Topic: Bank stops all my payments to exchanges. Now what? (Read 386 times)

Seems all countries are supported with P2P transaction you buy stable USDT coins there with payment to seller trough your local bank, its not directly withdrawing or deposit fiat trough Bank but you make transaction with the same person in your country buying USDT to purchase bitcoin.  I think is most effective way when Bank in your country have block access for deposit fund in cryptocurrency exchange, but have questionable are your country restrict with cryptocurrency exchange operation like Binance, Huobi, Kucoin and other exchange have feature with P2P transaction?
Have another way if PayPal legal currency in your country you can convert with some exchange are support to bitcoin and find the website with easily way converting PayPal balance to your bitcoin address.

i wonder why your bank is worried about the transactions you make to the crypto exchange even though in belgium crypto is not an illegal asset to trade and customers should be free to make transactions wherever they want. unless crypto in your country is banned, then they can refuse your transaction, but there are no regulations for crypto in belgium so their reasons cannot be accepted.

you should consider changing your bank because it doesn't seem crypto friendly. in belgium there should be a bank that is not too strict about things related to crypto, because maybe in the future that bank could give you new obstacles in making deposits or withdrawals to your account.

That’s my major problem I have with the banking system, the centralization is killing and that’s why we need financial freedom so we can do what pleases us with our money. I dislike the fact that they try to control the way we spend our money and limit us to some certain things which makes me wonder if the money is really ours.
 
Since most countries don’t support the use of cryptocurrency i think the safest way to purchase a coin is to avoid direct purchases from your bank using bank cards or any payment method that involves transaction from your bank and use P2P transaction to purchase your bitcoin. P2p option allows you to exchange assets (make a trade) with other people while transferring money to their accounts directly without involving any crypto related terms in the transaction. This way it is difficult for banks to detect if the transaction is related to cryptocurrency.

The Banks cannot just take actions on anything like that without having directives from the government, maybe you should try and know the current status of bitcoin or cryptocurrency accounts related with the use of banks if the banks are still allowed to make crypto payments or not, using a p2p network is the best means of sending money or your account, that is if KYC is mot the reason behind your denial, but i just wish you get your money out from them.

1. Don't use any bank cards, e.g Master Card or others.

2. All eye are on you, they already know that you are into crypto investment, I think you should find another bank and stop buying crypto directly with your bank account, you can consider peer to peer purchase, where you only need to send money into someone else account, no crypto related and you will get BTC in return.

3. Even if this isn't happening, it's not safe to link your bank account with crypto, the idea is many believe that once you have relationship with crypto you are a millionaire, and this days even bankers are criminals, remember, they have your home address and information.

Why not do your own research on peer to peer means of buying Bitcoin and other crypto? Keep your involvement as secret, we don't know what will come up tomorrow, you can easily become a target if your government decide to go again crypto adopter, the chances is slim but its possible.

Binance also has a P2P feature which you can try. It is monitored by Binance and so it's better in case of any disputes.
You can also change your local bank and deposit an amount in it which you want to buy crypto for.
Or if there is any other local exchange in your country then you can deposit money there and then transfer your coins to your wallet.

First, you said Bitcoin is not illegal in Europe and I know Belgium is under Northwestern Europe, then why will the banks hold your paymenyt? On what ground do they did that unless there is more to the story. If the Central Bank didn't give them that directive to confisticate transactions that are involved in cryptocurrency, I don't think they have the power to impose that monetary system to the people, unless I repeat they have the power from the government and the Central Bank.

If there is nothing like such of preventing people from doing crypto payments to exchange, kindly storm the bank and make your complaint to the customer service but if there is something like that guideline of crypto de-payment and facilitation to exchange, kindly abort because you don't know what they might do to you because you broke the law.

To avaid this problem next time, you can used an exchange like Binance to buy your crypto through P2P transaction but when you intend to send the payment to the seller, make sure you don't include the crypto related words in the transaction reference, your name is enough as proof of payment and as soon as your paymet is comfirmed by the merchant seller, he/she is going to release your crypto for you which you can see on your funding wallet and you can withdraw it to external wallet of your choice, a win win for you, the bank, the seller and the exchange without any problem and I think p2p attract zero charges.

If he will try other banks, better deposit small amount first and do his transaction, see if it will go thru.
Otherwise, try looking for reputable p2p in his area. For sure there are services of that kind that he can find.
Also, don't know the reason why the OP's bank is blocking his binance transactions but crypto is still unregulated in his country.
So I have the feeling that this move depends on the bank itself. It is not overall protocol of the banks in his area.

The first step that you should have taken is to visit the bank and ask why all your transactions are being denied. But I hope Bitcoin is not banned in your country? If it’s not, then when you visit the bank, they should be able to give a reason for denying your transaction. But if bitcoin is banned in your country, then it’s better you don’t even go close to the bank because you might end up making things worse for yourself. You are going against the country's rules. Since your bank blocks your transaction to your Binance account, it’s better you use their P2P service. The bank will think you are making a normal transaction, they won’t know you are purchasing crypto with the money. That’s a better alternative.

