Topic: chances of bank closing account if you buy bitcoin (Read 608 times)
As long as making investment into cryptocurrencies is not forbidden in your country, there must be no chance for banks to do such thing. In the end, why would banks do that when there is no reason for it? It doesn't make sense.
What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?
The chance is very big that they will do this again, because they did that in the early days.. when Bitcoin was still a huge threat to them. If you want to be safe, open a new account at another Bank ...just for the purpose of using that for Crypto currency transactions. (That way, if they close the account.. it will not be disruptive and your other savings will be protected.)
Banks quickly saw that they were the off-ramp for Crypto that was converted to Fiat and that they could cash in on the transaction fees of these trades... so they forgot about those days.
According to recent crypto regulation in Nigeria, The central bank has asked the bank to close any customer that his/her account linked to any crypto related transaction. In such case the account holder might lose his/her money when the account is freeze by the bank. However, for someone who can afford a lawyer can make case with in the court to get his/her account unfreeze
That's the situation in Nigeria at the moment as the banks have disassociated themselves from cryptocurrency transactions (not a ban though), as it's no longer possible to buy crypto using credit/debit cards of Nigerian banks, neither does the bank process crypto to Fiat, into customers bank account via exchanges, everything related to crypto is as such done via P2p now.Having said that, if OP is a resident of a country like Nigeria, then P2p is a reliable option, and then you avoid making it known to people that you either have or bought Bitcoin, but if you're in a country that sees nothing wrong with crypto, nor have any laid down regulations, then you can freely buy and transfer your funds into your bank account after selling without any hassles of any sort.
What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?
The chance is very big that they will do this again, because they did that in the early days.. when Bitcoin was still a huge threat to them. If you want to be safe, open a new account at another Bank ...just for the purpose of using that for Crypto currency transactions. (That way, if they close the account.. it will not be disruptive and your other savings will be protected.)
Banks quickly saw that they were the off-ramp for Crypto that was converted to Fiat and that they could cash in on the transaction fees of these trades... so they forgot about those days.
What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?
If they close your bank account just because you are buying bitcoin or you are using this bank account to transfer your profits on cryptocurrency or bitcoin then probably they will just hold it first before closing your entire bank account and another thing is that you will be able to received some messages from the bank informing you that they will hold or close your bank account. I've seen a lot of this in our country to avoid money laundering. What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?
I think those policies have been revoked and if it is still uphold in your country it is advisable you go for pair to pair or while doing the transaction don't specify is for the purchase of bitcoin or any crypto just transact and say its for business purpose
What do you mean they can't taking all the money ?
It seems impossible for a bank to withhold some of the money from its customers if all of it will be taken.
The possibility that what could happen is that the bank cannot give all the money that the customer has in large amounts if the demand is sudden. So you have to confirm before taking large amounts of money.
It seems impossible for a bank to withhold some of the money from its customers if all of it will be taken.
The possibility that what could happen is that the bank cannot give all the money that the customer has in large amounts if the demand is sudden. So you have to confirm before taking large amounts of money.
i think bank would not close if you buy bitcoins. people still need pitty cash and keeper so that we can secure are savings.--
This really depends on the regulations that apply in a country related to bitcoin. If there are no restrictions on engaging with cryptocurrency, then there is no problem if we make crypto or bitcoin purchases through a bank account. in fact, the current trend is that many centralized exchanges provide direct withdrawal services to bank accounts. This is the main attraction because it is very easy for users. so for convenience, please check the cryptocurrency rules set in your country.
According to recent crypto regulation in Nigeria, The central bank has asked the bank to close any customer that his/her account linked to any crypto related transaction. In such case the account holder might lose his/her money when the account is freeze by the bank. However, for someone who can afford a lawyer can make case with in the court to get his/her account unfreeze
What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?
Your best bet is probably to head over to the local section, and ask about the specific bank you're planning on using. The answer to your question will pretty much vary with country to country and with bank to bank.
what @mk4 said is true, it all depends on the respective country....here in my country there is not a single case as you said, the bank does not close someone accounts that transact Bitcoin. if you hear this from someone then it is most likely "FUD".
It depends on your location and the rules guiding that region, if you are in a country which is against bitcoin and warns individuals not to indulge in bitcoin or crypto related activities, then you get credited and the description bears the name bitcoin or bitcoin attached to it surely your account will be blocked immediately tho there might not take your money but at same time you can't make use of it untill you go to the bank to explain urself and believe there are questions you will surely need to answer and if you are not lucky enough you might face a penalty for violating the rules.
i think bank would not close if you buy bitcoins. people still need pitty cash and keeper so that we can secure are savings . in the future maybe there is no cash but it will takes a decade. bitcoin price now reaches high value and many people and company invest in it and probably make profit from it by simply holding or trading.
Hello everybody. I have never heard of closing a bank account when buying bitcoins - there is no penalty for anything that cannot be proven. Banking sanctions will only be applied if you try to use a cryptocurrency transaction to try to withdraw them to fiat. Then, as the money becomes personalized, banks will have questions about the nature of the funds. In the meantime, buy as much bitcoin as you want, always remembering that at some point at least part of the profit you will have to sell and withdraw back to your bank account.
Do not contact the banks and in this case you will not have such a problem.
What are the chances of a bank closing your account if you buy bitcoin? i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago. he only said they closed his account, there is no chance of them taking all the money in your account, correct?
Depends on country you are living in. Some countries have already given BTC legal status so Banks in these countries have no right to ban your account on these grounds and if they do ban your account, you can always move the Court. There are so many other countries where crypto is either banned or not regulated. You may face some issues with your bank if you buy crypto.
Better you ask some expert in your country.
Closing an account or not depends on local policies. In my country, the government just does not allow the use of Bitcoin for payment, but hoarding as an asset is not prohibited. That also means that they do not prohibit the use of bank accounts to buy Bitcoin.
If the Bitcoin you buy is due to an offense that means you are guilty of money laundering. That will cause your bank account to be closed.
If the Bitcoin you buy is due to an offense that means you are guilty of money laundering. That will cause your bank account to be closed.
It depends on the government policy of a country. If the government doesn't ban the crypto there, I think the banks won't do it. For example, it is like in my country, our government supports Bitcoin as a digital asset. So, as long as you don't use Bitcoin as a payment tool, it is no problem at all. So, basically, we cannot generalize this case, it may be different between one country and another country.
This will be depending on the country where you reside for there are certain cases and issues that have been raised within the forum for the past months having the concerns of banks closing their accounts due to crypto related transactions for there are countries that have strict restrictions with regards to that but I guess that have been resolved already since I have not been able to read such cases for the past weeks which I conclude those were already have been settled for good due to communication with the government and national banks of those people having the same cases.
Banks will close our accounts if we are involved in bitcoin transactions, I think it's hard to believe because now bitcoin has grown like mushrooms, besides if they want to close our accounts, it must have government approval first ..
You should first learn how the rules and laws in the banks varies each country so that you may know if it can be possible that as you buy bitcoin, your bank account wouldn't get dismissed. As you learn about the policies then bank has with regards to making transactions that involves crypto exchanges, follow it and make sure you will not do anything that will make you lose your money all of a sudden. There are plenty of ways you can cheat your way on having a bank account and owning crypto, you can just simply have a separate wallet for your crypto and patiently wait till it is legal to be transacted within your banks.
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