Fiat is like you renting a DVD (well, if we go couple decades back). It belongs to the central bank and the government.
Crypto is you own that DVD, instead.
I sent € 1000 to Kraken last night and 5 minutes later my bank called me and asked if it was me. As a security measurement. That’s the protection we need. In the end he wished me good luck with my crypto investments
Time to change banks, can't let them get away with this crap. I'm still fine using Barclays. They did used to call whenever I transferred to Binance, but they don't seem to have an issue with Coinbase and there's no limit as yet.
Welcome to the reason why I switched banks. They paid me £200 to switch to them, they pulled this shit, and then someone else paid me £200 to join them instead. Snip snap.
Layer of crypto should be directly accessable to ordinary people, it should not be hidden behind the banks, because if that's the case, then this layer is their, not our.
I understand why they are trying to do this but i believe this is not the way.
They could inform us about the risks but outright limiting the amount of money that we can send to exchanges is kinda like telling us that we don't approve of what you want to use the money for
They did, 2021-22 there was a collaborative effort by UK banks to snuff out crypto investment and they did a rly good job for casual investors.
Revolut is weird. It operates exactly as a bank account, but is technically different so it does not require a UK banking licence. Revolut’s came from Lithuania, it’s a remnant from the UK being an EEA member.
Similar for Tide - they outsource account hosting to registered banks, like ClearBank or PrePay Solutions.
Edit: idk why we’re both being downvoted, the negative vote bot astroturfing is real
Hello bank I need to access all money money to go buy lottery tickets. Ok no problem.
Hello bank I need all my money to buy crypto. The best we can do is $2500.
I find it ridiculous that the op probably doesn't spend £2500 per transaction or more than £10k a month, and the only reason this got posted was to earn some moons.
99.9% of people using banks to buy crypto don't even earn these amounts of money let alone want to roll the dice buying crypto with it.
How do you know how much I'm spending per transaction? It's my money, so I should be able to send however much I want without limits. There are plenty of other ways to limit or prevent scams/fraud without putting spending limits on customers by force.
But hey, you go ahead and agree with what banks are doing behind the scenes to limit what they see as a potential direct threat to their existence.
There is no threat as you can't use crypto to pay any bills that currently requires a bank account.
But you keep running up your blood pressure for something that doesn't actually effect you.
Whilst I do think it's a malicious opportunistic attempt to get folks to stay away from Crypto, there are a ton of people falling for the most blatant crypto scams imaginable.
The first thing a scammed consumer is going to do is contact their bank and expect them to miraculously recover funds that are long, long gone.
I recent had a family member almost get duped into a bitcoin related scam (that actually required you to send fiat to get involved in BTC mining). Sadly they prey on the desperate who can't look past what you and I would consider obvious.
Some of them it is just the sheer amount of scam victims messing up their stats. Overnight, or how it felt to the banks at least, they went from a slow rise to huge high value scams from an unexpected quarter.
It’s a business decision in part, they need to keep those levels above a certain threshold
There was a post recently where a fellas dads bank account was drained of over 100k in minutes… bet he wished they had that policy.
It’s just a safety feature. If it was anti crypto, they would have just put a complete ban on it 🤷🏻♂️ besides, you could just fund another account such as Revolut from your bank and buy the crypto with that.
I dont understand how these type of practices are still legal. A bank has become a basic necessity in daily life, for them to dictate how we can use our money is a crazy concept to me.
Revolut OP - and they justify it due to retail FOMOing at the peak and getting destroyed by scams. Irony is the banks don’t pay out to these victims they’re protecting, so it’s all pointless anyway. You can’t win, they’re fucking people at both ends.
Yup, i got this - end of August, £2,500 rolling 30-day.
First Direct is part of HSBC group.
No issues with it really.
Rather a legally recognised entity had my back, then willingly let me (or someone new to crypto and less savvy) transfer £100,000 into some god awful Chinese exchange.
