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

[husencoe]

I think they have the right to set those limits because that is within their control. They have the right thing by warning you before they actually took action, because you have violated their terms. As long as you use their services, you still have to comply even it's your money, or you get outfrom there.

I think you should immediately stop your activities there. Immediately take your assets and look for another bank that does not intimidate crypto world.

One more thing, I think using a credit card for crypto activities is not a good idea. Of course you have to pay them a bank interest and additional fees and I don't think it's cheap.

[itorai]

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.

Surely they want their customers back, and try hard to persuade them to cooperate again, that's the marketing they run but the customers are smarter and decide to ignore it because I also feel that there are many other possible alternatives for me to live according to my wishes, but if there is still a lot of money in the blocked account I will be forced to open it by any means.

[Negotiation]

In our country every bank and all types of cards prohibit investing in foreign currency and not only our country but many countries may have prohibited investing in currencies with any type of debit or credit card. And those who want to invest have their cards blocked and funds held so they can't make transactions. And in this case the banks do a lot of harassment because they don't know about it properly so they do a lot of harassment to the common customers who want to invest in crypto currency.

[MFahad]

I think they have the right to set those limits because that is within their control. They have the right thing by warning you before they actually took action, because you have violated their terms. As long as you use their services, you still have to comply even it's your money, or you get outfrom there.

You are right here. if people trust those financial companies with their money then they must follow their rules too. they should be mentally prepared to follow their rules or loose their money.
that is another reason why I think everyone should have full control over their money. which is possible with either keeping your cash at home. or getting into bitcoin. with bitcoin you have full control over your money. you are your won bank. no one can say how you can spend your money. what you can buy and what not. and there is no risk of your money getting freezed.

[Shadowazun]

Based in Canada. Many if the big name bank branches here have locked out crypto purchases and state that their risk tolerance doesn't allow any purchasing of crypto currencies. The only way around it is finding exchanges that allow electronic fund transfers by the form of "Etransfers". Has been a huge pain for me to try to work around large crypto purchases.

[Kakmakr]

I want to agree with them, because there are loads of Ponzi schemes out there, where they use bitcoin as a payment option.

In any way, it is always a bad idea to buy bitcoin with debt. I would have been angry if they blocked my savings account, when I transfer my own money to a Crypto exchange, but not money that the Bank are borrowing to me.

There was a time when the Bitcoin price crashed and took 3 years to recover... imagine paying off the credit card for something that will only break even in 3 years.  

[logfiles]

I want to agree with them, because there are loads of Ponzi schemes out there, where they use bitcoin as a payment option.

Ponzi schemes don't use Bitcoin alone as a means of payment. In fact, one of the most popular is perfect money. These banks make Bitcoin the sacrificial lamb because they just hate it. I don't remember when banks started caring about what you invest your money in until Bitcoin came around.

In any way, it is always a bad idea to buy bitcoin with debt. I would have been angry if they blocked my savings account, when I transfer my own money to a Crypto exchange, but not money that the Bank are borrowing to me.
There was a time when the Bitcoin price crashed and took 3 years to recover... imagine paying off the credit card for something that will only break even in 3 years.  

Anyone who borrows money or a loan to invest in Bitcoin or any other cryptocurrency will have broken one of the major rules of investing in crypto, which is "Not investing what one can afford to lose"

[bitbunnny]

According to my experience banks in EU usualy don't ban buying of crypto currencies including Bitcoin but most of them see such transactions as a potential risk and because of that you might not have a good credit score and bank could deny to you some of their services like loans or bigger limit on credit card.
I know that my banks tags crypto transactions as well those on gambling sites as a big risk and doesn't like such clients.

[Gladitorcomeback]

According to my experience banks in EU usualy don't ban buying of crypto currencies including Bitcoin but most of them see such transactions as a potential risk and because of that you might not have a good credit score and bank could deny to you some of their services like loans or bigger limit on credit card.
I know that my banks tags crypto transactions as well those on gambling sites as a big risk and doesn't like such clients.

In my country, banks would even turn your account to dormant mode if they suspect any of the incoming or outgoing transactions to be connected to or related to cryptocurrencies, they would even confiscate your funds if there are any and ask you for proof for them to release the funds and open your account, and the proofs that you submit should also not indicate or show anything related to cryptocurrencies because if it does, they will be sure that they were right and you are involved and then your account won't be unblocked.

So if you have a bank account here and you don't want to face any problems, you should avoiding mentioning anything about cryptocurrencies in front of bank officials or anywhere in your mobile banking app, online banking, or when you are visiting a branch for any reason.

[CochnocherCrypto]

FWIW: I bank with TD Bank (in the USA - not Canada) - and I've got to say.... they are the easiest bank I've, personally, dealt with. I had a similar experience with both Chase Bank AND Bank of America - so I politely requested my account be closed at both institutions and I took my business elsewhere (in this case - Toronto Dominion Bank of North America).

