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Someone on Reddit today posted this screenshot from their bank account...
I get that it's "their system their rules", but last I checked, buying & selling cryptocurrencies was not illegal in the U.S. (Santander is a U.S. bank) and placing restrictions on what we can do with our own money seems a bit outrageous.
I suppose the big lesson is "not your keys not your crypto" and the same goes for fiat currency... we should keep in the banking system only the amount of cash that we are willing to lose or is absolutely necessary to conduct our lives. And everything above that amount we should somewhere else (ie. in Bitcoin or gulp cash)???
But I'm wondering how many others have had their bank cut off crypto-related withdrawals or transfers?
What should one do if this happens to them?
And what do you do to avoid being a victim of the banks?
To be honest, these things are great. It couldn't be better advertisment for Bitcoin.
The same thing with PayPal charging a fee for spreading what they will consider missinformation. I had a pay pal account without much use, and finally I close it after those news. Thank you.
Looks like Santander is limiting the amount of money that can be sent to an exchange in US and UK and I can guess in Spain too. They are not the only ones. Probably to avoid loosing cash.
But it makes sense, they are doing this to protect you LOL.
Now they are going to loose all their clients and future clients interested in crypto. Well played.
This shouldn't be a surprise try to go to any bank in Europe and ask to withdraw 10.000€ of your money.
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Ah! yes yes... I had forgotten I need protection from myself.
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Don't let it hit the bank first: https://www.bitwage.com/
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