Topic: Has your bank or credit card told you they will stop you buying crypto? - page 3. (Read 1241 times)

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.

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.

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

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.

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!

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.

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.

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.

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.

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.

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.

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.

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.

No . I have been buying and selling cryptos since last 5 years and never my bank or credit card gave me any message like that they will stop my crypto transactions. Yes there always had been some rumours that it will happen but in reality i never had any problem in buying and selling cryptos.

This is normal. Now my bank card has received similar notifications. If you accidentally receive black money during the purchase, it is very likely that your account will be frozen.
The way to avoid this situation is to find a more familiar merchant for transactions.

Even if they like to do business with cryptocurrency but if the government have strong ruling regarding on its usage and put some law to ban cryptocurrency or warned them about doing so then your bank cannot do anything but to follow what government dictate them so maybe find another ways to buy bitcoin since there are so many methods to do it without any hassle. I also stop using bank cards upon buying bitcoins to avoid any issues in future since government had hot eyes on crypto recently.

You must agree to the bank's terms of use before you deposit with it, and part of it is related to freezing your money in banks and bank accounts.
Some banks do not like cryptocurrencies because it is an escape of money from the bank to an unknown third party that is not subject to their authority, and therefore the number of money they can control will decrease.

You have many ways to buy bitcoin that may not require direct deposit to your account.

Since a few people here have recommended to buy bitcoins peer to peer, I wanted to bring up some needed caution!
If you send money from your bank account to another persons bank account and they have anything to do with money laundering, the police might knock on your door some day at 5am in the morning and search your house

There have been multiple cases of that happening of which I have read on the german board or just people getting charged and interrogated because they have transacted money with people that are known for money laundering.

That's why I personally think that going through an exchange is probably the safest way if you ware willing to do kyc or find an exchange that does not require kyc.

And it's not!
You decide where you put your money, in that bank or in another or in your pocket or you spend them on booze and hookers.

The thing here is that you're using a service, just because you have a bank account it doesn't mean you can use it for anything, you can't force them to send money to Afghanistan just how you can't force somebody to accept your credit card as a payment method if they don't like it. It's still is your money that you can take it out and cancel their service as the OP does but that doesn't give you any special rights, just like when booking a room this doesn't mean you're free to smoke in there.

It's a simple math game, how many clients they will lose just for that? Are people going to completely forfeit all the advantages that made them chose that bank in the first place for a few crypto transactions a month or are they just going to keep this account and open another for crypto at a different bank? I would put my money on the second.


You might end up with more trouble with that one too if you're making a lot of transactions a month.
Banks have been flagging accounts that make a lot of transfers to random people over the country and I've heard of enough cases when they completely disabled the account, not just limited it from purchases like the OP experienced.
Just think what's fishier from their perspective!

Yeah, its your money but you are using their service and knowing banks are heavily regulated or centralized then they can do all sorts of things that they do like and theres no such thing you can do but to deal with it.

So far i havent experienced any blocks or close accounts with my credit or debit cards as of this moment but i had received some verifications due to some funds do came from binance or simply they are aware
that im dealing with crypto.

They do need that verification and i do tell the truth on where it did came from and after that i didnt recieve any similar calls or verifications for that matter but i wont be surprised that possible
problems is already ahead.