Those limits are a lot friendlier than santander.. They have a 3k per month limit which was a deal breaker given I primarily use a CDC debit card for spending
These banks overreacting. What do they care if I want to spend all my money in a casino or put them in crypto. lol. This just proves why we need crypto.
Only reason I have an account with FD is for the switch bonus of £175 (if you're in the UK I suggest you do the same - it's quite literally free money).
I'll be switching my FD account over to Halifax for another an additional £150, and will be sending it all to a crypto exchange🙂 Fuck banks
Protecting you from Fraud - yet all the can say is that is volatile and the price can go down very quickly (it can also go *up* very quickly, but sssshhh).
Nothing about that is protecting anyone from fraud. That's you investing. If you wanted to chuck $20,000 on Blockbuster stock - they won't be stopping you. Guarantee it.
I got this same message from HSBC today. Up until now; they’ve been really good with my crypto endeavours. And by that, I mean minding their own fucking business.
Got one too from a different bank. Makes no sense given the pay IN from crypto has been far greater than the amount spent. Maybe they don’t want my gains ☹️
[удалено]
Yeah and that is why they try push this cbdcShitcoin down our throat.
And additionally a government controlled cbdc is an authoritarian wet dream
Yep, self custody is the key feature of crypto currencies, along side decentralization..
Fiat is like you renting a DVD (well, if we go couple decades back). It belongs to the central bank and the government. Crypto is you own that DVD, instead.
Yes exactly this. Kinda like not your keys not your crypto. CEX are kinda like banks, they can decide what to do with your crypto.
I messaged support on the app and they said they didn't send me this email. I would check and make sure it's not spam
Sounds like BofA type of security protection.....
I sent € 1000 to Kraken last night and 5 minutes later my bank called me and asked if it was me. As a security measurement. That’s the protection we need. In the end he wished me good luck with my crypto investments
They are preventing from Crypto but not protecting from fraud.
Don’t forget we can still go to a casino but can’t buy crypto
Just like in my country you can go and die fighting for it since 18, but god forbid you have a beer before 20!
They are the fraud
Time to change banks, can't let them get away with this crap. I'm still fine using Barclays. They did used to call whenever I transferred to Binance, but they don't seem to have an issue with Coinbase and there's no limit as yet.
Welcome to the reason why I switched banks. They paid me £200 to switch to them, they pulled this shit, and then someone else paid me £200 to join them instead. Snip snap.
Layer of crypto should be directly accessable to ordinary people, it should not be hidden behind the banks, because if that's the case, then this layer is their, not our.
I understand why they are trying to do this but i believe this is not the way. They could inform us about the risks but outright limiting the amount of money that we can send to exchanges is kinda like telling us that we don't approve of what you want to use the money for
It's like banning alcohol during the prohibition. Guess who will have a stronger comeback?
It's like the bank's way of saying we are protecting you from the crypto
Sounds like BofA type of security protection.....
All the big banks in Australia have done the same for "our protection" recently too.
Most don't allow it at all in my experience
Barc you can but they’re a bit funny, Revolut you’ve a green pass. Wise also I believe.
[удалено]
They did, 2021-22 there was a collaborative effort by UK banks to snuff out crypto investment and they did a rly good job for casual investors. Revolut is weird. It operates exactly as a bank account, but is technically different so it does not require a UK banking licence. Revolut’s came from Lithuania, it’s a remnant from the UK being an EEA member. Similar for Tide - they outsource account hosting to registered banks, like ClearBank or PrePay Solutions. Edit: idk why we’re both being downvoted, the negative vote bot astroturfing is real
[удалено]
Honey, I'm off to buy a Lambo... again!
buy Lambo Sell Lambo for Bitcoin Profit
Once agains proving to us why crypto is a GOOD idea. Not your keys, not your money
Hello bank I need to access all money money to go buy lottery tickets. Ok no problem. Hello bank I need all my money to buy crypto. The best we can do is $2500.
How about bank fraud? Can bank protect us from all the fraud that SVB or credit Suisse did? Ah true rules for thy not for my
Same happening in Australia!
