Topic: chances of bank closing account if you buy bitcoin - page 3. (Read 609 times)
If there is a slight chance that the countries policy regarding Bitcoin can become harsh while you have used your bank account in buying BTC, they probably will close your account given that banks had done horrible things before. I'm sure they could try tracing the transactions in your bank account.
They could trace the BTC purchase from P2P and if they hate or not adopting BTC in your country, they will freeze your account.
Which country are you residing at? Some particular banks under the regulations of their country, prohibits the purchase of bitcoin that would be the reason why they are freezing or probably closing their bank accounts.
Its very important to know the bitcoin legalization of your country before doing anything. And it is better to be supervised by those who have experienced in buying bitcoin in a bank as there are also banks that are crypto-friendly.
On some exchanges as Remitano or Paxful, in your trade, you and your trade partners don't have any information that your bank transfer is made for cryptocurrency trade. Remitano gives you a code for your bank transfer. Paxful give you and your trade partner a trade chat to fill in trade details.Its very important to know the bitcoin legalization of your country before doing anything. And it is better to be supervised by those who have experienced in buying bitcoin in a bank as there are also banks that are crypto-friendly.
It is difficult for banks to know your trades are for crypytocurrencies. Just secret trades now but in the future, governments can enforce banks to trace money flow and discover cryptocurrency trades.
Because your bank transfer does not have details that it is for crypto trade, if you get scammed, you can not request support from banks or police. Side effects of secret trades in nations that cryptocurrency trades are not officially accepted by governments.
I once read a thread here in bitcointalk about someone asking a teller/something like that in the bank which now could potentially ruin his financial freedom.
I think I remember a similar thread about that. I know that they really froze the clients accounts knowing that he has acted on buying BTC and telling the bank without knowing that it's not allowed. I'm not sure if they gave him his money back or something but it's still a risk to be involved in banking systems that doesn't support this kind of finance.
Which country are you residing at? Some particular banks under the regulations of their country, prohibits the purchase of bitcoin that would be the reason why they are freezing or probably closing their bank accounts.
Its very important to know the bitcoin legalization of your country before doing anything. And it is better to be supervised by those who have experienced in buying bitcoin in a bank as there are also banks that are crypto-friendly.
Its very important to know the bitcoin legalization of your country before doing anything. And it is better to be supervised by those who have experienced in buying bitcoin in a bank as there are also banks that are crypto-friendly.
Just keep watching for an update of your government's stance on Bitcoin because things could change all of a sudden and then your money is frozen. This is dangerous so I don't recommend you going to a bank and inquire about Bitcoin or cryptocurrency transactions with them because you don't know the person you are talking to and he might just dedicate himself to bring you down because you plan to make crypto transaction. 
I once read a thread here in bitcointalk about someone asking a teller/something like that in the bank which now could potentially ruin his financial freedom.
I once read a thread here in bitcointalk about someone asking a teller/something like that in the bank which now could potentially ruin his financial freedom.
on the other hand, if there is no prohibition from the government, then the bank does not have full authority to do so.
Up until this point, I am glad that my country is still a neutral player for the bitcoin situation and crypto-related. In my opinion, the government can make a "ban" decision if it affects economic and social trends, or disrupts the balance. If they wanted to, there would be certain votes, and openly and transparently to the parliament. Before the banks could do anything? It is not like the Turkish story, the secrets behind will cause a lot of contradictory controversy.Banks, governments are still the enemy of bitcoin, it has happened many times, never ending!
If the country banned Bitcoin and also crypto, it may make sense that every bank revealed that the money comes from exchanges or crypto selling, they can close the account. However it commonly based on the initial announcement, the user commonly accepts the notification. But about the money is back or not it may depend n the faults and also mistakes. however, the rule is a rule that should be utilized during this time.
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?
That's a fallacy and its a propaganda from my perspective because it's has no happened before to anyone or anybody using Bitcoin for transaction purposes, it actually this is a truth, I think it needs proper clarification or evidence, and if a particular country innate a law of banning any account that use cryptocurrency for transportation obviously it will not affect another country. 
it all depends on government policies regarding bitcoin and cryptocurrency in general.
as an official state agency, a bank will strictly enforce the predetermined rules regarding finance. If the state bans anything related to bitcoin, including buying or selling it, then banks are one of the most important posts to find violations. so it is natural that bank accounts are frozen when it is known that there are suspicious transactions related to bitcoin.
on the other hand, if there is no prohibition from the government, then the bank does not have full authority to do so.
as an official state agency, a bank will strictly enforce the predetermined rules regarding finance. If the state bans anything related to bitcoin, including buying or selling it, then banks are one of the most important posts to find violations. so it is natural that bank accounts are frozen when it is known that there are suspicious transactions related to bitcoin.
on the other hand, if there is no prohibition from the government, then the bank does not have full authority to do so.
