Has your bank or credit card told you they will stop you buying crypto?

[osasshem]

The ban and restrictions on purchasing/using bitcoin in most countries is becoming harder on a daily basis. With your own experience at OP, it is more like an advice because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto. Other countries does not want to see any form of transaction containing bitcoin or crypto currency, if it be found, that bank account will be blocked, same thing to the ATM card attached to the account, and if there be any money in that account, it cannot be withdrawn. This is because the government has strong ruling power against the use of crypto currency within the country, and the bank has no power to go against the governmental rules, but to obey them.
Most government finds crypto currency disturbing, but the banks finds it an interesting way of making more money.

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[aminkanju]

The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.

[Erdogan]

The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.

Banks can't say you can't buy cryptocurrencies with their card, but they can just terminate your account agreement and just close it. One of the reasons is what you wrote, which is no regulation, but in my opinion banks do it for another very simple reason. They just know that cryptocurrencies are their direct competition. At the moment, their actions are sporadic as the cryptocurrency market is still relatively small. However, I am sure that with the growing popularity of cryptocurrencies, the intensity of repression by banks will also increase.

[Taskford]

The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.

Banks can't say you can't buy cryptocurrencies with their card, but they can just terminate your account agreement and just close it. One of the reasons is what you wrote, which is no regulation, but in my opinion banks do it for another very simple reason. They just know that cryptocurrencies are their direct competition. At the moment, their actions are sporadic as the cryptocurrency market is still relatively small. However, I am sure that with the growing popularity of cryptocurrencies, the intensity of repression by banks will also increase.

Maybe in some point they will think about crypto will be their competitor but actually for the current happening they will not think about that since the money people earned from crypto will still go to them since people needs bank to stored their profit which they exchange to fiat so this is win for them knowing how big the transactions possible created by their costumers, but unfortunately since crypto is not regulated the government will think about that this is illegal maybe they read bad stories about scamming that's why they think that way. So if they regulate it and start with the bank then they cannot do anything but to follow what government told to them and implement it to their clients.

[carlfebz2]

The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.

Banks can't say you can't buy cryptocurrencies with their card, but they can just terminate your account agreement and just close it. One of the reasons is what you wrote, which is no regulation, but in my opinion banks do it for another very simple reason. They just know that cryptocurrencies are their direct competition. At the moment, their actions are sporadic as the cryptocurrency market is still relatively small. However, I am sure that with the growing popularity of cryptocurrencies, the intensity of repression by banks will also increase.

Maybe in some point they will think about crypto will be their competitor but actually for the current happening they will not think about that since the money people earned from crypto will still go to them since people needs bank to stored their profit which they exchange to fiat so this is win for them knowing how big the transactions possible created by their costumers, but unfortunately since crypto is not regulated the government will think about that this is illegal maybe they read bad stories about scamming that's why they think that way. So if they regulate it and start with the bank then they cannot do anything but to follow what government told to them and implement it to their clients.

There are already banks in my country that had already prohibited on engaging with transactions with crypto and this is why it do really sucks when you intently to buy up some coins if you do see some opportunity
and you dont have much money left but rather your option is your credit card.

Its no surprising though since these institutions are heavily regulated and centralized and anything that do connects or get involved with crypto will have significantly making out some issues later on

but will vary on whats the current take of government of the said country but sooner or later they would really be still having the same view.

[rodneyTG]

I dont think that banks can do such things, and actually they cannot to control that processes. I f you want to get the most profitable credit card, you should probably check this Rate My Rewards resource, and compare different credit cards, to get the most relevant to your personal life conditions.

[ultrloa]

I dont think that banks can do such things, and actually they cannot to control that processes.

They can do that and retrict you for doing such transactions and actually on some bank on my country restrict us to do so, that's why we cannot do anything but to follow and I find different alternatives just to buy bitcoin for use. And if one time your country will also do that just follow so that you will not encounter any problem which prohibit their laws.

[0verseer]

A few banks in my countries also did that, stopping any process of buying crypto with exchange accounts. I don't know why they know and blacklist exchange account, even send a reminder to me read 'crypto buying or selling is prohibited by law and this process is stopped'. Because of that, people can only buy or sell crypto thru the p2p system which is very slow, very dependent on the other side and carry a risk as well.

[iv4n]

I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!

Yes, they can do that! This reminded me of my beginnings in crypto, "be your own bank", "own your money"! This is just one of the examples of why crypto can make a better world, where people can be free and equal in many ways! Well, I support you in your decision to cancel that credit card, every person should have a right to choose what to do with their own money!

