Has your bank or credit card told you they will stop you buying crypto?

sokani

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Quote from: m2017 on May 03, 2024, 11:23:15 AM

How will they determine whether the transaction is related to "crypto"? In particular, if it is P2P. Transactions "from" and "to" people who rarely change crypto can't be identified as involved in "crypto", because it look like ordinary transactions between bank clients.

When carrying out P2P trades, if the sender of the fiat unknowingly adds the word "crypto" or anything crypto related in the description as shown above, the financial institutions have put in place surveillance system that can detect such transactions.

Quote from: m2017 on May 03, 2024, 11:23:15 AM

Then how do you implement? Exchange for cash in person? Do you think this is safer?

We're still performing transactions via P2P on CEXs but with experienced traders who would not be dumb enough to make such silly mistake.

m2017

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Quote from: sokani on May 03, 2024, 07:51:13 AM

Just yesterday, the CBN of my country issued a notification to all fintech companies, mandating them to flag and report to the authorities, all transactions that are crypto related.

How will they determine whether the transaction is related to "crypto"? In particular, if it is P2P. Transactions "from" and "to" people who rarely change crypto can't be identified as involved in "crypto", because it look like ordinary transactions between bank clients.

In the case of exchangers and cryptocurrency individual changers, suspicions may arise, because many transactions occur "to" and "from" their cards. It seems to me that the actions of financial organizations in this regard are aimed at combating precisely such (exchangers) bank clients. They will begin to infringe on ordinary crypto users later.

Quote from: sokani on May 03, 2024, 07:51:13 AM

This is the second time something like this is happening, and from the first one, I've decided never to use my cards to facilitate any crypto transactions in other to be on the safe side.

Then how do you implement? Exchange for cash in person? Do you think this is safer?

Quote from: sokani on May 03, 2024, 07:51:13 AM

Another way to stay undetected is to avoid adding the word crypto as description on your banking transaction.

What idiot did this? To avoid attracting attention, you should not add anything at all to the description.

sokani

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Quote from: Gladitorcomeback on April 16, 2024, 12:54:05 PM

So if you have a bank account here and you don't want to face any problems, you should avoiding mentioning anything about cryptocurrencies in front of bank officials or anywhere in your mobile banking app, online banking, or when you are visiting a branch for any reason.

Just yesterday, the CBN of my country issued a notification to all fintech companies, mandating them to flag and report to the authorities, all transactions that are crypto related. This is the second time something like this is happening, and from the first one, I've decided never to use my cards to facilitate any crypto transactions in other to be on the safe side. Another way to stay undetected is to avoid adding the word crypto as description on your banking transaction.

CochnocherCrypto

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FWIW: I bank with TD Bank (in the USA - not Canada) - and I've got to say.... they are the easiest bank I've, personally, dealt with. I had a similar experience with both Chase Bank AND Bank of America - so I politely requested my account be closed at both institutions and I took my business elsewhere (in this case - Toronto Dominion Bank of North America).

If your bank is employing those sorts of practices - I'd just move elsewhere. I'm sure there is a bank in your area (can also look into Credit Unions) that will not hinder your ability to buy Bitcoin!

Best of luck with whatever course of action you choose.

Cheers!

-CochNocher

Gladitorcomeback

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Quote from: bitbunnny on April 15, 2024, 02:51:04 AM

According to my experience banks in EU usualy don't ban buying of crypto currencies including Bitcoin but most of them see such transactions as a potential risk and because of that you might not have a good credit score and bank could deny to you some of their services like loans or bigger limit on credit card.
I know that my banks tags crypto transactions as well those on gambling sites as a big risk and doesn't like such clients.

In my country, banks would even turn your account to dormant mode if they suspect any of the incoming or outgoing transactions to be connected to or related to cryptocurrencies, they would even confiscate your funds if there are any and ask you for proof for them to release the funds and open your account, and the proofs that you submit should also not indicate or show anything related to cryptocurrencies because if it does, they will be sure that they were right and you are involved and then your account won't be unblocked.

