Here's one example: NAB, an Australian bank just issued an statement saying that it will block transactions going to some exchanges.
From 18 July 2023, we are introducing new customer protections by declining some transactions made to high-risk cryptocurrency exchanges.
They are not only flagging this as a suspicious transaction, they are actually blocking your ability to transfer your own money to an exchange you want to use. There's no way for you to white list the transaction:
If you still want to make a payment to this cryptocurrency exchange, you’ll need to contact them to see what alternative methods of payment are available.
I can understand that they might want to flag some of these transactions to help prevent scams, but they've decided to completely remove your ability to spend your own money however you want to.
This is probably the first step in paving the way to implementing CBDCs.
If I were a customer I'd withdraw all my funds and write them a letter, saying that while I appreciate the effort to prevent scams, completely removing my ability to control my own money is unacceptable and is the entire reason why I want Bitcoin, and that I will no longer do business with a bank who thinks it can tell me how I can and can't use my own money.
Strongly worded letters do not stop tyrants
Lol. The OP also said remove all of their funds.
What else would you propose this person does to the bank?
Why so combative? His plan is totally correct, as is my statement
Let's see if this increases the P2P volume for AUD on bisq, hodlhodl & robosats
Unfortunately this is not silver bullet either as some banks may ask back why you are sending high amounts of money to many different people all over the place. So it has to be done by really many people so that controlling is expensive and becomes unfeasible.
Withdraw cash. Then Use cash for peer to peer
it's safer not to use an exchange at all, you will only dox yourself when they release your kyc and tx history / balance to the world
Robosats is a great place to buy. also p2p with cash is a great option, if you can make friends in your local community
According to Banks and other financial institutions it ia for the the depositors protection to withheld widrawals to crypto exchnges. These are their reasons,regulatory compliance, risk management and bank policies. The last two reasons are totally absurd in my opinion.
These stories are very important I think -- thanks for the mini-summary, too. A very pragmatic kind of state attack, and it's not even officially 'the state.' Rational self-censorship by state-proximate institutions goes a long way.
this kind of accelerates their obsolescence lmao lets go
They're fascists.
โชคดีที่ประเทศไทยเปิดกว้างมากครับกับเรื่องแบบนี้
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Pretty easy to circumvent if you are so inclined. Transfer from Bank -> Revolut -> Exchange.
I specifically mention Revolut because they themselves offer Bitcoin / crypto products, so are unlikely to block transfers any time soon.
I don't have government issued photo ID to use it I'm afraid. I have looked into it though, but a recent data breach spooked me off it. I imagine I'd give it a try another time for their disposable card, I'll likely stick to NoKYC
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You are assuming you already have sats.
The issue is that banks are blocking your ability to convert fiat into sats.
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