Dearest bank, please stop trying to prevent me from buying crypto!
I recently wrote an article where I put together a list of banks that are banning customers from transferring funds to some of the largest crypto exchanges in the world.
Banks say they are protecting their customers from fraudsters and that crypto exchanges are not performing adequate security checks to stop criminals from laundering money through their platforms.
They also say that many retail investors haven't got a clue when it comes to investing and that they do not understand the dangers that volatile markets can bring, especially the crypto market.
As experienced investors, we all know the dangers that come with investing, and we all (should) know never to invest what one can not afford to lose, but the sad truth is that this is not the case for those starting out. Inexperienced retail investors are putting their life savings on the line in the hope of becoming crypto millionaires, and this is one of the many reasons the powers that be are trying to prevent. So they say.
I was surprised at the number of emails I received from readers expressing their anger at having experienced issues with their banks when trying to fund their crypto accounts.
"It's my money, and I can do what I want with it"
Out of all of the emails received, the most common comment was, "It's my money, and I can do what I want with it". True, and I agree with them to a certain extent. I know how vexing and inconvenient it can be, and I empathise because all these measures have done is force people to find alternative, riskier methods to fund their crypto addiction.