Bank of Montreal Now Blocking Cryptocurrency Transactions
However the bank will be providing cryptocurrency banking services to a new brokerage platform.
The Bank of Montreal has begun blocking cryptocurrency transactions on its credit and debit cards, according to an affected customer who posted a letter from the bank on Reddit.
The letter says that the decision was made “to protect the security of our clients and the bank” from the “volatile nature of cryptocurrencies”. Customers attempting to make cryptocurrency transactions using a BMO credit card, debit card, or online payment service will be presented with a message informing them that this is not possible. The new policy is effective immediately.
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Interestingly, only a few days ago we reported on that same bank agreeing to provide banking services to a new brokerage platform that will be handling cryptocurrencies. The new operation will be processing only Bitcoin and Ethereum initially, but will offer additional coins if there is demand.
The platform is to be opened by TMX Group, owner of the Toronto Stock Exchange and myriad Canadian financial companies such as TSX Venture Exchange, TSX Alpha Exchange, the Canadian Depository for Securities, the Montréal Exchange and the Canadian Derivatives Clearing Corporation, to name but a few. It has an office in Montréal.
The fact that the bank will process the cryptocurrency requests of brokerage companies but not of its customers could be seen as a contradictory policy; Finance Magnates reached out to the bank for comment, and will update the article if a reply is received.
What right does banks have to block ones money from being used ? isn’t this a basic infringement to one right to use their own money in the way they want? Isn’t this a cartel formulated by the bank under the screen of security of clients…Isnt bank suppose to do the same for clients who made huge losses in share market?? what kind of hypocrisy is this
Banks are BLOCKING people from spending their OWN MONEY?
Hey banks, your days are limited. You are driving the final nails into your own coffins.