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Why 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.

by donatj 3y ago

frereubu 3y ago
Not 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 ago
Banks 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 ago
  Hey, 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 ago
  This 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.
- deleted 3y ago
  [deleted]
analog31 3y ago
I pay, indirectly, for deposit insurance and bail outs.
catapart 3y ago
I don't want my bank to decline my debit card when I have the funds. But I appreciate that they do it as a measure to evade fraud, because I've had that kind of fraud perpetrated on me and, prior to that, it was easy to imagine that it could happen. So a little friction in my transactions is a cost not a benefit of my banking. But the benefit I get from that cost is fraud protection. Same thing applies here. If crypto were, on a measure, as fraudulent as it was not, then this might be heavy-handed. But as it is currently the source of more fraudulent activity, at least as it concerns these banks, than forthright activity, I'm happy for my bank to toll the cost of preventing crypto financial exchanging, for the benefit of fraud protection. YMMV, of course. Different strokes for different folks. But, like the parent commenter, I'm happy with how my bank purports to handle crypto transactions.
- mooxie 3y ago
  But if someone has access to your account information in such a way that they can make purchases in your name isn't that a you, or your bank, problem? Couldn't that same person just spend the money elsewhere? I'm just trying to understand the scenario here: you are caught up in a fraud, and unknowingly you give the fraudster access to information that they are able to leverage to make fraudulent purchases in your name and the 'win' here is that they can't spend it on crypto? It seems like there are multiple points at which to address this problem prior to how they're spending your money. Edit: I guess a lot of the comments are talking about the scam being that you are scammed into purchasing crypto somehow, a different scenario than someone having control of your account. Still though: people have been successfully swindling over the phone for a century. Having someone buy Monero instead of a wire transfer is just procedural.
zirgs 3y ago
You can do whatever you want with your money - the bank just doesn't want to get involved in money laundering and other criminal stuff.
Kye 3y ago
I put my money in a bank to keep it safe. I'm not a bank or a fraud department, so I'm okay with the bank I trust to keep my money safe putting the brakes on something their experience says might be a problem. My bank isn't on this list, but I wouldn't mind at least getting a text or app notification asking me to confirm it in the unlikely event I ever did anything with cryptocurrency.
bjohnson225 3y ago
I’d appreciate it not being at all possible to transfer funds from my bank to a crypto exchange. If my account has any connection with crypto there’s some kind of crime in progress. e.g. https://www.reddit.com/r/UKPersonalFinance/s/X2qBxazYm6 https://www.reddit.com/r/UKPersonalFinance/s/X2qBxazYm6

Why 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.

by donatj 3y ago

Why 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 ago

Not 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 ago

Banks 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 ago
Hey, 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 ago
This 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.

deleted 3y ago
[deleted]

analog31 3y ago

I pay, indirectly, for deposit insurance and bail outs.

catapart 3y ago

I don't want my bank to decline my debit card when I have the funds. But I appreciate that they do it as a measure to evade fraud, because I've had that kind of fraud perpetrated on me and, prior to that, it was easy to imagine that it could happen. So a little friction in my transactions is a cost not a benefit of my banking. But the benefit I get from that cost is fraud protection. Same thing applies here. If crypto were, on a measure, as fraudulent as it was not, then this might be heavy-handed. But as it is currently the source of more fraudulent activity, at least as it concerns these banks, than forthright activity, I'm happy for my bank to toll the cost of preventing crypto financial exchanging, for the benefit of fraud protection. YMMV, of course. Different strokes for different folks. But, like the parent commenter, I'm happy with how my bank purports to handle crypto transactions.

mooxie 3y ago
But if someone has access to your account information in such a way that they can make purchases in your name isn't that a you, or your bank, problem? Couldn't that same person just spend the money elsewhere? I'm just trying to understand the scenario here: you are caught up in a fraud, and unknowingly you give the fraudster access to information that they are able to leverage to make fraudulent purchases in your name and the 'win' here is that they can't spend it on crypto? It seems like there are multiple points at which to address this problem prior to how they're spending your money. Edit: I guess a lot of the comments are talking about the scam being that you are scammed into purchasing crypto somehow, a different scenario than someone having control of your account. Still though: people have been successfully swindling over the phone for a century. Having someone buy Monero instead of a wire transfer is just procedural.

zirgs 3y ago

You can do whatever you want with your money - the bank just doesn't want to get involved in money laundering and other criminal stuff.

Kye 3y ago

I put my money in a bank to keep it safe. I'm not a bank or a fraud department, so I'm okay with the bank I trust to keep my money safe putting the brakes on something their experience says might be a problem. My bank isn't on this list, but I wouldn't mind at least getting a text or app notification asking me to confirm it in the unlikely event I ever did anything with cryptocurrency.

bjohnson225 3y ago

I’d appreciate it not being at all possible to transfer funds from my bank to a crypto exchange. If my account has any connection with crypto there’s some kind of crime in progress. e.g. https://www.reddit.com/r/UKPersonalFinance/s/X2qBxazYm6 https://www.reddit.com/r/UKPersonalFinance/s/X2qBxazYm6