So if you have a bank account here and you don't want to face any problems, you should avoiding mentioning anything about cryptocurrencies in front of bank officials or anywhere in your mobile banking app, online banking, or when you are visiting a branch for any reason.

bitbunnny

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According to my experience banks in EU usualy don't ban buying of crypto currencies including Bitcoin but most of them see such transactions as a potential risk and because of that you might not have a good credit score and bank could deny to you some of their services like loans or bigger limit on credit card.
I know that my banks tags crypto transactions as well those on gambling sites as a big risk and doesn't like such clients.

logfiles

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Quote from: Kakmakr on February 13, 2024, 01:43:55 AM

I want to agree with them, because there are loads of Ponzi schemes out there, where they use bitcoin as a payment option.

Ponzi schemes don't use Bitcoin alone as a means of payment. In fact, one of the most popular is perfect money. These banks make Bitcoin the sacrificial lamb because they just hate it. I don't remember when banks started caring about what you invest your money in until Bitcoin came around.

Quote from: Kakmakr on February 13, 2024, 01:43:55 AM

In any way, it is always a bad idea to buy bitcoin with debt. I would have been angry if they blocked my savings account, when I transfer my own money to a Crypto exchange, but not money that the Bank are borrowing to me.
There was a time when the Bitcoin price crashed and took 3 years to recover... imagine paying off the credit card for something that will only break even in 3 years. Shocked

Anyone who borrows money or a loan to invest in Bitcoin or any other cryptocurrency will have broken one of the major rules of investing in crypto, which is "Not investing what one can afford to lose"

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I want to agree with them, because there are loads of Ponzi schemes out there, where they use bitcoin as a payment option.

In any way, it is always a bad idea to buy bitcoin with debt. I would have been angry if they blocked my savings account, when I transfer my own money to a Crypto exchange, but not money that the Bank are borrowing to me.

There was a time when the Bitcoin price crashed and took 3 years to recover... imagine paying off the credit card for something that will only break even in 3 years. Shocked

Shadowazun

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Based in Canada. Many if the big name bank branches here have locked out crypto purchases and state that their risk tolerance doesn't allow any purchasing of crypto currencies. The only way around it is finding exchanges that allow electronic fund transfers by the form of "Etransfers". Has been a huge pain for me to try to work around large crypto purchases.

MFahad

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Quote from: husencoe on January 28, 2024, 03:04:54 AM

I think they have the right to set those limits because that is within their control. They have the right thing by warning you before they actually took action, because you have violated their terms. As long as you use their services, you still have to comply even it's your money, or you get outfrom there.

You are right here. if people trust those financial companies with their money then they must follow their rules too. they should be mentally prepared to follow their rules or loose their money.
that is another reason why I think everyone should have full control over their money. which is possible with either keeping your cash at home. or getting into bitcoin. with bitcoin you have full control over your money. you are your won bank. no one can say how you can spend your money. what you can buy and what not. and there is no risk of your money getting freezed.

Negotiation

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In our country every bank and all types of cards prohibit investing in foreign currency and not only our country but many countries may have prohibited investing in currencies with any type of debit or credit card. And those who want to invest have their cards blocked and funds held so they can't make transactions. And in this case the banks do a lot of harassment because they don't know about it properly so they do a lot of harassment to the common customers who want to invest in crypto currency.

itorai

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Quote from: logfiles on January 03, 2024, 06:51:28 PM

Sometime back, my bank blocked my account for engaging in "crypto p2p trading" and wanted to visit their branch for reverification and to unblock the account. Turns out the counterparty I was trading with could have been flagged off, and any transaction to any other account got flagged off as well. That was the last time I used the account to this date Grin

They thought I needed them so much, well it turns out I had so many other alternatives. They have been sending me messages to reactivate the account and all that shit, but I don't care.

