Has happened before and will happen again. Banks aren't known to be open to embracing change, much less innovation in financial services and products. We don't even need to look at blockchain to see this attitude, the fintech sector faced a lot of challenges -- strangely, especially in Europe and the US (at first) but now some Asian countries are lagging behind when it comes to challenger banks, for example.
What more to say for actual bankless and independent finance?
Topic: chances of bank closing account if you buy bitcoin - page 2. (Read 608 times)
Recently read about the news of ICICI Bank bans crypto trading. One can make transactions without using the term cryptocurrency, but there are possible chances of identifying everything associated with a transaction. In that case there is chance of closing the account, but such incidents happen very rare. Maybe same as this Bank there might be other banks making ban over the cryptocurrency trading.
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?
it only applies in some countries the bank has this policy. in my country the exchange can be connected to a bank account and makes transactions easier. believe me not all banks do something like that
Relies vigorously upon where you're from. There are a few nations wherein exchanging with digital forms of money and connecting it to your financial balance will get you into difficulty, so attempt to search for your country in the Local part of the discussion to find solutions from your kin. We can offer unclear advices and responses to your inquiry, however it's just you who realizes where you're from. From where I am, ledgers don't actually interfere with digital currency exchanges and truth be told are adjusting towards mix of cryptographic money into their monetary administrations. This is a summed up assertion from my locale. It might work for you and it may not, so it's truly essential to look for guidance from your kin who previously managed such before.
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 ..
I have heard from one of my Indian friends that his bank had sent a cautious notice to him because he had transactions from that account with an exchange. He answered the bank with the official statement from the Supreme Court of India that it is not illegal to transact and he knows the dangers of trading in crypto and there is no need for the bank to be cautious about it. The bank couldn't answer him and his account was left alone but it might not be the same with a normal person's account and Banks may harass people without any proper reason.
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 ..
I have never bought bitcoin directly from a bank, but what I have ever done was depositing into the crypto market and from there I bought bitcoin. The bank in my country does not have a menu to buy bitcoin, so no one in my country buys bitcoin directly from the bank.
in my opinion the bank does not want to accept bitcoin purchases, this is quite difficult for me to buy bitcoin.
in my opinion the bank does not want to accept bitcoin purchases, this is quite difficult for me to buy bitcoin.
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 least thing bankers can do is "freeze" the bank account. This only happens when the country you live in has either restricted cryptocurrencies or has no law over it.
If the latter then it depends on the banks whether they want to support cryptocurrency related fiat transactions or not.
Even if that's the case and the bank doesn't support crypto related fiat transactions then all they can do is "freeze" the amount in your bank.
They do not have the rights to access your funds or dissolve your funds. In this case you can go to the bank and get your funds withdrawn either by closing the bank account or by giving them assurance of not doing crypto transactions again.
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?
Banks cannot do this without a letter of designation from central / state / authorized level .... which they have to enforce. Their powers need to be approved by the government under emergency or special conditions and conditions. It is possible that the Bank will freeze the account to handle related matters such as fraud suspicion, theft of property, lawsuits, tax .... etc. My country has no news on this issue! Regardless, they need to have a press release or media release or from app, sms ...They do not have the right to enforce property confiscation if it is completely legal and is not within the framework that the government and the law prohibit.
I heard that too if not wrong in my country there are a bank who close a guy's account because involved in crypto. That is when i am not really intense in crypto but when i make bank account and they ask where is my money mostly come from, i said that i am selling online because not want that thing happened to me too.
Why would the bank want to know about your business is and what all transactions you will be getting, so do you need to submit your source of each and every transaction. If that is the case all you need is to ask the community from that particular country about the safest bank to make cryptocurrency transactions. I have heard certain complains from certain banks about not allowing cryptocurrency transaction from certain countries but there is always secondary options to overcome those restrictions. 
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 heard that too if not wrong in my country there are a bank who close a guy's account because involved in crypto. That is when i am not really intense in crypto but when i make bank account and they ask where is my money mostly come from, i said that i am selling online because not want that thing happened to me too. 