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.
That's the right thing to do. Because each country has their own regulations and approach towards crypto. So no one can give you a specific answer unless you will tell where are you currently residing. It is better to ask your co-users in your local section as some of them are already old here and one way or another, some of them have had experienced dealing with your local banks. But if not, you can always use your friend google and search the bank laws in your country towards crypto. Nowadays, it is easy to get a hold of info because you can use the search engine anytime.
Well, if this happens, the money will be locked for quite a while and you may have to answer to various questions. Only after they unlock the money it's yours again.
Depends on the bank and the country. I have heard about cases when bank decided to close customers account over suspicious activity and they sent their money to another bank account of their ex-customer within hours. If there's no law enforcement order, banks may not hold your money for long. But generally, it's better to be ready for anything, and contact your bank before you're going to withdraw a large sum from exchange.
but keep in mind that most banks don't like Bitcoin, are afraid of Bitcoin and some may (still!) see Bitcoin investors/users as criminals.
To banks, a crypto-related transactions are as suspicious as cash transactions, and they can be fined if the government will prove that criminals used their bank for money laundering via crypto.
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 where you live and which bank you are using. No they won't be taking your money unless you live in a dictatorship like China or N. Korea but they may refuse to serve you in the future. In these cases they usually let you withdraw your money and kindly show you the exit door.
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 have their own and specific terms about that. Refer to the policy of the said bank.
And nowadays, it's not that the bank clients buy bitcoin using their cards that's why accounts are locked but if deposits came to that account are somehow become alarming, like a sudden big amount is coming regularly, it will be noticed and become a subject for investigation.
Just tell the truth during the process. Banks already know that bank accounts nowadays are being used for purchasing crypto unless they prohibited it from the start.
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?
As they said above it varies on which country you are in because each country has its own laws and banks always care about money laundering which should be regulated by the bank. This problem is very simple, just ask your local bank if they will allow you to buy cryptocurrency because for now, usually, they will freeze an account that has them suspect of having a large purchase, in or out of the bank. Because banks always wanted legitimate transactions, not illegal ones.You must always aware of that matter in your country, if you don't have a choice of buying bitcoin in your country and avoid freezing your bank account, P2P exchange is the best choice for you.
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?
In my country nobody will close down your Bank account because you purchase Bitcoin, rather, if you are operating a cryptocurrencies business in Nigeria you stand the chance of your business account to be close becasue of their ban, though don't really know if that's still much effective in the country. There's something they can't ban - if you're operating a P2P transaction the government or Bank can't ban you Bank account.
Depends on the regulations in your area or country.
There was a misconception of closing of accounts of crypto in Nigeria just couple of months ago, but it was just that to not transact with cryptocurrency in the banks. It's not a total ban.
Source: https://www.coindesk.com/nigeria-central-bank-bitcoin
There was a misconception of closing of accounts of crypto in Nigeria just couple of months ago, but it was just that to not transact with cryptocurrency in the banks. It's not a total ban.
Source: https://www.coindesk.com/nigeria-central-bank-bitcoin
I am not sure of what happens if a bank decides to close your account. What I know is that the authorities can't just take your money without a legitimate proof that you obtained them in illegitimate ways, but I think they could lock them until investigations are performed.
i have heard people say they closed down their bank account for buying bitcoin, but this might have been a few years ago.
there is some truth to that but the problem is that we never know the whole truth in cases like this.
there have been banks in the past and even today that are scared of bitcoin and want to prevent anyone from sending their own money to a bitcoin exchange to dump it for bitcoin. so they close their clients accounts.
but there are also a lot of cases that the user was doing something shady and their activities raised a lot of red flags that led to their account closure.
if you are worried then contact your bank and a lawyer and ask them about the laws you have to follow.
Like you said, a few years back yes bank accounts were closed for users buying bitcoin in countries were the government had banned the coin, but taking your money too I don't think so!
Besides buying crypto when price was low was a risk which is paying out well now.
Besides buying crypto when price was low was a risk which is paying out well now.
I think if you have a good, long term relationship with a bank then you will likely be OK. If you open a new account & the first thing you do is start dealing with crypto in large number ($) then you may have a problem.
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