Topic: List of Bitcoin Hostile (and friendly) Banks (Read 171452 times)
It's good to see there are actual banks that support crypto currency. I just hope there will be alot more of these supportive banks soon as the crypto currency market gets stronger and stronger everyday. Then again, i think these banks already have vested interest in crypto currency, like maybe a stake in Bitcoin one way or another.
I think these bans are associated with a sharp drop in the cryptocurrency, and I think this step is right to save ordinary investors from rash actions
i see bank of America has begun refusing to open Bitcoin related accounts, and has denied wire transfers because they were related to Bitcoin companies.
Another friendly European bank is Privat Bank. It will be especially useful for Europe and especially the former socialist camp. You can pay and invest.
Is it a bank from Ukraine? Last time I checked Ukraine was attacked by Russia (Crimea and the east regions) and has bad economic situation. It isn't great because money need silence.
What about Spanish ING bank?
Another friendly European bank is Privat Bank. It will be especially useful for Europe and especially the former socialist camp. You can pay and invest.
rate banks and tell your story at -> www.moonbanking.com
Another bitcoin friendly bank:
https://www.coindesk.com/metropolitan-bank-crypto-bitcoin-clients-millions/
https://www.coindesk.com/metropolitan-bank-crypto-bitcoin-clients-millions/
Quote
To most banks in the U.S., cryptocurrency businesses are pariahs. To Metropolitan Commercial Bank, they're "pioneers."
At least, that's how the New York financial institution's chief technology officer, Nick Rosenberg, describes them.
"We're certainly very interested in growing this vertical," Rosenberg told CoinDesk of the bank's crypto clientele. "We've learned that it's a serious industry. There are some very smart people involved. There are some very interesting ideas coming out that could really change the way people do business."
While most banks cling to the adage "blockchain not bitcoin," Metropolitan stands out simply by being one of the very few to enthusiastically court deposit business from crypto firms.
These clients include a few exchanges, as well as hedge funds and other crypto investors that bank at Metropolitan because it's easier to quickly move their money to those exchanges. (To be clear: the bank only handles fiat for customers and does not touch crypto itself.)
So far, it's proven a lucrative niche for Metropolitan. In the first quarter, cash management and foreign exchange conversion fees from cryptocurrency clients totaled $3.4 million, the bank disclosed in an investor presentation. This helped drive a more than 300 percent increase from a year earlier in Metropolitan's total non-interest income, to $5.4 million, according to a Securities and Exchange Commission filing.
If that doesn't sound like a lot of money, keep in mind that Metropolitan is a community bank
At least, that's how the New York financial institution's chief technology officer, Nick Rosenberg, describes them.
"We're certainly very interested in growing this vertical," Rosenberg told CoinDesk of the bank's crypto clientele. "We've learned that it's a serious industry. There are some very smart people involved. There are some very interesting ideas coming out that could really change the way people do business."
While most banks cling to the adage "blockchain not bitcoin," Metropolitan stands out simply by being one of the very few to enthusiastically court deposit business from crypto firms.
These clients include a few exchanges, as well as hedge funds and other crypto investors that bank at Metropolitan because it's easier to quickly move their money to those exchanges. (To be clear: the bank only handles fiat for customers and does not touch crypto itself.)
So far, it's proven a lucrative niche for Metropolitan. In the first quarter, cash management and foreign exchange conversion fees from cryptocurrency clients totaled $3.4 million, the bank disclosed in an investor presentation. This helped drive a more than 300 percent increase from a year earlier in Metropolitan's total non-interest income, to $5.4 million, according to a Securities and Exchange Commission filing.
If that doesn't sound like a lot of money, keep in mind that Metropolitan is a community bank
This is a topic that needs maintenance given the climate in Canada I feel it is worth updating the status on Canadian banks.
The main five banks are restricting or limiting the use of a clients funds to purchase any cryptocurrency through third party intermediary banks if they are told the main objective is investments or if the exchange even has a function to purchase cryptocurrency.