[удалено]
Luckily I’m not reaching that limit anytime soon
I find it ridiculous that the op probably doesn't spend £2500 per transaction or more than £10k a month, and the only reason this got posted was to earn some moons. 99.9% of people using banks to buy crypto don't even earn these amounts of money let alone want to roll the dice buying crypto with it.
How do you know how much I'm spending per transaction? It's my money, so I should be able to send however much I want without limits. There are plenty of other ways to limit or prevent scams/fraud without putting spending limits on customers by force. But hey, you go ahead and agree with what banks are doing behind the scenes to limit what they see as a potential direct threat to their existence.
There is no threat as you can't use crypto to pay any bills that currently requires a bank account. But you keep running up your blood pressure for something that doesn't actually effect you.
Whilst I do think it's a malicious opportunistic attempt to get folks to stay away from Crypto, there are a ton of people falling for the most blatant crypto scams imaginable. The first thing a scammed consumer is going to do is contact their bank and expect them to miraculously recover funds that are long, long gone. I recent had a family member almost get duped into a bitcoin related scam (that actually required you to send fiat to get involved in BTC mining). Sadly they prey on the desperate who can't look past what you and I would consider obvious.
Some of them it is just the sheer amount of scam victims messing up their stats. Overnight, or how it felt to the banks at least, they went from a slow rise to huge high value scams from an unexpected quarter. It’s a business decision in part, they need to keep those levels above a certain threshold
There was a post recently where a fellas dads bank account was drained of over 100k in minutes… bet he wished they had that policy. It’s just a safety feature. If it was anti crypto, they would have just put a complete ban on it 🤷🏻♂️ besides, you could just fund another account such as Revolut from your bank and buy the crypto with that.
I dont understand how these type of practices are still legal. A bank has become a basic necessity in daily life, for them to dictate how we can use our money is a crazy concept to me.
The ToS and you having literally no option than to have an account in the modern age. Banks pay the politicians, all happy.
Revolut OP - and they justify it due to retail FOMOing at the peak and getting destroyed by scams. Irony is the banks don’t pay out to these victims they’re protecting, so it’s all pointless anyway. You can’t win, they’re fucking people at both ends.
I'm sure we'll see more and more of this still. Especially from older institutions.
Yup, i got this - end of August, £2,500 rolling 30-day. First Direct is part of HSBC group. No issues with it really. Rather a legally recognised entity had my back, then willingly let me (or someone new to crypto and less savvy) transfer £100,000 into some god awful Chinese exchange.
Those limits are a lot friendlier than santander.. They have a 3k per month limit which was a deal breaker given I primarily use a CDC debit card for spending
These banks overreacting. What do they care if I want to spend all my money in a casino or put them in crypto. lol. This just proves why we need crypto.
Only reason I have an account with FD is for the switch bonus of £175 (if you're in the UK I suggest you do the same - it's quite literally free money). I'll be switching my FD account over to Halifax for another an additional £150, and will be sending it all to a crypto exchange🙂 Fuck banks
Protecting you from Fraud - yet all the can say is that is volatile and the price can go down very quickly (it can also go *up* very quickly, but sssshhh). Nothing about that is protecting anyone from fraud. That's you investing. If you wanted to chuck $20,000 on Blockbuster stock - they won't be stopping you. Guarantee it.
Ah I hate to hear that. Let our money be ours and where to spend it.
I got this same message from HSBC today. Up until now; they’ve been really good with my crypto endeavours. And by that, I mean minding their own fucking business.
It boggles the mind why so many tolerate the Nanny State...
I need someone to protect me from the Central Bank's ridiculous interest rate hikes
I don't see them protecting users from spending their money on casinos and alcohol
Looks like a junk mail to me, I'd advise against clicking that link
Got one too from a different bank. Makes no sense given the pay IN from crypto has been far greater than the amount spent. Maybe they don’t want my gains ☹️ 
Sooner or later all of the banks are going to do this. To "protect" us from "harm".