In several countries this has happened with the banks. When such thing happen people look for the loop holes and the alternate way to buy bitcoin. Even in my country people were with fear of buying bitcoin, because the government hasn't given any precise information whether people are free to use or it is banned. Where there is will, there is way. This is the reality with using bitcoin.
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 there are crypto related restrictions imposed in your particular region then surely banks can freeze your account for trading in bitcoin.So it depends in which country you are living.Mainly banks close or freeze account if they found huge money flows in your account and you do not have valid proofs to provide the source of income as you have to file income tax returns.If you have sold Bitcoin it comes under capital gains so banks require you to provide source of income for filing and if you failed to provide so then surely they can close your account.This is the main problem with centralized money authority that your funds are their custody and you need to provide them with documents whenever they require and can impose restrictions on spending your funds which is why you need to have decentralised currency like bitcoin for freedom.You can sell P2P Bitcoins and have money in hand rather than in your bank accounts to avoid any further inconvenience. 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 haven’t experienced that before, but I think if bank closes your account they are going to give you your money back, or isn’t that how it works? Anyways, for a bank to freeze or close your account it depends on the kind of activity that they notice on your account, there is an amount of money that come into your account all of a sudden and if it’s far too bigger than the regular amount that comes into your account, then they may suspect you. Then another thing is whether cryptocurrency is legal in your country, because if it is not, if you’re caught making use of it you will be having problem with the law and will even lose your assets.So, these are things that you should put into consideration. Then be careful, it will be best for you to be making use of P2P exchanges, you wouldn’t have all these problems if you are using P2P and Dex exchange.
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 it really depends on the country, like others mentioned, but also maybe on the bank as well. In my country, cryptos aren't regulated officially and the overall attitude to them is favorable (it's just that the Parliament cannot work out the details of how to treat them, but the ban is totally out of question). So buying or selling cryptos and using a bank account doesn't raise suspicions (perhaps it does if the sums are big, but then the authorities would just be interested where big sums of money come from, but not whether they're in cryptos or fiat). If things are worse in this respect in your country, I wouldn't risk it. If your country has various banks with different policies, perhaps you should google which banks are okay with cryptos because it can also be that some banks are against cryptos whereas others are fine with them. 
Depends on which country you are from, in my country, there seems to be a loose or little to no regulation so it doesn't really matter how you get your money unless you act suspicious. I haven't tried buying bitcoin with a bank account since there isn't a lot of perks and it isn't the norm in my country to have a bank account unless you are in business or you are earning a lot of money.
It is only limited for some countries so you should know your government policy first before engaging with cryptocurrency, banks are against cryptocurrency so always make sure that you know first the nature of it. Thankfully we don't have this kind of system in our country. It
in my opinion, it depends on the policies and regulations of the country. But I just heard that there is a policy that the crypto owner concerned with the bank will be closed by the bank. If for negative reasons it might happen, such as money laundering for example.
Yeah, it really depends on the policy of a country, that is why we need to research first before trying some new to avoid things like this. Some countries are considering people who use cryptocurrency as criminals.Yeah that is true but unless the banks in your country wants to call you to explain every single transactions that is going on in your account, most people from such countries where this is happening have resulted to trading crypto with p2p with no mention of any crypto related info in transactions. I think that's a better way out.
It is only limited for some countries so you should know your government policy first before engaging with cryptocurrency, banks are against cryptocurrency so always make sure that you know first the nature of it. Thankfully we don't have this kind of system in our country. It
in my opinion, it depends on the policies and regulations of the country. But I just heard that there is a policy that the crypto owner concerned with the bank will be closed by the bank. If for negative reasons it might happen, such as money laundering for example.
Yeah, it really depends on the policy of a country, that is why we need to research first before trying some new to avoid things like this. Some countries are considering people who use cryptocurrency as criminals.
in my opinion, it depends on the policies and regulations of the country. But I just heard that there is a policy that the crypto owner concerned with the bank will be closed by the bank. If for negative reasons it might happen, such as money laundering for example.
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?
This can not be general and I believe it basically depends on Countries policies with regards to cryptocurrency trading, so if for any reason your government have policy against crypto and some sort of instructions have been issued against that with bank accounts trading crypto, then that can happen else, bank accounts are usually closed if flagged for any suspicious reason until verified OK. Jump to: