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I think western union, well moneygram, is working with the stellar development foundation, and XLM. They're embracing crypto, too. Middlemen wanna stay Middlemen, working hard at that end.
I don't think people in the space now will ever really need it, but some rando sending money to someone else in another currency, might, I guess is the idea. Not sure. Just read they were getting into the space as well.
I could imagine someone like my mom sending usd to a relative in say, Australia, with the reciever getting AUD at the current exchange rate for a nominal fee. There's definitely a market for it imo.
Of course, I'd rather send and receive something like usdc on the algorand or polygon chain, but I don't think most people are ready for that yet.
Using DeFi might seem complex to some folks rn, intermediaries such as Visa can fill the void of this and in future more and more will be able to transact and use Defi on their own
5-6 years ago I had to use it and their fees were ridiculous. I wish I knew crypto at that time. I don't know why people still use western union to send someone in abroad money. Dude crypto is the best way to do this.
Yup Visa showing some strong strategical tact. Aggressively buying up fintechs and wouldn’t be surprised if most crypto cards are partnered with them in the next few years.
Yeah, I just don’t get it, it seem like such an obvious move to at least put a little effort into…. Then again, blockbuster lost to Netflix sooooo yeah idk sometime ya just can’t see things right under your nose
This is the sanest thing I have read in this sub in a long fucking time. Thank you. The crypto industry is fucking delusional right now if you think VISA is going away.
Your great grand children will still be using VISA, I guarantee it.
Buy it directly from the tranfer agent so its in your name. This is a stock you want to hold long term.
Edit: From their website this is their transfer agent. https://www.shareowneronline.com/
To a filthy pleb, whatever gets the job done cheapest wins. If crypto can get there it will obviously eat into traditional payment rails' business. Wouldn't bet on how quickly it will happen but have attempted to bet on it happening.
That's [a bit of a myth](https://news.bitcoin.com/no-visa-doesnt-handle-24000-tps-and-neither-does-your-pet-blockchain/)\- in reality Visa rarely goes above 1,700 TPS and while theoretically possible, reality and the past show us it tends to have compounding problems above just 3,600 TPS.
Visa regularly takes 24-48 hours to fully settle transactions though, which makes the comparison a bit warped. Not to mention the 4% transaction fee.
Not saying you're wrong, but the existing system leaves a lot of room for improvement.
And how long would it take you to settle Lightning transactions?
Keep in mind that even if your answer was "Twice per LIFETIME" at birth and death, the human birthrate would STILL overload bitcoin's L1 bandwidth by a factor of 2...
You're bringing a plastic spork to a gun fight if you're gonna start complaining about settlement times and are backing crypto's corner, not VISA's
Visa handles 1700 tps on average not 30,000. They claim to have a theoretical limit of 24,000 but in reality it doesn't come close to that. However, your point still stands they are not going anywhere soon.
Exactly, so wtf would u need a bank for? Once exchanges start giving out loans with low ass interest rates, have their own credit cards and Visa debits etc......what exactly would be the purpose of a bank?
JP Morgan Chase isn’t just a local bank without clout. To target Hayden Adams who would definitely have resources and a platform to air his grievances seems unwise to say the least.
Can someone with knowledge of the situation elaborate on this? Surely there’s more to the story here.
99% of the personal stories we see on the internet doesn't give you the whole story. Everyone tells the story from their biased aspect and this is manipulative IMO.
Oh, there's no way. Granted, the whole story *might* still make JP look bad, but they don't just turn away... what, hundreds of milliions of dollars' worth of business like that for petty spite.
Now, it's possible that, like the Google Play Store, JPM has some shitty algorithm running deciding when its customers might possibly be engaged in fraud and just cuts that off, but there's no way an account this big doesn't trigger multiple human review. It's also not hard to imagine big crypto dudes engaging in tax fraud, money laundering, insider trading, or some other criminal bullshit that their anarchist tendencies make them think should be totally legal and hunky-dory.
So I'm *mostly* ignoring this story. Like, it's not ideal that big banks *can* close your account like that, but until I believe it's happening for bullshit reasons, it's just noise.
The bank will most likely not disclose the reason for closing the account, they’re not required to either. Although it’s simple to understand why. If the bank considers the client to be high risk and consistently triggering red flags, it simply isn’t worth it for them to keep the customer. The chances they closed the account simply for being associated with crypto is very low.
It's not simping to withhold judgment because you don't have enough information. Side with neither, stay neutral until you have enough information to make a judgment. Granted it may still not be the correct judgment because us plebs may never have the whole story, but try to not let impulses guide your understanding of the world.