If your bank is employing those sorts of practices - I'd just move elsewhere. I'm sure there is a bank in your area (can also look into Credit Unions) that will not hinder your ability to buy Bitcoin!


Best of luck with whatever course of action you choose.

Cheers!

-CochNocher

[sokani]

So if you have a bank account here and you don't want to face any problems, you should avoiding mentioning anything about cryptocurrencies in front of bank officials or anywhere in your mobile banking app, online banking, or when you are visiting a branch for any reason.

Just yesterday, the CBN of my country issued a notification to all fintech companies, mandating them to flag and report to the authorities, all transactions that are crypto related. This is the second time something like this is happening, and from the first one, I've decided never to use my cards to facilitate any crypto transactions in other to be on the safe side. Another way to stay undetected is to avoid adding the word crypto as description on your banking transaction.

[m2017]

Just yesterday, the CBN of my country issued a notification to all fintech companies, mandating them to flag and report to the authorities, all transactions that are crypto related.

How will they determine whether the transaction is related to "crypto"? In particular, if it is P2P. Transactions "from" and "to" people who rarely change crypto can't be identified as involved in "crypto", because it look like ordinary transactions between bank clients.

In the case of exchangers and cryptocurrency individual changers, suspicions may arise, because many transactions occur "to" and "from" their cards. It seems to me that the actions of financial organizations in this regard are aimed at combating precisely such (exchangers) bank clients. They will begin to infringe on ordinary crypto users later.

This is the second time something like this is happening, and from the first one, I've decided never to use my cards to facilitate any crypto transactions in other to be on the safe side.

Then how do you implement? Exchange for cash in person? Do you think this is safer?

Another way to stay undetected is to avoid adding the word crypto as description on your banking transaction.

What idiot did this? To avoid attracting attention, you should not add anything at all to the description.

[sokani]

How will they determine whether the transaction is related to "crypto"? In particular, if it is P2P. Transactions "from" and "to" people who rarely change crypto can't be identified as involved in "crypto", because it look like ordinary transactions between bank clients.

When carrying out P2P trades, if the sender of the fiat unknowingly adds the word "crypto" or anything crypto related in the description as shown above, the financial institutions have put in place surveillance system that can detect such transactions.

Then how do you implement? Exchange for cash in person? Do you think this is safer?

We're still performing transactions via P2P on CEXs but with experienced traders who would not be dumb enough to make such silly mistake.

[Alpen]

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.

If your money is in a bank or company account—meaning it's in someone else's hands—it’s not truly your money. The rise of cryptocurrency gave us a breath of freedom, but we are still essentially slaves to banks and the state.

While banks dictate how you can spend your funds, the government decides how much to print, what to do with it, and how much debt to take on.

But here’s the most interesting part: even in the crypto market, people seem to crave "slave tokens." Just look at how many centralized assets are currently in the Top 10.

[Ihedioral]

 Have not tried it myself all I do is punches is from my bybit exchange from the seller and pay from my bank wallet and go back to my bybit exchange to reconfirm my transactions.

 But have seen my friend complains about how
Bank  always give a negative report about crypto currency they always have there way of making it difficult to purchase crypto with your credit cards dey meant end up blocking your credit card, and call it scam
 
If your credit card could afford to purchase crypto from your bank where dey monitor how you spend and also limit you from buying

[logfiles]

Have not tried it myself all I do is punches is from my bybit exchange from the seller and pay from my bank wallet and go back to my bybit exchange to reconfirm my transactions.

 But have seen my friend complains about how
Bank  always give a negative report about crypto currency they always have there way of making it difficult to purchase crypto with your credit cards dey meant end up blocking your credit card, and call it scam
 
If your credit card could afford to purchase crypto from your bank where dey monitor how you spend and also limit you from buying

In some countries, they try to put surveillance on p2p trading platforms as well. So they keep monitoring accounts that are involved in p2p trading, and they block them. So you are not 100% safe. You probably feel safe right now because they haven't gone that far with the surveillance.

I even read stories how FBI agents who create adverts on some p2p platforms posing as traders just to gather evidence regarding transactions of certain individuals.

[CoinCreators]

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.

The hubris of calling a credit card your own money. At the point of sale its not yours at all.

[MadSl1m]

It's not personal, it's a category block. Visa/MC code exchange buys as MCC 6051 "quasi-cash" and banks switch that whole bucket off for AML, so changing banks only works till the next one blocks it too. Easier path: a crypto debit card runs the other way, fund it from coins you already hold and spend at normal shops, and the bank behind it just sees a normal purchase, never a crypto one. RedotPay or self-custody ones like Gnosis Pay do this.