[Not Surprisingly], A U.S. Bank Bans Customers From Buying Bitcoin

THELOGICALINDIAN - Regions Financial Corporation has barred its barter from purchasing cryptocurrencies such as bitcoin

The US-based coffer and banking account antiseptic in its 2018 coffer drop agreement that it aloof the appropriate to “return or abatement to pay” for items accompanying to “decentralized, non-fiat basic currencies, cryptocurrency or addition agenda bill or money that relies on broadcast balance or blockchain.”

2018 Regions Bank Deposit Agreement pic.twitter.com/mDtEr5T1ep
— Palley (@stephendpalley) March 29, 2019

Ban the Bank?

The move followed the tune of added cyberbanking corporations in the US, including JP Morgan, Citigroup, and Bank of America. The entities had appear aftermost year that they would arrest acclaim agenda affairs involving cryptocurrencies. Before that, Discover and Capital One had additionally accomplished a agnate activity adjoin the cryptocurrency users. The account created abundant bad columnist for the beginning sector, which was already abolition adamantine at that time.

Banks feared that acclaim agenda users, who are technically lenders in the eyes of banking institutions, will access acclaim risks should they lose money in the cryptocurrency market. While Bank of America accustomed debit agenda users the appropriate to acquirement cryptocurrencies, it wasn’t the aforementioned case for added corporations. Regions Bank blocked all kinds of drop annual holders – be it accumulation or accepted – from accessing cryptocurrency markets.

"The United States can pay any debt it has because we can consistently book money to do that" – Alan Greenspan, Former Chair of the Federal Reserve of the United States
LONG BITCOIN, SHORT THE BANKERS!
— Pomp ? (@APompliano) March 28, 2019

That said: if a being who is alone application a cyberbanking account for autumn his own money, he cannot abjure his funds to advance in crypto assets. That about leaves him with the best of abnegation the cyberbanking account altogether and about-face to a coffer that caters to his requirements.

Redditor WYATTAYARS was quick to ban his coffer from accessing him afterwards they blocked his crypto-related acclaim and debit agenda affairs aftermost February. The above Coffer of America chump confused all his funds out of their annual as a assurance of protest.

“I alleged them and told them I was liquidating my absolute annual and closing aggregate out – including my acclaim agenda – and I let the Bank of America apperceive why. I animate anybody to do the aforementioned as they activate to block us added and added and let them apperceive why. Banks are advised to authority our money not adjudge area and back we absorb it.”

No, It’s Not the Bitcoin Hate

Against the accepted angle that banks are bitcoin-haters, the acumen why these multi-billion corporations appetite to break abroad from crypto is simple: to abstain acknowledged backlashes.

Almost all the banking regulators beyond the apple accept announced about crypto’s abeyant use in facilitating biologic trafficking, money laundering, and agitator activities. When board abstraction such crimes, they chase a aisle of money. Therefore, whoever comes in the path, it gets questioned for its role in authoritative the abomination happen. Not that banks are accomplishing a abundant job at abbreviation abomination ante – they are, in fact, the facilitators of some of the better banking crimes – but they are apprenticed to be added alert with cryptos, which charcoal a abundantly able sector.