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Topic: Has your bank or credit card told you they will stop you buying crypto? - page 3. (Read 1065 times)

legendary
Activity: 2702
Merit: 1220
I dont think that banks can do such things, and actually they cannot to control that processes.

They can do that and retrict you for doing such transactions and actually on some bank on my country restrict us to do so, that's why we cannot do anything but to follow and I find different alternatives just to buy bitcoin for use. And if one time your country will also do that just follow so that you will not encounter any problem which prohibit their laws.
newbie
Activity: 16
Merit: 0
I dont think that banks can do such things, and actually they cannot to control that processes. I f you want to get the most profitable credit card, you should probably check this Rate My Rewards resource, and compare different credit cards, to get the most relevant to your personal life conditions.
hero member
Activity: 2828
Merit: 720
Leading Crypto Sports Betting & Casino Platform
The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.

Banks can't say you can't buy cryptocurrencies with their card, but they can just terminate your account agreement and just close it. One of the reasons is what you wrote, which is no regulation, but in my opinion banks do it for another very simple reason. They just know that cryptocurrencies are their direct competition. At the moment, their actions are sporadic as the cryptocurrency market is still relatively small. However, I am sure that with the growing popularity of cryptocurrencies, the intensity of repression by banks will also increase.

Maybe in some point they will think about crypto will be their competitor but actually for the current happening they will not think about that since the money people earned from crypto will still go to them since people needs bank to stored their profit which they exchange to fiat so this is win for them knowing how big the transactions possible created by their costumers, but unfortunately since crypto is not regulated the government will think about that this is illegal maybe they read bad stories about scamming that's why they think that way. So if they regulate it and start with the bank then they cannot do anything but to follow what government told to them and implement it to their clients.
There are already banks in my country that had already prohibited on engaging with transactions with crypto and this is why it do really sucks when you intently to buy up some coins if you do see some opportunity
and you dont have much money left but rather your option is your credit card.

Its no surprising though since these institutions are heavily regulated and centralized and anything that do connects or get involved with crypto will have significantly making out some issues later on

but will vary on whats the current take of government of the said country but sooner or later they would really be still having the same view.
hero member
Activity: 2394
Merit: 756
The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.

Banks can't say you can't buy cryptocurrencies with their card, but they can just terminate your account agreement and just close it. One of the reasons is what you wrote, which is no regulation, but in my opinion banks do it for another very simple reason. They just know that cryptocurrencies are their direct competition. At the moment, their actions are sporadic as the cryptocurrency market is still relatively small. However, I am sure that with the growing popularity of cryptocurrencies, the intensity of repression by banks will also increase.

Maybe in some point they will think about crypto will be their competitor but actually for the current happening they will not think about that since the money people earned from crypto will still go to them since people needs bank to stored their profit which they exchange to fiat so this is win for them knowing how big the transactions possible created by their costumers, but unfortunately since crypto is not regulated the government will think about that this is illegal maybe they read bad stories about scamming that's why they think that way. So if they regulate it and start with the bank then they cannot do anything but to follow what government told to them and implement it to their clients.
legendary
Activity: 1512
Merit: 1005
The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.

Banks can't say you can't buy cryptocurrencies with their card, but they can just terminate your account agreement and just close it. One of the reasons is what you wrote, which is no regulation, but in my opinion banks do it for another very simple reason. They just know that cryptocurrencies are their direct competition. At the moment, their actions are sporadic as the cryptocurrency market is still relatively small. However, I am sure that with the growing popularity of cryptocurrencies, the intensity of repression by banks will also increase.
newbie
Activity: 38
Merit: 0
The banks are not telling us that they will stop the use of credit card for crypto buying but they are not allowing too. Still, banks are waiting rules and regulations by the respective governments. Hope they will allow soon.
full member
Activity: 625
Merit: 100
The ban and restrictions on purchasing/using bitcoin in most countries is becoming harder on a daily basis. With your own experience at OP, it is more like an advice because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto. Other countries does not want to see any form of transaction containing bitcoin or crypto currency, if it be found, that bank account will be blocked, same thing to the ATM card attached to the account, and if there be any money in that account, it cannot be withdrawn. This is because the government has strong ruling power against the use of crypto currency within the country, and the bank has no power to go against the governmental rules, but to obey them.
Most government finds crypto currency disturbing, but the banks finds it an interesting way of making more money.
full member
Activity: 840
Merit: 126
Welcome back 🙏
No . I have been buying and selling cryptos since last 5 years and never my bank or credit card gave me any message like that they will stop my crypto transactions. Yes there always had been some rumours that it will happen but in reality i never had any problem in buying and selling cryptos.
member
Activity: 93
Merit: 23
What you worry about will control you
This is normal. Now my bank card has received similar notifications. If you accidentally receive black money during the purchase, it is very likely that your account will be frozen.
The way to avoid this situation is to find a more familiar merchant for transactions.
hero member
Activity: 2632
Merit: 787
Jack of all trades 💯
Even if they like to do business with cryptocurrency but if the government have strong ruling regarding on its usage and put some law to ban cryptocurrency or warned them about doing so then your bank cannot do anything but to follow what government dictate them so maybe find another ways to buy bitcoin since there are so many methods to do it without any hassle. I also stop using bank cards upon buying bitcoins to avoid any issues in future since government had hot eyes on crypto recently.
legendary
Activity: 2464
Merit: 3548
Buy/Sell crypto at BestChange
You must agree to the bank's terms of use before you deposit with it, and part of it is related to freezing your money in banks and bank accounts.
Some banks do not like cryptocurrencies because it is an escape of money from the bank to an unknown third party that is not subject to their authority, and therefore the number of money they can control will decrease.

