3 ms·
I really don't understand what place your bank has telling you where you're allowed to send money. If I want to throw a small percentage of my net worth into a
by SilverBirch 4y ago
I really don't understand what place your bank has telling you where you're allowed to send money. If I want to throw a small percentage of my net worth into a hugely speculative investment then fine, why are they stopping me? Are they stopping me from using my bank card down at the dog tracks or at a casino? Can I withdraw cash for Poker but not blackjack?
Having said that, it's weird because I definitely have sent money from one of the banks that aren't crypto-friendly to Binance in the past, so who knows how strong these bans really are.
- rwmj 4y agoThis isn't about sophisticated investors wanting to bet 1% of their net worth on a speculative investment. It's about preventing ordinary people wiring their life savings to scams like OneCoin (https://www.bbc.co.uk/news/technology-49826161 https://www.bbc.co.uk/news/technology-49826161).
- lucozade 4y agoThere are various guarantees and payment codes of conduct that UK banks have signed up to. The intent of these is to give some protection if you've made a payment to a scammer. What I presume is happening is that some banks are seeing a significant increase in applications for that protection from crypto transactions. Or are expecting to see such. It doesn't apply when you withdraw cash as you have no recourse to protection from the bank if you subsequently lose that money. And you might be restricted from using you card at a casino if your bank has seen significant claims from said casino. One can, of course, argue whether or not such protections should exist. As in, run the retail banking system on a caveat emptor basis. But that's not how it works in the UK and, whilst it doesn't, it's not unreasonable for the bank's to limit their liability.