Canadian Banks Freeze/Close clients accounts who deposit money from Bitcoin

BitTechNewbie

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Quote from: Spendulus on December 14, 2017, 10:50:37 PM

Walk into a bank and talk to one of the officers there. Tell them you want to start an account and make deposits into the account only from bitcoin. Be sure to tell them you will be paying taxes from that account.

Did you try that, and if so which bank. So far three banks that have spoken to advise that they would freeze or close my account if they found I was dealing with Cryptocurrency of any kind.

Spendulus

legendary

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Quote from: BitTechNewbie on December 14, 2017, 06:48:53 AM

Hi Everyone,

I have been reading and still hearing horror stories of Canadian banks freezing and closing peoples accounts who deposit money that has come from Cryptocurrency.

I was wondering has anyone found a bank that is Cryptocurrency friendly and will not freeze your account if you deposit money that came from Cryptocurrency?

Here is an article I found from years ago but I think is still happening.

https://globalnews.ca/news/996853/as-bitcoin-surges-canadian-banks-make-converting-to-cash-difficult/

I'm concerned because I don't want to start exchanging my Cryptocurrency and all of the sudden the bank freezes all my accounts.

I would love to hear if you guys have figured out a way to exchange your Cryptocurrency and deposit into a Canadian bank and keep doing it on a on going bases with no penalties or issues.

Thx,

Walk into a bank and talk to one of the officers there. Tell them you want to start an account and make deposits into the account only from bitcoin. Be sure to tell them you will be paying taxes from that account.

Steamtyme

legendary

Activity: 1554

Merit: 2037

Your story is from 2013, there are large businesses in Canada built completely around bitcoin; some of which have received government grants. When searching the internet try and look at the date of Information you are reading.

tokexchain

member

Activity: 144

Merit: 10

Most banks will close accounts they suspect being associated with Crypto, there are some banks that are crypto friendly such as Fido which have actual banks, and some other online baking services, there are of course BTC debit cards, I use Wirex, a link for more info is available at https://app.wirexapp.com/join/YbgEAbuN7kqrwOaIMx837Q - I have never had a problem with their debit card for both online nad offline regular transactions and ATM cash withdrawals, there are other services, some not so great - do your research and try not to involve crypto with your everyday bank Cool

aplistir

full member

Activity: 378

Merit: 197

Quote from: BitTechNewbie on December 14, 2017, 06:48:53 AM

I have been reading and still hearing horror stories of Canadian banks freezing and closing peoples accounts who deposit money that has come from Cryptocurrency.

I was wondering has anyone found a bank that is Cryptocurrency friendly and will not freeze your account if you deposit money that came from Cryptocurrency?

My guess is that the freezing and closing of accounts is not permanent. As long as you are able to prove that your bitcoins were legally obtained and belonged to you they should re-open the closed account.

Could take some time and or legal help though.

Another thing if the bitcoins are stolen or have been involved in illegal actions like selling drugs or something.

You could also sell them in another more crypto-friendly country

BitTechNewbie

jr. member

Activity: 38

Merit: 4

Hi Everyone,

I have been reading and still hearing horror stories of Canadian banks freezing and closing peoples accounts who deposit money that has come from Cryptocurrency.

I was wondering has anyone found a bank that is Cryptocurrency friendly and will not freeze your account if you deposit money that came from Cryptocurrency?

Here is an article I found from years ago but I think is still happening.

https://globalnews.ca/news/996853/as-bitcoin-surges-canadian-banks-make-converting-to-cash-difficult/

I'm concerned because I don't want to start exchanging my Cryptocurrency and all of the sudden the bank freezes all my accounts.

I would love to hear if you guys have figured out a way to exchange your Cryptocurrency and deposit into a Canadian bank and keep doing it on a on going bases with no penalties or issues.

Thx,

Topic: Canadian Banks Freeze/Close clients accounts who deposit money from Bitcoin (Read 191 times)