Crypto Crackdown Begins: Bank Threatens To Close Customer Account Because Of Coinbase Purchases: “Against Policies… Will Need To Be Discontinued Immediately”
It appears that the cryptocurrency crackdown by financial institutions has begun. After months of mixed signals from governments around the world regarding regulations, Lakestone Bank and Trust customer Jordan Spencer took to Facebook to post a letter he received on December 14th threatening to close his account for a policy violation.
What violation, you ask?
According to the letter (pasted below), Spencer has been utilizing the widely popular Coinbase website to make cryptocurrency purchases and deposits tied to his personal bank account. This, says loss prevention officer Louise Vermillion, is a policy violation that needs to be "discontinued immediately."
The full letter from the bank has been made available below:
The response, according to Spencer, was swift and brutal, with scores of users taking to the bank's rating page and pummeling it from its previous 3.5 rating score on Facebook to 1.1 in less than seven hours:
Apparently, as is often the case with governments and banks, they're the only ones that know what YOU should be doing with YOUR OWN MONEY. And they'll shut down your account if that's what it takes to make sure you're protected.
Related: Top Crypto Mining Executive Explains Why “We’re Hoarding The Coins”
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You almost had my upvote, but then you started blaming it on the government. What does the government have to do with anything involved in this story?
I'm thinking this particular bank is small, slow, and old-fashioned. As is so often the case, they will learn a hard lesson and pay far out the ass for having that mindset infect their business.
It's the government that applies the pressure in many cases.
Consider the online poker boom of the early 2000's. All was going well... Deposits and withdrawals were a piece of cake.
It was our elected government officials that inserted language into a totally unrelated Port Authority security bill minutes before the vote - this language restricted the ability of customers to make debit or wire transfers purchases to their poker accounts.
The industry from U.S. based customers was destroyed, quite literally, overnight in terms of revenue.
My mention of the government here is merely a warning.
The government - better said, the big banking interests within the government that want to maintain control of trillions in cash via centralized systems - are actively working to supplant the open crypto movement.
Where would this bank have gotten the idea to make Coinbase transactions a policy violation, if not from a regulatory entity?
That's all I'm sayin' :)
Thanks for your comment!
Mac
To view banks and governments as one and the same, you really gotta be painting the world with a pretty wide brush. The interests of banks and governments are opposed more often than not. Unfortunately there are some politicians that serve the international bankers. The good news is there are some elected officials and candidates out there that build their entire platform on taking power back from giant banks and corporations, and returning it to the people it was stolen from.
it's not the banks that change but the masks that fall. In desperate time weaknesses are more obvious.
thx for sharing
Desperation is exactly it.
The banks, small or large, make nothing on crypto transactions. And they want a piece of the action. Or they'll scorch and burn it if they can.