Luckily I didn't have similar problems! I was buying/selling locally, I never used any banks for that, cash rulez sometimes! So they can bait me! I don't like banks, and I have a very bad opinion about banks, but I still use them, my salary goes through them, I am waiting for that day to delete them completely from my life!

[batang_bitcoin]

Luckily I didn't have similar problems! I was buying/selling locally, I never used any banks for that, cash rulez sometimes! So they can bait me! I don't like banks, and I have a very bad opinion about banks, but I still use them, my salary goes through them, I am waiting for that day to delete them completely from my life!

Good for you. I'm loyal to my bank and in fact I've got many accounts on them for different purposes. But lately, they just disabled and no longer support deposits to crypto related services even they're not exchanges, they would just decline upon knowing that it's crypto related. That's why I can no longer deposit to exchanges in fiat with my bank. But when I withdraw from exchanges to my bank account, they're just ignoring it. Sounds crazy but that's how they act if it's about deposits.

[Apes]

my credit card provider not yet give any issue for cryptocurency purchase, however i never use it.
i only use cash for any cryptocurency purchase, since credit card and internet cyber crime increasingly worst.
Honestly I'm interested in cryptocurency purchase for short investment using a credit card

[SmokerFace]

I think exchanging with individuals and not companies is the best option so far.
Use P2P also for security. One cannot really conclude what the banks think about crypto currency.
Just don't make them a direct link for your exchange.

Haven't seen any of such things in my country. It depends upon in which country do you live and what are their rules and regulations.
Also as for the bank, I would suggest you to quit this credit card service and apply for any other service.
Also, try to search for any related regulatory order which allows the banks to block the credit card for such purchases.
If there isn't any such order is found then serve a legal notice to your bank, and sue them in the court of law.

[Issa56]

Currently in my country the central bank of Nigeria have asked all banks to block any account that's linked to cryptocurrency which is very bad, I don't think anybody should tell me what I should do with my money and the funniest part is that they believe cryptocurrency is used for different illegal al activities, but I believe any illegal activities don by cryptocurrency can also be done making use of fiat currency so I don't think there is any concrete reason why they should ban cryptocurrency.

[arwin100]

Strange, I think banks on the contrary see cryptocurrency as a competitor because many of them have no influence on bitcoin transactions and the various currency markets on the net. Governments in many countries understand that bitcoin is safe, but there is a tax-free profit opportunity behind it. And that's the only reason they don't like all the innovation in this area

They don't see it as competitor right now they just following what government implement to them and they maybe complying with the law. If crypto will just be legal on many parts of the country for sure banks will adopt it also since for sure they go with those industry which can create huge profit to them. And maybe some institution will create a crypto banks to adopt and earn some benefits with it.

[noorman0]

Strange, I think banks on the contrary see cryptocurrency as a competitor because many of them have no influence on bitcoin transactions and the various currency markets on the net. Governments in many countries understand that bitcoin is safe, but there is a tax-free profit opportunity behind it. And that's the only reason they don't like all the innovation in this area

Crypto is not a competitor, the bank also serves local fiat transactions which customers prefer to avoid high crypto tx fees. Based on today's reality, are any crypto users actually leaving the bank entirely? No, the bank will not lose its customers.
Banks also don't care about crypto taxes. If they are going to be able to profit from customer transactions, they will embrace crypto for as long as regulation allows.

[nhaila]

I am very sorry to say that my country has not been able to accept bitcoin even after so many years but indirectly the people of my country use bitcoin. However, the central bank and its subsidiary banks have not been able to accept Bitcoin.

[zaesvlas]

Do you have any limits on the card? For the fact itself is rather strange, I have not seen this.

[uneng]

I feel sad for banks which adopt this kind of approach towards crypto. In what times are they still living? It's 2022 already, and those who don't adopt crypro or create obstacles to difficult the adoption by others are going to stay behind, without any doubts.

I've never experienced this, but I'm sure you will be able to find a crypto bank or app which features credit card for customers. There are so many of them right now, including some with cashback option, which is great for making purchases daily and receiving a small percentage of the money back. I'm sure you will be able to find something if you search for it carefully.

[zaesvlas]

Do banks prohibit such transactions? I think such a scenario can only be in countries where cryptocurrencies are banned at the government level.

[arwin100]

Do banks prohibit such transactions? I think such a scenario can only be in countries where cryptocurrencies are banned at the government level.

Actually yes some banks prohibit their users to do some transactions on cryptocurrency, I don't know why they implement this but I think they are just backing off on some illegal activities happening on cryptocurrency and also maybe they didn't go into this since government doesn't have any clear stand towards its legality that's why there are banks doing this actions.

Here some banks doesn't allow us to buy bitcoin but in Western Union they allow us to do this and they are a crypto friendly bank.