You have many ways to buy bitcoin that may not require direct deposit to your account.
legendary
Activity: 1078
Merit: 1123
Since a few people here have recommended to buy bitcoins peer to peer, I wanted to bring up some needed caution!
If you send money from your bank account to another persons bank account and they have anything to do with money laundering, the police might knock on your door some day at 5am in the morning and search your house Smiley

There have been multiple cases of that happening of which I have read on the german board or just people getting charged and interrogated because they have transacted money with people that are known for money laundering.

That's why I personally think that going through an exchange is probably the safest way if you ware willing to do kyc or find an exchange that does not require kyc.
legendary
Activity: 2828
Merit: 6108
Jambler.io
In my opinion, its not the banks job to decide where you put your money.

And it's not!
You decide where you put your money, in that bank or in another or in your pocket or you spend them on booze and hookers.

The thing here is that you're using a service, just because you have a bank account it doesn't mean you can use it for anything, you can't force them to send money to Afghanistan just how you can't force somebody to accept your credit card as a payment method if they don't like it. It's still is your money that you can take it out and cancel their service as the OP does but that doesn't give you any special rights, just like when booking a room this doesn't mean you're free to smoke in there.

It's a simple math game, how many clients they will lose just for that? Are people going to completely forfeit all the advantages that made them chose that bank in the first place for a few crypto transactions a month or are they just going to keep this account and open another for crypto at a different bank? I would put my money on the second.

The only way banks will ever do this is if you use them to directly link to exchanges,,, so even if they start to do this, all you need to do is go to P2P then you are transacting with individuals and not companies.

You might end up with more trouble with that one too if you're making a lot of transactions a month.
Banks have been flagging accounts that make a lot of transfers to random people over the country and I've heard of enough cases when they completely disabled the account, not just limited it from purchases like the OP experienced.
Just think what's fishier from their perspective!
hero member
Activity: 2814
Merit: 766
I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

Yeah, its your money but you are using their service and knowing banks are heavily regulated or centralized then they can do all sorts of things that they do like and theres no such thing you can do but to deal with it.

So far i havent experienced any blocks or close accounts with my credit or debit cards as of this moment but i had received some verifications due to some funds do came from binance or simply they are aware
that im dealing with crypto.

They do need that verification and i do tell the truth on where it did came from and after that i didnt recieve any similar calls or verifications for that matter but i wont be surprised that possible
problems is already ahead.
member
Activity: 189
Merit: 52
In a world of coins, use them.
hero member
Activity: 2562
Merit: 540
I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

I understand your rant, myself has a bad experience way back in 2017-2018 when I was about to open a bank account and I said that majority of my funds will be coming from crypto and they denied my application.

Anyhow, if I'm not mistaken I only did once try to used my credit card to buy crypto but I didn't take any notice on the bank. Maybe they didn't look hard enough. But I never try to do it again because of the bad feedback that I read. However, banks shouldn't close their door, I'm seeing that down the line they will allow crypto buying their their cards.

Look for other options to buy crypto as well, maybe that can work out with you.
jr. member
Activity: 35
Merit: 1
I think exchanging with individuals and not companies is the best option so far.
Use P2P also for security. One cannot really conclude what the banks think about crypto currency.
Just don't make them a direct link for your exchange.
hero member
Activity: 2226
Merit: 953
Temporary forum vacation
I don't use my banks for crypto purchases but I've seen some people in my country that are also having the same problem with their banks. They don't want to support crypto purchases and gives a warning to the owners that they'll stop supporting the same transactions. This happens mostly in the US and other countries too as far as I know as long as the bank isn't crypto friendly. But don't lose hope, there may be some other local banks that doesn't care about crypto purchases using them.

The only way banks will ever do this is if you use them to directly link to exchanges,,, so even if they start to do this, all you need to do is go to P2P then you are transacting with individuals and not companies.

I think in the end this is good because P2P is how crypto is meant to be  Roll Eyes
full member
Activity: 1498
Merit: 146
I am incandescent with rage. A stupid credit card that I will now cancel put a notice in my account that they have decided that because there are so many cryptocurrency scams that they will not allow me to use the card to buy bitcoin or other crypto.
I joined the forum and found the thread where there were dozens of credit card holders that basically said the same thing. HOW DARE you decide what I can do with my money?!!!
How many other people have experienced this bullshit?
IMHO they are just driving nails into their own coffins.
The HUBRIS.

The creditcard service provider has their own right to change the terms and conditions at any time so if they say you can't buy bitcoin with your credit card then you aare not supposed to do that and its not your money its the credit money given to you by the banks. And buying bitcoin with credit cards is not a wise choice as well because the fee is insane when we buy through credit card on most of the exchanges.
hero member
Activity: 2954
Merit: 724
Top Crypto Casino
I don't use my banks for crypto purchases but I've seen some people in my country that are also having the same problem with their banks. They don't want to support crypto purchases and gives a warning to the owners that they'll stop supporting the same transactions. This happens mostly in the US and other countries too as far as I know as long as the bank isn't crypto friendly. But don't lose hope, there may be some other local banks that doesn't care about crypto purchases using them.
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