Banks will ban crypto in UK?

[RedReddington]

Hi everyone,

Today my cousin from London got a call from eTorro, his trading platform of choice and they instructed him not to withdraw any $ from crypto to his bank account cause the banks will most probably start freezing money from crypto.
Does anyone have more info on this, could we see UK or maybe even EU start banning cryptocurrencies?

 

[SpeedProxies]

Some UK banks aren't friendly with crypto withdrawals, the UK bank I used (Barclays) even had a partnership with Coinbase which ended in 2019 but they are still "crypto" friendly to me as I never had issues for the past few years on crypto withdrawals there.

Also as long it isn't 5 digits numbers you are withdrawing at once all of a sudden you should be fine depending on which bank you got.

 

[sercilo]

It’s already like this in a few European countries. Officially is banned but you still can make smaller transactions in most banks.

 

[andyframpton]

Some UK banks aren't friendly with crypto withdrawals, the UK bank I used (Barclays) even had a partnership with Coinbase which ended in 2019 but they are still "crypto" friendly to me as I never had issues for the past few years on crypto withdrawals there.

Also as long it isn't 5 digits numbers you are withdrawing at once all of a sudden you should be fine depending on which bank you got.

Totally agree. If you start cashing out money from a Bitcoin exchange all of a sudden for £20,000 a day red flags will go up for money laundering.
I use Halifax and never had a problem.
Also never heard of anyone who has.

 

[tb303]

Never had a problem with Barclays in 4 or so years. Its not the crypto sale that is usually the problem IMO Its someone suddenly depositing 5 figures into their bank account when its usually overdrawn and they're on min wage.

 

[ANewBeginning]

Also as long it isn't 5 digits numbers you are withdrawing at once all of a sudden you should be fine depending on which bank you got.

So basically, they are friendly if you are broke, bit if you send more than $10k they go after you. They go after the big fishes lol

 

[SpeedProxies]

So basically, they are friendly if you are broke, bit if you send more than $10k they go after you. They go after the big fishes lol

They may get suspicious if all of a sudden you get a £10k payment regardless of where it came from, so before that you can just tell them you are going to receive a large amount.

 

[ANewBeginning]

They may get suspicious if all of a sudden you get a £10k payment regardless of where it came from, so before that you can just tell them you are going to receive a large amount.

I've done big transactions with my banks over the years and never had a problem. Maybe if it was in the millions of dollars I would've gotten asked about the source of the funds. Maybe in different countries it's different

 

[SpeedProxies]

I've done big transactions with my banks over the years and never had a problem. Maybe if it was in the millions of dollars I would've gotten asked about the source of the funds. Maybe in different countries it's different

It depends on the "customer" profile they got as well, if you are a student on a student loan and you suddenly get £10k I am pretty sure they will be calling you about it, and if you are someone that earns good money monthly they wouldn't really.

 

[ANewBeginning]

It depends on the "customer" profile they got as well, if you are a student on a student loan and you suddenly get £10k I am pretty sure they will be calling you about it, and if you are someone that earns good money monthly they wouldn't really.

When I got my first $60k payment, i was making peanuts, and wasn't asked questions. I understand what you say, but there never was any real questions about the payments I received.

 

[KHer0]

With any industry where money moves freely, thw governments will interfere and tighten it up. They basically see any money we make they have a slice in it, so, its their investment to protect.

So, its only logical not only UK but most countries will start to ban direct crypto currency withdrawing till they find a way to link it to your tax number and know exactly what your are buying and selling.

Wheb crypty exchanges ask you for your tax numbers and start reporting to the IRS/HMRC then, you will have freedom to withdraw whatever you want

But, can you call it freedom then?

 

[SpeedProxies]

With any industry where money moves freely, thw governments will interfere and tighten it up. They basically see any money we make they have a slice in it, so, its their investment to protect.

So, its only logical not only UK but most countries will start to ban direct crypto currency withdrawing till they find a way to link it to your tax number and know exactly what your are buying and selling.

Wheb crypty exchanges ask you for your tax numbers and start reporting to the IRS/HMRC then, you will have freedom to withdraw whatever you want

But, can you call it freedom then?

Exchanges usually don't ask you, but they forward the info from KYC if you bought with FIAT currency and sold with FIAT currency as you should be getting taxed then for capital gains...

 

[aka3941]

very exchange site allow members to use p2p, it means A send B via banking transfer, they dont send money to members.
so bank can not know that you withdraw from crypto site