Paypal, Credit Cards and Banks Just Shot Themselves In The Foot In 2019
There seems to be a growing trend this year. That trend is Paypal, Credit card companies and banks shutting down accounts without any notice. Instead just flat out closing them and locking up funds for up to 180 days an terminating relations.
I have been digging into this more myself and it does seem like if your site accepts bitcoin or deals with bitcoin as all this seems to be the common denomination right now as to why they are terminating these accounts.
A number of people including myself got their Paypal accounts terminated. When I asked them why the heck they simply told me my accounts been permanent limited and wont talk to me lol. Paypal is no longer on any of my sites I simply use it to collect money from affiliate offers for promoting them to my list. So how in the world I am in violation of any TOS etc is beyond me other then I am heavy in crypto.
Other cases are of Chase terminating accounts and credit cards that had anything to do with buying cryptocurrency.
So yup it looks like banks are at it again this year trying to lock things in. This is why I hardly laugh when Ripple still believes that banks are ever going to use it.
There are two ways to this crypto battle. Keep using banks and having them screw you over or start using cryptocurrency and decentralize the system.
I've had two banks warn me over using my accounts for crypto. They have their reasons - mostly citing anti-terrorism / money laundering laws. They might have alterior motives too - threats to their ability to tax the economic activity of citizens. The more people that get economically unpersoned by the banking system, the more call for citizens rights for access to money. Also, I rebel a bit by using cash frequently. It's a bit of a quiet war for sure.
You see terrorism and money laundering laws I just cant understand why they would say this when clearly fiat has been used for hundreds of years for this same exact thing. Honestly crypto has a better trail to follow then fiat lol
Well, you and I know this. I did offer to show them full transaction histories on block explorers but, that's not good enough apparently.
In my country the banks, at the request of the government, are cracking down on cash transactions too.
I got two bank account on hold then closed due to cryptocurrency transfer, BDO and BPI.
Damn dude totally sucks they are for sure attacking crypto this year big time and kind of seem to be trying to keep it under the radar
Strange considering Coinbase now allows withdrawals in fiat to PayPal. It feels as if they are setting up for some type of regulation or the sorts that we don’t know about!
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That could be possible. Its really crazy how many accounts they terminated mine was 4am right into the new year like wtf lol 2019 ticked around and they said CYA to so many people.
The benefit though now is I can talk all the true shit I want about Paypal nightmares and not have to worry about it lol
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I have been using Well's Fargo for years and haven't had any issues buying or selling crypto thankfully! I hear stories like this all the time from people online and even had a buddy who had Bank Of America block his credit card purchases for Bitcoin.
I am all for using crypto - that means, we have to find a way to truly use it to purchase things we want and need. And figure out a way to buy some without needing to use banks.
Actually, the banks fighting so hard is a sign that crypto is a good alternative. Otherwise, they wouldn't feel so threatened.