I’m going to keep this short and sweet. .
Last week I tried to transfer funds from one of my bank accounts at BMO to Coinbase like I have done many times in the past. It was business as usual until I got this message:
*When we attempted to process this transaction it was canceled by your bank. If your payment method was charged, you will receive a full refund. If you wish to make another purchase, please try again or add a new payment method.
If you have questions regarding this canceled transaction, please contact your bank directly.
We apologize for any inconvenience!
Kind regards,
The Coinbase Team*
So, at first I thought it was because of the amount of the transaction so I decided to call the bank. .
A god damn idiot picked up the phone and I inquired to why my transaction was not processed. .
He mumbled for a little bit and then proceeded to tell me that the bank is not allowing people to make purchases through Coinbase any longer.
At which time I explained it was my money and I should be allowed to use it wherever I damn well please. The rep said that the bank does not want to do business with Coinbase and they can deny transactions to the company.
What a bunch of bullshit.
I used to think that those who said banks are afraid of cryptocurrency were whackos. .
Now, I’m not so sure. . .
Banks telling people where they can spend their own money is fucked up.
I can understand credit cards etc denying payment, but this was a god damn debit card purchase.
Anyone else experience this yet?
Could be just another sign that crypto is headed much higher!!!
Why wouldn't you think banks wouldn't want to control how people spend their money? If they didn't want this power, then what good is KYC (Know Your Customer), AML (Anti Money Laundering) and CTF (Control of Terrorist Financing)?
KYC, AML, and CTF are about knowing who, where, and what. Blatantly not allowing people to use their own money where they want, such as what I experienced, seems to be taking things to another level don’t ya think? Can you think of any other denial of service because the bank doesn’t want to do business with the third party? I can’t.
They are about more than that. It's just that the typical person in the west doesn't experience the effects of financial exclusion that these policies have created since the 1970's. Step over the line in a way they don't approve of and they can freeze your accounts. I know other people who this has happened to.
This video will explain it...
Glad I'm no longer in banking. They love fighting losing causes. How this system has lasted this long is beyond me, but it's also clear why so many huge banks have failed and will continue to fail.
it's also clear why so many huge banks have failed and will continue to fail.. . So very true.
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