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A blacklist of banks that block movements to or from Bitcoin related services
- peterpost2 3y agoHappy to see my bank on that list.
- uptownJimmy 3y agoAgreed. It's handy to have a list of banks I can trust to not do anything stupid with the money.
- WarOnPrivacy 3y ago> It's handy to have a list of banks I can trust to not do anything stupid with the money. That would be a list of banks that never - auth funds to dodgy looking overseas entities but will still lock your card for getting gas 4 counties away. A list of banks that never did that would be meaningfully helpful. Alas, no helpful lists.
- fastball 3y agoI'm fairly certain banks were doing stupid stuff with your money long before Bitcoin was invented...
- yreg 3y agoYou need your bank to allow you what you can do with your money?
- brvsft 3y agoThis is quite clearly a list of banks that will prevent you from doing one stupid thing with your money, but will not prevent you from doing many other stupid things with your money.
- WinstonSmith84 3y agoEither you've a very short term memory or you are just very ignorant of what banks do with your money.
- cyew 3y ago[flagged]
- AlexandrB 3y ago[flagged]
- deleted 3y ago[deleted]
- frereubu 3y agoWould be funny to see someone fork this and just change "blacklist" to "whitelist".
- block_dagger 3y agoOr denylist/allowlist to abandon that outdated language.
- djbusby 3y agoI use permit/reject since they have the same number of letters - lines up nice.
- ForkMeOnTinder 3y agoI've seen block/allow used. Same number of letters as black/white.
- poszlem 3y agoWhich (the outdated language) is the language that 99% of the english speaking world still use and which was fine until 5 minutes ago.
- anonym29 3y agoDid you just match the order of the previous poster, associating the word "deny" with a prefix that has been used to harass and marginalize society's most vulnerable for hundreds of years? How dare you?
- frizlab 3y agoOr keep blacklist/whitelist since it comes from black and white which are colors and have nothing to do with race. Rewriting etymology makes no sense IMHO. I kind of understand wanting to get rid of slave/master (though I’m not for it either, after all it is slaves and master when used in IT; we should not be afraid of words, but that’s another rant), but for black and white list it makes no sense to want to get rid of it AFAICT, apart from definitely saying black and white persons are indeed different. When using stupid rules to rule the words, we get stupid things, like people wanting to change the word history to his or herstory. Yes, seriously. We have to stop.
- donatj 3y agoWhy do you want your bank telling you what you can do with your own money? If you don't want to buy crypto, don't? I don't need a middle man for that.
- frereubu 3y agoNot OP, but I imagine they want their bank to agree with their viewpoint on crypto, and stop other customers creating risks by association.
- jabl 3y agoBanks already do a lot of stuff to prevent their customers from being scammed, or engaging in criminal activities like drug dealing or money laundering. Since this is pretty much what crypto currencies seem to be used for, this is just another thing on that list of shady activities.
- anonym29 3y agoHey, don't diss cryptocurrencies like that! They're not only good for pedestrian crimes like drug dealing and money laundering, cryptocurrency is the the currency of choice for the sophisticated criminal - the ransomware operator, the tax dodger, and the sanctions evader love it!
- anonzzzies 3y agoThis has nothing to do with protecting customers from scams but everything with US pushed extreme AML policies and laws. The banks have to show the money trail and they worry the can’t with crypto so they just block it so they can tick regulatory boxes while shitting all over their customers. It’s very much not a good thing or because of you, the dear client. No one cares until their account gets randomly closed without recourse.
- polygamous_bat 3y ago> If you don't want to buy crypto, don't? I don't need a middle man for that. I already don’t! But I also want my parents to be safe from the modern day equivalent of tech support scam, and good to see that some banks are being proactive about it.
- phpisthebest 3y agoI look forward to your post about how your bank randomly closed your account with no recourse based on a risk profile they do not have to tell you about that is what banks like the ones on this list do
- WinstonSmith84 3y agoRight, and he may be happy about it. Some people just suffers of the Stockholm Syndrom.
- roenxi 3y agoBanks don't ever choose to forgo handling money unless there is serious regulatory pressure. These are the people who are perfectly comfortable shaking down windows for a % interest on a mortgage. They do not care if someone (other than them) is losing money in crypto. Given the number of people who are convinced crypto is "a scam"; it is a source of perverse pleasure to me at how hard the governments of the world are having to work to try and contain it.
- polygamous_bat 3y ago> it is a source of perverse pleasure to me at how hard the governments of the world are having to work to try and contain it. Do you also take perverse pleasure at environmental pollution and how hard everyone has to work to contain it? What about road accidents?
- roenxi 3y ago... No? You might want to reflect on your reading of the comment if that is a serious question.
- jchw 3y agoChase UK is the first bank on the list, and they have an official statement about it: https://www.chase.co.uk/gb/en/support/crypto/ https://www.chase.co.uk/gb/en/support/crypto/ > Why don't you allow crypto asset payments? > We've made this decision because fraudsters often use crypto assets to steal large sums of money from people. Blocking these payments is one of the ways we help keep you and your money safe. Doesn't really seem that unreasonable, but I definitely have mixed feelings. I mean, if it's my money and I can confirm it's where I want to send it, my bank should send it, full-stop. You could argue it's an excuse, since technically cryptocurrency competes with traditional bank transfers, but the fact is that it's actually pretty plausible and I'm not sure what this says about banking systems that it is.
- mistrial9 3y agoA bank's misuse of money is carefully hidden, covered with a generations-old veneer. Read about the last three bank system crisis with the London-New York system in dollars.. there are dozens of good books about it. Decide for yourself who you want to do business with..