Surely they want their customers back, and try hard to persuade them to cooperate again, that's the marketing they run but the customers are smarter and decide to ignore it because I also feel that there are many other possible alternatives for me to live according to my wishes, but if there is still a lot of money in the blocked account I will be forced to open it by any means.

husencoe

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I think they have the right to set those limits because that is within their control. They have the right thing by warning you before they actually took action, because you have violated their terms. As long as you use their services, you still have to comply even it's your money, or you get outfrom there.

I think you should immediately stop your activities there. Immediately take your assets and look for another bank that does not intimidate crypto world.

One more thing, I think using a credit card for crypto activities is not a good idea. Of course you have to pay them a bank interest and additional fees and I don't think it's cheap.

logfiles

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Sometime back, my bank blocked my account for engaging in "crypto p2p trading" and wanted to visit their branch for reverification and to unblock the account. Turns out the counterparty I was trading with could have been flagged off, and any transaction to any other account got flagged off as well. That was the last time I used the account to this date Grin

They thought I needed them so much, well it turns out I had so many other alternatives. They have been sending me messages to reactivate the account and all that shit, but I don't care.

tread93

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Just make sure to shave off 30% of all your gains on interest fees alone! Crypto should always be purchased with cash you have already on hand, otherwise it cancels out almost unless it just goes through the roof. The time it'll take to go through the roof might not be worth it depending on the amount that you are purchasing.

goldenmonke

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A bank denying your transaction to purchase crypto is exactly why BTC was invented: to allow you to transact freely.

wtsimis

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I have not bought bitcoins directly from my bank account. Currently I use Binance Exchange p2p. I order directly from the buyer and send money from my bank to his bank and confirm it from Binance. The seller checks his bank account and gives me bitcoin. I think the bank authorities here don't understand whether we are buying bitcoins with this money or something else. As the bank transaction is completely a normal process.

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Quote from: Panxora_COO on August 14, 2021, 03:13:30 PM

IMHO they are just driving nails into their own coffins.

Though its been almost a year since this post was made, could have looked away but cant help but say something here, I have 4 debit cards from 4 different bank here in my country, I cant help but agree totally to the quoted statement above.
It was sometime last year 2021 that the central bank of Nigeria banned both banks and citizens of the country from buying or selling crypto currencies, banks were directed by central bank to freeze all and any account suspected to be involved in crypto currency, unfortunately for the banks and fortunately for bitcoin and cryptocurrencies in general, the announcement of this ban marked the beginning of a new era of cryptocurrencies in the country, millions of youth became for involved in crypto currencies that the banks had no choice but to just keep processing payments, not minding whether its a crypto related payment or not.

Just like the op said, any bank or credit/debit card company that still banned crypto related transactions by now are doing nothing but driving nails into their own coffins, they are gonna fade out even before they know it.

2stout

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Too many to count, but what seems to be working now is using the Nexo platform if you desire to purchase crypto with credit, feel free to give it a try even though your mileage could vary- not sure if having a credit card issued through a credit union helped or not. Works for me but in no way am I shilling for them; if so, I would post my referral link to get something out of it. Hopefully this helps and proves to be helpful for someone who want to use a credit card to purchase crypto.

Taskford

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Quote from: ReiMomo on June 12, 2022, 02:49:44 PM

I have not come across any such news on my inbox or via any communication. I bought some coins with my local fiats transferred to a crypto exchange. I dont think, the bank will take it as a serious note to look at ban transaction to buy crypto coins. The govt is directly or indirectly fully supporting crypto currencies' transactions and moments. We have huge numbers of bitcoin and other crypt users from my country. So, I dont think, banks or govts will stop or initiate such transactions.

Good to know that your local bankers are not strict for this kind of transaction because us have certain restrictions towards dealing with cryptocurrency since somehow government take extra precautions about it since they didn't support this industry yet. But maybe in future maybe we can lessen up the restriction and can able to buy as many bitcoins as we want by using our balance in our accounts.

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