The media focus is on Visa's and Interac Online it is becoming difficult to fund from certain banks unless you multi-bank a recent example is Quadrigacx and Coinsquare no longer do interac online with the RBC due to recent changes.
Account funding is still possible through Scotiabank BMO and TD.
In my personal experience I recently tried to fund an exchange account with a Wire transfer and was explicitly told I cannot take money out of my own chequing account, for the purpose of buying cryptocurrency with the RBC.
Since the bank seems to want to decide what I do with my own money, I would strongly recommend looking at a list of credit unions in your area to have a second account with.
Each banking institution is in a different state of restriction regarding cryptocurrencies and funding accounts can be difficult as the trend seems to be moving towards a general shutdown of all cryptocurrency purchase options.
This is regardless of debit or credit card status and it may be a real pain if they shut down your account to have all your bills moved.
The most viable solution while the banks are sorting out how to make a profit from blockchain and restricting access to client funds, is simply to bypass them where possible and use alternatives.
I would recommend looking at a list of participating institutions for the exchange you use if your bank does not support cryptocurrency and move your money to where you utilize it.
As consumers and users we have the freedom to choose who we bank with and a monetary penalty is one way to show them your vote for their policies, best of luck to all fellow crypto users.
http://interac.ca/en/interac-online-consumer
https://www.coindesk.com/bank-of-montreal-expands-crypto-purchase-ban/
https://www.rbcroyalbank.com/onlinebanking/bankingusertips/notices/communications/CryptoCurrency.html
https://globalnews.ca/news/4043711/td-bank-bar-customers-credit-buy-cryptocurrency/
https://www.reddit.com/r/BitcoinCA/comments/829xfk/i_just_got_this_email_from_scotiabank_regarding/
https://www.reddit.com/r/Bitcoin/comments/888d25/cibc_bank_closes_down_my_account_for_trading/
The main five banks are restricting or limiting the use of a clients funds to purchase any cryptocurrency through third party intermediary banks if they are told the main objective is investments or if the exchange even has a function to purchase cryptocurrency.
The media focus is on Visa's and Interac Online it is becoming difficult to fund from certain banks unless you multi-bank a recent example is Quadrigacx and Coinsquare no longer do interac online with the RBC due to recent changes.
Account funding is still possible through Scotiabank BMO and TD.
In my personal experience I recently tried to fund an exchange account with a Wire transfer and was explicitly told I cannot take money out of my own chequing account, for the purpose of buying cryptocurrency with the RBC.
Since the bank seems to want to decide what I do with my own money, I would strongly recommend looking at a list of credit unions in your area to have a second account with.
Each banking institution is in a different state of restriction regarding cryptocurrencies and funding accounts can be difficult as the trend seems to be moving towards a general shutdown of all cryptocurrency purchase options.
This is regardless of debit or credit card status and it may be a real pain if they shut down your account to have all your bills moved.
The most viable solution while the banks are sorting out how to make a profit from blockchain and restricting access to client funds, is simply to bypass them where possible and use alternatives.
I would recommend looking at a list of participating institutions for the exchange you use if your bank does not support cryptocurrency and move your money to where you utilize it.
As consumers and users we have the freedom to choose who we bank with and a monetary penalty is one way to show them your vote for their policies, best of luck to all fellow crypto users.
http://interac.ca/en/interac-online-consumer
https://www.coindesk.com/bank-of-montreal-expands-crypto-purchase-ban/
https://www.rbcroyalbank.com/onlinebanking/bankingusertips/notices/communications/CryptoCurrency.html
https://globalnews.ca/news/4043711/td-bank-bar-customers-credit-buy-cryptocurrency/
https://www.reddit.com/r/BitcoinCA/comments/829xfk/i_just_got_this_email_from_scotiabank_regarding/
https://www.reddit.com/r/Bitcoin/comments/888d25/cibc_bank_closes_down_my_account_for_trading/
Banks cracking up there day's are number.
