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

[Disruptivas]

Not specifically with me. But I know of banks that are particularly annoying with the process of depositing to exchanges - those that come from exchange are less annoying - and some blocks in that sense. But with other financial services I've already had a strange feeling and a less 'acceptance' on the part of service providers for accounting processes for tax purposes and etc.

[Qiro]

Yes! Not directly but started getting all my transactions denied.

Had to switch bank lol 




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[Ludmilla_rose1995]

I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
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?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

I thought I was the only one who was warned by my credit card salesman not to buy crypto with a credit card, because he forbade me so I also closed the credit card that I have been using for a long time. looks like they (banks and credit card providers) are fighting cryptocurrency adoption.

[maydna]

My bank doesn't say anything about crypto and still allows many of us to buy crypto. But because I don't use a credit card to buy crypto, I don't know if the bank has forbidden its users to buy bitcoin from their credit card. If the credit card forbids it, its users can use another way, namely by making direct transactions using ATMs to some local sellers who can help you buy bitcoin or other coins. Maybe you need to find another way that doesn't use your credit card, so the bank for the credit card doesn't know anything about your transactions.

[mtpiggybank]

I had this same problem start about a year and a half ago.  I canceled that credit card and closed my accounts with that bank only to have the next bank refuse to process any crypto purchases through their credit card.  Thankfully in Canada we can fund our exchanges through an email transfer.  This is currently the only way other than wire transfer that I am able to purchase crypto.   

[Taskford]

I had this same problem start about a year and a half ago.  I canceled that credit card and closed my accounts with that bank only to have the next bank refuse to process any crypto purchases through their credit card.  Thankfully in Canada we can fund our exchanges through an email transfer.  This is currently the only way other than wire transfer that I am able to purchase crypto.   

Not surprising at all to hear this experiences since many bank really don't want to get involve on any crypto transactions. I don't know what's the reason about this but I think same as you if I experience the same I will cut off that and move to another.

And good thing we have Western Union which is crypto friendly bank and for now we can transact by using it without intervention so far happening on my account. But let just see how if these continue and they will not follow other bank to do the same with them.

[sanwo]

In my country, they'd banned it, what exactly they did was, our government gave all bank directives to ban any individual transacting crypto, meaning that, where any individual that put any crypto related words in the narration, such account, both the recipient and sender will be permanently blocked.

Solution for us just to transact with mentioning any crypto related words in the narration

[Pullyearop]

Hey, You can try p2p buy from cryptocurrency when possible your support crypto. I mean it's not good decision for scam crypto because world biggest rich man buy crypto.

[Iadegbola34]

I think it's down to the government policies in your country. Many governments are now doing their best to restrict the trade of cryptocurrency in their countries. In my country for instance, any cryptocurrency activity that leads to your bank account will get your funds frozen forever. As little as a transaction description (crypto-related comments) on day-to-day credit and debit will put you in the blackbook.

[gazilla]

Absolutely not. I have been purchasing crypto for almost five years now and have never had any problems with them, and they treat my transactions like any other online purchase

[99Percent]

I have been buying and selling cryptocurrencies for three years but I have never had a problem and I believe the future of crypto is very clear and maybe later a lot of people will use crypto to make transactions for buying and selling goods and services

[dvj33]

Nope. I've been buying/selling since 2015 and have never received such message from my bank

[ReiMomo]

I have not come across any such news on my inbox or via any communication. I bought some coins with my local fiats transferred to a crypto exchange. I dont think, the bank will take it as a serious note to look at ban transaction to buy crypto coins. The govt is directly or indirectly fully supporting crypto currencies' transactions and moments. We have huge numbers of bitcoin and other crypt users from my country. So, I dont think, banks or govts will stop or initiate such transactions.

[Taskford]

I have not come across any such news on my inbox or via any communication. I bought some coins with my local fiats transferred to a crypto exchange. I dont think, the bank will take it as a serious note to look at ban transaction to buy crypto coins. The govt is directly or indirectly fully supporting crypto currencies' transactions and moments. We have huge numbers of bitcoin and other crypt users from my country. So, I dont think, banks or govts will stop or initiate such transactions.

Good to know that your local bankers are not strict for this kind of transaction because us have certain restrictions towards dealing with cryptocurrency since somehow government take extra precautions about it since they didn't support this industry yet. But maybe in future maybe we can lessen up the restriction and can able to buy as many bitcoins as we want by using our balance in our accounts.

[2stout]

Too many to count, but what seems to be working now is using the Nexo platform if you desire to purchase crypto with credit, feel free to give it a try even though your mileage could vary- not sure if having a credit card issued through a credit union helped or not.  Works for me but in no way am I shilling for them; if so, I would post my referral link to get something out of it.  Hopefully this helps and proves to be helpful for someone who want to use a credit card to purchase crypto.

[Fivestar4everMVP]

IMHO they are just driving nails into their own coffins.

Though its been almost a year since this post was made, could have looked away but cant help but say something here, I have 4 debit cards from 4 different bank here in my country, I cant help but agree totally to the quoted statement above.
It was sometime last year 2021 that the central bank of Nigeria banned both banks and citizens of the country from buying or selling crypto currencies,  banks were directed by central bank to freeze all and any account suspected to be involved in crypto currency, unfortunately for the banks and fortunately for bitcoin and cryptocurrencies in general, the announcement of this ban marked the beginning of a new era of cryptocurrencies in the country, millions of youth became for involved in crypto currencies that the banks had no choice but to just keep processing payments, not minding whether its a crypto related payment or not.

Just like the op said, any bank or credit/debit card company that still banned crypto related transactions by now are doing nothing but driving nails into their own coffins, they are gonna fade out even before they know it.

[wtsimis]

I have not bought bitcoins directly from my bank account. Currently I use Binance Exchange p2p. I order directly from the buyer and send money from my bank to his bank and confirm it from Binance. The seller checks his bank account and gives me bitcoin. I think the bank authorities here don't understand whether we are buying bitcoins with this money or something else. As the bank transaction is completely a normal process.

[goldenmonke]

A bank denying your transaction to purchase crypto is exactly why BTC was invented: to allow you to transact freely.

[tread93]

Just make sure to shave off 30% of all your gains on interest fees alone! Crypto should always be purchased with cash you have already on hand, otherwise it cancels out almost unless it just goes through the roof. The time it'll take to go through the roof might not be worth it depending on the amount that you are purchasing.

[logfiles]

Sometime back, my bank blocked my account for engaging in "crypto p2p trading" and wanted to visit their branch for reverification and to unblock the account. Turns out the counterparty I was trading with could have been flagged off, and any transaction to any other account got flagged off as well. That was the last time I used the account to this date 

They thought I needed them so much, well it turns out I had so many other alternatives. They have been sending me messages to reactivate the account and all that shit, but I don't care.