcoin. The bank in my country does not have a menu to buy bitcoin, so no one in my country buys bitcoin directly from the bank.
in my opinion the bank does not want to accept bitcoin purchases, this is quite difficult for me to buy bitcoin.

[ropyu1978]

Banks will close our accounts if we are involved in bitcoin transactions, I think it's hard to believe because now bitcoin has grown like mushrooms, besides if they want to close our accounts, it must have government approval first ..

[iram3130]

Banks will close our accounts if we are involved in bitcoin transactions, I think it's hard to believe because now bitcoin has grown like mushrooms, besides if they want to close our accounts, it must have government approval first ..

I have heard from one of my Indian friends that his bank had sent a cautious notice to him because he had transactions from that account with an exchange. He answered the bank with the official statement from the Supreme Court of India that it is not illegal to transact and he knows the dangers of trading in crypto and there is no need for the bank to be cautious about it. The bank couldn't answer him and his account was left alone but it might not be the same with a normal person's account and Banks may harass people without any proper reason.

[lageh67265]

Relies vigorously upon where you're from. There are a few nations wherein exchanging with digital forms of money and connecting it to your financial balance will get you into difficulty, so attempt to search for your country in the Local part of the discussion to find solutions from your kin. We can offer unclear advices and responses to your inquiry, however it's just you who realizes where you're from. From where I am, ledgers don't actually interfere with digital currency exchanges and truth be told are adjusting towards mix of cryptographic money into their monetary administrations. This is a summed up assertion from my locale. It might work for you and it may not, so it's truly essential to look for guidance from your kin who previously managed such before.

[Congyang]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

it only applies in some countries the bank has this policy. in my country the exchange can be connected to a bank account and makes transactions easier. believe me not all banks do something like that

[romero121]

Recently read about the news of ICICI Bank bans crypto trading. One can make transactions without using the term cryptocurrency, but there are possible chances of identifying everything associated with a transaction. In that case there is chance of closing the account, but such incidents happen very rare. Maybe same as this Bank there might be other banks making ban over the cryptocurrency trading.

[buwaytress]

Has happened before and will happen again. Banks aren't known to be open to embracing change, much less innovation in financial services and  products. We don't even need to look at blockchain to see this attitude, the fintech sector faced a lot of challenges -- strangely, especially in Europe and the US (at first) but now some Asian countries are lagging behind when it comes to challenger banks, for example.

What more to say for actual bankless and independent finance?

[sapnu]

You should first learn how the rules and laws in the banks varies each country so that you may know if it can be possible that as you buy bitcoin, your bank account wouldn't get dismissed. As you learn about the policies then bank has with regards to making transactions that involves crypto exchanges, follow it and make sure you will not do anything that will make you lose your money all of a sudden. There are plenty of ways you can cheat your way on having a bank account and owning crypto, you can just simply have a separate wallet for your crypto and patiently wait till it is legal to be transacted within your banks.

[Gheka]

Banks will close our accounts if we are involved in bitcoin transactions, I think it's hard to believe because now bitcoin has grown like mushrooms, besides if they want to close our accounts, it must have government approval first ..

How do they know we're trading bitcoin then freezes our account, maybe the proactiveness and safety here belong to us because I think we don't disclose information about the transaction, the bank will think this is just a normal cash transfer, many examples in the past accurately reflect this story when many people transacted bitcoin and always left messages regarding it, it was difficult for banks to accept due to government rules. Therefore, in order to be safe and become a legitimate buyer of bitcoins, we should carefully hide the nature of the transaction.

[Yatsan]

This will be depending on the country where you reside for there are certain cases and issues that have been raised within the forum for the past months having the concerns of banks closing their accounts due to crypto related transactions for there are countries that have strict restrictions with regards to that but I guess that have been resolved already since I have not been able to read such cases for the past weeks which I conclude those were already have been settled for good due to communication with the government and national banks of those people having the same cases.

[nurilham]

It depends on the government policy of a country. If the government doesn't ban the crypto there, I think the banks won't do it. For example, it is like in my country, our government supports Bitcoin as a digital asset. So, as long as you don't use Bitcoin as a payment tool, it is no problem at all. So, basically, we cannot generalize this case, it may be different between one country and another country.

[(o)(o)ilikeboobs(o)(o)]

Closing an account or not depends on local policies. In my country, the government just does not allow the use of Bitcoin for payment, but hoarding as an asset is not prohibited. That also means that they do not prohibit the use of bank accounts to buy Bitcoin.
If the Bitcoin you buy is due to an offense that means you are guilty of money laundering. That will cause your bank account to be closed.

[KryptoKings]

What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?

Depends on country you are living in. Some countries have already given BTC legal status so Banks in these countries have no right to ban your account on these grounds and if they do ban your account, you can always move the Court.
There are so many other countries where crypto is either banned or not regulated. You may face some issues with your bank if you buy crypto.
Better you ask some expert in your country.

[lifeforcepools]

Do not contact the banks and in this case you will not have such a problem.

[online73]

Hello everybody. I have never heard of closing a bank account when buying bitcoins - there is no penalty for anything that cannot be proven. Banking sanctions will only be applied if you try to use a cryptocurrency transaction to try to withdraw them to fiat. Then, as the money becomes personalized, banks will have questions about the nature of the funds. In the meantime, buy as much bitcoin as you want, always remembering that at some point at least part of the profit you will have to sell and withdraw back to your bank account.

[cyriljundos]

i think bank would not close if you buy bitcoins. people still need pitty cash and keeper so that we can secure are savings . in the future maybe there is no cash but it will takes a decade. bitcoin price now reaches high  value and many people and company invest in it and probably make profit from it by simply holding or trading.