Don't see any British bank interested which is stupid and they are loosing a Multi Billion dollar industry here
something very strongly you are opposed to the banking system. Especially Britain is not a country of the Third World, but quite a developed country with its outstanding economy ..Don't see any British bank interested which is stupid and they are loosing a Multi Billion dollar industry here
Quite a developed and controlled country know many people whom had accounts frozen and fund's locked up and banks holding funds for years because they sold Bitcoin. What's the crime that is surely worse than 3rd world.
Really do hope the bank's are finished sick of them!!!!!!!!!!!!!!!
The list of bitcoin hostile bank are : The Bangladesh Bank,Chinese Bank,Central Bank of Jordan,Vietnam,Central Bank of Bolivia, National Assemble of Ecuador, Iceland, National bank of the Kyrgyz Republic, Taiwanese Supervisory Commission.
All the bank's in the worlds then I guess lol
The list of bitcoin hostile bank are : The Bangladesh Bank,Chinese Bank,Central Bank of Jordan,Vietnam,Central Bank of Bolivia, National Assemble of Ecuador, Iceland, National bank of the Kyrgyz Republic, Taiwanese Supervisory Commission.
Dunno if this topic is updated but i would like to suggest adding OTP bank from Hungary. You can transfer bitcoin to them on credit account not bank account. If you transfer to bank account they will not give you only if you send to credit account.
Banks cracking up there day's are number.
Don't see any British bank interested which is stupid and they are loosing a Multi Billion dollar industry here
something very strongly you are opposed to the banking system. Especially Britain is not a country of the Third World, but quite a developed country with its outstanding economy .. Don't see any British bank interested which is stupid and they are loosing a Multi Billion dollar industry here
Banks cracking up there day's are number.
Don't see any British bank interested which is stupid and they are loosing a Multi Billion dollar industry here
Don't see any British bank interested which is stupid and they are loosing a Multi Billion dollar industry here
Another update, this time for Australian banks:
http://bitcoinist.com/australia-banks-wont-ban-buying-bitcoin/
http://bitcoinist.com/australia-banks-wont-ban-buying-bitcoin/
Quote
Australia’s biggest banks currently have no plans to bar their customers from buying and selling Bitcoin with credit and debit cards.
ANZ told ABC news that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”
However, ANZ’s spokesperson did reveal that the bank monitors transactions for “unusual behaviour” to prevent potential fraud in accordance with its “regulatory responsibilities.” Moreover, the bank does not do business with companies “that operate as issuers, dealers or exchanges of digital or cryptocurrency.”
This is because ANZ considers such businesses to be “unregulated and therefore not within ANZ policy.”
Meanwhile, National Australia Bank suggested it could halt cryptocurrency transactions if security concerns arise, such as the still-too-common theft of funds stored on online exchanges. NAB’s spokesperson said:
ASIC advises that, as most of the virtual currency exchange platforms are generally not regulated, customers may not be protected or have any legal recourse if the platform fails or is hacked.
We take the protection of our customers’ information and accounts extremely seriously to reduce the risk for our customers, and to help protect their money, some card transactions may not be processed.
Meanwhile, a spokesperson from Westpac bank put it more simply, stating:
We currently have no restrictions on credit card use to purchase cryptocurrency.
ANZ told ABC news that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”
However, ANZ’s spokesperson did reveal that the bank monitors transactions for “unusual behaviour” to prevent potential fraud in accordance with its “regulatory responsibilities.” Moreover, the bank does not do business with companies “that operate as issuers, dealers or exchanges of digital or cryptocurrency.”
This is because ANZ considers such businesses to be “unregulated and therefore not within ANZ policy.”
Meanwhile, National Australia Bank suggested it could halt cryptocurrency transactions if security concerns arise, such as the still-too-common theft of funds stored on online exchanges. NAB’s spokesperson said:
ASIC advises that, as most of the virtual currency exchange platforms are generally not regulated, customers may not be protected or have any legal recourse if the platform fails or is hacked.