Try other EU exchanges like kanga or bitpanda and maybe your bank won't block your transfers.
If it does, try to contact the bank and authorize these transfers. Ask why they money was blocked and say that you aren't being scammed but simply want to invest in the crypto space.
If all fails, change the bank and try to set up an account outside of Belgium.

I know that it's a problem in your country, since despite Eu regulations for crypto, it remains unregulated in Belgium. They seem to be a bit lazy when it comes to bitcoin, like they're afraid to touch it because it might infect them with libertarian opinions or something.

Could you name your bank? I think it's important to "name and shame" those banks to let know crypto users which ones they should avoid. Many banks are against cryptocurrencies and even CBDC, they fight against BCE and european legislator in order to prohibit cryptocurrencies and to delay and limit the use of future CBDCs the more they can.
N26 exists in Belgium AFAIK and they are rather crypto friendly but you could ask to belgian users at the dutch local board or the french speaking one to get other good banks.

Have you received back the money that was blocked by the bank, because they will definitely hold your money based on suspicion that you used the funds for illegal transactions or other things, but if there are no regulations prohibiting buying crypto in your country, you should be able to get it. You can get your money back easily, by just showing proof that you didn't use the money for anything bad. In the future, if your bank prohibits you from purchasing crypto then you can use P2P trading, there are many options available now.

You can also use other exchanges, BTW which exchange are you now using? I think Binance? If you are using the Binance then it doesn't' have any problem you can safely buy the bitcoin and deposit it wherever you want.

And if you are using the bank account you have, you can also change that account and shift to another account. So, may be they give you your money. That will be the second solution to your problem.

You shouldn't be trusting 5K via p2p trader in the first place unless the trading person has dealt with huge trading volume in the last 30 days. But you can try spilling them like 500 in 10 transfers which won't take that long to be honest but pick the right trader, trusted and KYC verified on the platform and just ignore all the offers that is providing deals at the discounted price that is too good to be true because its mostly coming from hacked bank account.

That's what I have suggested to him as well. Also, he might deal with reputed forum members and can start with a small amount of Bitcoin. He can use forum escrow's as well if he wants. The banks have never been crypto-friendly. Some banks started to accept crypto, but that's because they want to grab crypto users. As soon as they will get the desired number of accounts, once again, they will start behaving like it's illegal in their bank even though it's not. I am wondering if this countries have mobile banking like we have Bkash in Bangladesh and India has PayTM. People can use them and banks never ask for the transaction details.

so, this depends on the country you live in, especially in Belgium, maybe your transaction is suspected by the bank because it is included in a large transaction. Just use an exchange like binance might be an alternative.

I understand your problem. But, YI, you can filter the ads and deal more securely. I have used Binance to sell my USDT more than three hundred times and there were two or three scam attempts but each time the scammer was banned by Binance. Here is what you could do, you can try this with a small amount of money.

Go to trades and go to P2P. Click on Buy and then click on the filter Icon. Enable "Verified Merchant Ads only" which will show Binance verified merchants ads. Select bank transfer as payment method and click Confirm. Check the number of trades they did and check the completion rate. make sure the number of trades is over 500 and the completion rate is 100%.

I am very susceptible to these scammers, hence why I do not feel comfortable with this.
I don't know if my bank will report my transactions if I buy via PayPal. I can send 5k to PayPal with my first bank, transfer money to my second bank and then do another 5k with PayPal there. But I imagine that it would just cause my first bank to call the second one and scrutinize me. Tax agents have an overview of all bank accounts any citizen owns.

Banks seem to pretend that what I am doing is illegal. It is not.
They treat my money like it is theirs. I'm sure they act this way because the Ponzi scheme that they call a monetary system, is very vulnerable to liquidity. My money is lent out for other investments.

I thought about using PayPal. But I can imagine that they have to disclose what the payment was for, if my bank asks.
It's weird because it is perfectly legal to invest in BTC. They just hate that we turn to it and want to seek revenge by sending tax agents after us.

I've never used P2P and I might make big mistakes with it. Meanwhile the clock is ticking.
I don't feel comfortable sending 5k via P2P or dex. I wish I had a person of trust near me who could guide me in this. I know a bitcoin whale but he is secretive and doesn't really help.

I am glad I do not have such problems. Even though Bitcoin is banned in my country. I usually use P2P on centralized exchange to buy or sell, and I never get linked with the exchange. So, my bank doesn't even know if I am doing it to buy or sell Bitcoin. I guess you can try to buy crypto using the Binance P2P service and pay directly to the seller's bank account. But be aware of scammers. Always screen record your transactions so you can submit them to Binance if the seller tries to scam you. Always deal with people who have done 500+ deals and 100% success rate. The exchange will know that you are using the bank account. But the bank won't notice it if the other party does not inform them.