- ibejoeb 3y agoYou were never able to do what you want with your money after you've given custody to a bank. For example, try taking it back...
- ubermonkey 3y agoThis is a done with a transaction called a "withdrawal."
- kemotep 3y agoIf Bitcoin or Ethereum or any kind of cryptocurrency achieves mass adoption, why would there not be a block list of “known bad addresses” that would flag your wallet and the grocery store would refuse to transact with you? Governments, corporations, and individuals would all want to have guardrails in place to prevent fraud and abuse. Let alone, any kind of attempt at controlling transactions to terrorist organizations or sanctioned individuals. You and I could certainly transact privately but if your wallet address was flagged, I would need to do so using a separate private wallet address and never transfer funds to or from that to my wallet address that I use with my employer or the store. Maintaining perfect opsec forever to never link those addresses lest the big bad government flags me. So why wouldn’t they have the same systems in place that they have today if we were on Bitcoins instead of dollars? And if the issue is bad governance, why would we even need bitcoin? It’s clear the solution is fixing the government and corporations.
- jenadine 3y agoThen I'll send blacklisted coins to your addresses and theses of my enemies, so they couldn't use their money.
- kemotep 3y agoBut if we’re using an L2 like the lightning network or some Ethereum based one, you wouldn’t be able to do that. Using specific smart contracts with the guardrails I am talking about, your flagged addresses wouldn’t be able to open or complete that transaction without my approval. And also this highlights why cryptocurrency probably won’t achieve mass adoption. Being able to send nfts that are actually viruses that drain a user’s wallet if they interact with it could allow for automated fraud on a scale never seen before.
- not_really 3y agoHow is this a valid argument? One's enemies don't get to choose how they receive coins. Even if an L2 exists, one can still send via a classic L1.
- brvsft 3y agoI am generally against crypto (although was 'for' it 10 years ago). But I wouldn't be happy if my bank did this unless they also put in place similar restrictions, presumably for 'my own good', on transferring money to online gambling apps. I see too many advertisements for online gambling that I'm quite disgusted by it. The only justifiable rationale for blocking such transactions, IMO, is to try to help your customers from being scammed or, more broadly, putting themselves into a precarious financial situation. Hence why they should have similar blocks on gambling. But really, where I transfer my money is not the bank's business, and they often offer their own products that would allow people to put themselves into a bad financial position, e.g., trading on margin. So it comes off less as 'this is for your own good' and more as 'we will not allow you to engage in what we see as our competition.'
- don_neufeld 3y agoThank you, this is a Fantastic resource. Once it more fully built out, I can talk to my parents about moving all their assets to one of these banks. They are already on the receiving end of scams and their bank stopped a fraudulent transfer to someone claiming to be my brother. Last thing I want is them sending their money to some unrecoverable crypto scammer.
- emmanuel_1234 3y agoI work in Fraud detection for a very large bank and deal with exactly that. Mind sharing which bank it is?
- unsupp0rted 3y agoAre we allowed to use "blacklist" again? I was hoping the pendulum would swing back to sanity on this.
- School-Cotton 3y agoYou’ve never been not allowed to say whatever you want
- unsupp0rted 3y agoI mean without negative social or professional consequences. Is the term back to neutral or still considered harmful?
- 9991 3y agoIt was all just a shit test. Your willingness or unwillingness to go along signaled your fortitude.
- pembrook 3y agoRegardless of how you feel about crypto (I have never been a fan), the fact that banks and credit card companies have become non-elected dictators regulating all of global commerce should be alarming to you. A banking license, granted by the government, is quite literally a license to print money via the fractional reserve system. If we're granting you a license to print money, you cease to be a private business who can choose your customers. You are a provider of government infrastructure, and should not be allowed to block any commerce that hasn't been declared illegal by legislation created by our elected representatives.
- anon23432343 3y agoWhat are you talking about... The Crypto Bro Force is still high with this one...
- pembrook 3y agoYou can check my comment history, I have never purchased a cryptocurrency in my life and have been loudly critical of it since the first mainstream mania in 2017. However, I do not believe banks, which we allow to exist, should be allowed to become non-elected dictators, blocking fully legal transactions based on whatever the media mood of the day is.
- pavel_lishin 3y ago> A banking license, granted by the government, is quite literally a license to print money via the fractional reserve system. How do new Bitcoins enter circulation again?
- marginalia_nu 3y agoPutting all the blame on the banks is simplifying matters. A lot of this is consequence of regulation. KYC requirements makes touching customers with crypto really risky, since KYC essentially codifies guilty until proven innocent. High volume cash businesses have been seeing this a lot too.
- fdsakljklj 3y agoIf you take this in context of patio11's post the other day on banks this is good! Some people will use cryptocurrency for various legitimate reasons. For that group, let them have a list of banks that will let them do cryptocurrency stuff. If they have the agency to find a bank that allows these transactions, they at least understand the potential for scams, fraud, etc. And some people will be involved in cryptocurrency-scams where thieves steal their life savings away. For that group, the unsophisticated bank user, cryptocurrency-off is probably a good thing.
- djbusby 3y agoIt's wild they block crypto because of scams. Yet, Zelle is used for scams and when you complain to the bank they say "sorry nothing we can do".
- okasaki 3y agoI guess crypto is used just for scams and other crime though.
- gerikson 3y agoA whitelist of banks that have no problem with Bitcoin would be more useful.
- toenail 3y agoBitcoin users not affected.
- deleted 3y ago[deleted]
- daft_pink 3y agoOne person's blacklist is another person's whitelist.