We take the protection of our customers’ information and accounts extremely seriously to reduce the risk for our customers, and to help protect their money, some card transactions may not be processed.
Meanwhile, a spokesperson from Westpac bank put it more simply, stating:
We currently have no restrictions on credit card use to purchase cryptocurrency.
Another update:
LLoyds Bank of the UK, has banned people buying bitcoin with credit cards:
https://www.theguardian.com/business/2018/feb/05/lloyds-bank-bans-buying-bitcoins-credit-cards
I think they still allow wire transfers of cash.
If you are in the UK, just to be safe, open a second current account that is outside the Lloydes group for your crypto stuff.
LLoyds Bank of the UK, has banned people buying bitcoin with credit cards:
https://www.theguardian.com/business/2018/feb/05/lloyds-bank-bans-buying-bitcoins-credit-cards
Quote
Lloyds Banking Group has banned credit card customers from buying bitcoin amid fears it could be left in debt as the cryptocurrency’s value deflates.
The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the cyptocurrency, which has more than halved in value in recent months.
Bitcoin: is it a bubble waiting to burst or a good investment?
Read more
Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate.
Significant numbers of people in Britain are thought to have bought bitcoin as it surged in value, peaking at nearly $20,000 (£14,465) in December. As news of Lloyds’s ban emerged on Sunday the value was about $8,000 (£5,700).
A spokeswoman for the banking group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”
The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first in the UK to ban credit card customers from borrowing to buy the cyptocurrency, which has more than halved in value in recent months.
Bitcoin: is it a bubble waiting to burst or a good investment?
Read more
Bitcoin’s slide has led to concerns that people who borrow money to purchase it will be left with large debts if the virtual currency continues to depreciate.
Significant numbers of people in Britain are thought to have bought bitcoin as it surged in value, peaking at nearly $20,000 (£14,465) in December. As news of Lloyds’s ban emerged on Sunday the value was about $8,000 (£5,700).
A spokeswoman for the banking group said: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”
I think they still allow wire transfers of cash.
If you are in the UK, just to be safe, open a second current account that is outside the Lloydes group for your crypto stuff.
Chase Bank Credit is getting hostile according to the following thread:
https://www.reddit.com/r/litecoin/comments/7v11pj/chase_bank_credit_is_now_treating_coinbase_as/
They are treating purchases of bitcoin as cash advances and are charging a $10 cash advance fee.
https://www.reddit.com/r/litecoin/comments/7v11pj/chase_bank_credit_is_now_treating_coinbase_as/
They are treating purchases of bitcoin as cash advances and are charging a $10 cash advance fee.
Are there any European Banks at the moment that could accept to open business accounts for crypto exchanges?
Nordea Bank (operates mainly in Northern Europe) has openly criticized Bitcoin and cryptocurrencies in general since 2014. It has now gone a step further to ban all of its employees from owning cryptocurrencies: Nordea Bank Forbids Employees From Owning Cryptocurrencies
All levels have been put on notice: tellers, secretaries, IT personnel, and even cleaners and support staff - it is a surprise that all employees are banned – it is one thing to ban those engaged directly in the bank’s transactions, but it is another thing to ban cleaners too.
Nordea is not the first bank to ban crypto for its employees. JP Morgan has also taken a tough stance on Bitcoin, and CEO Jamie Damon threatened to fire anyone even suspected of owning crypto.
All levels have been put on notice: tellers, secretaries, IT personnel, and even cleaners and support staff - it is a surprise that all employees are banned – it is one thing to ban those engaged directly in the bank’s transactions, but it is another thing to ban cleaners too.
Nordea is not the first bank to ban crypto for its employees. JP Morgan has also taken a tough stance on Bitcoin, and CEO Jamie Damon threatened to fire anyone even suspected of owning crypto.
All these bank's I am Positive are involved in trading activities of Crypto Currencies, They just don't want the public involved. Bank's in 2-5 years may not even exist!
2008 was only a trailer what is next let's see...
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