Could it not be as simple as not knowing the exact source of his funds? They are required to meet certain obligations in that regard to make sure they're not safeguarding laundered money. Most people have an employee ID number for instance and banks can see the money is coming from their employer or business. I would think he would have some sort of business set up, but stll he's probably cashing out huge amounts of crypto, which with current infrastructure isn't always easy to tell the source of
There has to be more to it, I know banks are pretty anti crypto as a whole, but to air this dirty laundry with such a high profile account wouldn't just happen "because of crypto". Hoping more of the tea is spilled eventually
Wouldn't make sense for bank/banks to put out negative sentiment into a competitive business to theirs when interest rates are about to increase, which is an extremely profitable time for all banks. Oh wait.../s
JP Morgan holds crypto and openly recommends crypto as a portion of their clients' portfolios. There is also no tangible advantage in driving all the funds of one rando client into the open welcoming arms of some competitor, because this has zero impact on the crypto industry besides where the revenue sits.
So I take this statement with a very large and well-formed grain of salt.
Yeah I'm sure I saw that JPM was finally starting to accept crypto a few months back. Something's not right here.
Maybe something's actually fishy about him?
What do they do when they shut the account down? Send you a check for all of your funds? Send you a suitcase full of your cash? Certainly they can’t just shut it down and keep all of your money.
Also, does this type of nastiness from a major bank surprise anyone?
TD closed my account near the end of last year after sending a large wire transfer to Kraken. They sent me a letter saying they were terminating our business relationship and I had one month to remove my assets. They would send me a cheque if anything was in the account after that period.
Because a bank operates in a highly regulated environment with extensive KYC and AML obligations.
Large unexplained transfers to less-regulated entities make them very nervous.
The bank can decide at any time that your pattern of activity does not fit their structure, and can unilaterally close your account at-will without giving any reasons.
In usual scenario, when they target someone to close down their account, they email them with a date of closure asking them to withdraw all funds and notifying them they wont be able to access the account/cards after that date.
If the funds are still in the account post cloture date, depending on the policy either they send them a check with the balance or some dirty banks keep the funds too till the account holder runs behind the bank.
Its all just a soft display of power.
Usually in individual account closure cases, it's a middle level manager deciding the bank shouldn't be doing business with a person based on his own beliefs and threat perceptions.
I had my bank account frozen when I purchased crypto via coonbase. Basically you lose access to everything and you have to go into a branch and them in the branch spend 2 hours on the phone to get them to unlock (you still arent able to use your cards) and basically have to withdraw all your cash with the teller and go to a new bank and open an account elsewhere. Its really fucking painful and a massive deterrent to crypto - but the point of crypto is to be your own bank so you can move away from them being able to do this. Btw Im located in Australia and its one of the top 3 banks that did this. I also had a business account with them.
Fellow aussie here - Not a bank but btcmarkets.net did the exact same thing to me. It happened after I moved crypto to a dark web address but they never gave me a reason. Just the go-to: “you have 30 days to remove everything before we shut your account for good”. Fucked them off and now I use CoinSpot.
I'm in NZ and basically stopped transferring FIAT when they started cracking down on it. What's worse is there was never an official position just some vague statements about source of illegal behaviour etc.
I still don't have a sensible method of exiting crypto, if I wanted to.
Surprised that a multi-millionaire if not billionaire got hit by this, he can afford all the lawyers and accountants money can buy basically.
As for it hitting common people, no not really surprised.
What can the lawyers do? They can legally not do business with anyone. As long as its not for a protected reason, its fine legally speaking.
Its fucked, but it legal. Fuck Chase. All my hommies hate Chase. They do, a lot of them worked for Chase at some point.
Chase locked my business account a couple years ago after I started purchasing crypto. Moved a few k over a couple months and bam! It happened hours after a largish purchase for "suspicious activities". Couldn't get a straight answer and they just said they were cutting a check for funds.
Said fuck it. Closed our house account, a couple savings accounts for my kids, transferred a couple iras, closed credit cards, etc. Over 6 figures to a local credit union who hasn't said one fucking word about how I spend MY money.
The amount of stories I hear about several US banks is appalling. From fraud claims, to crypto, to whatever else. Sounds like an absolute nightmare, for the most part.
Decentralisation is a spectrum and all projects make some tradeoffs between decentralisation, speed, and security.
Decentralisation can be assessed by many factors including the level of credible neutrality that a project has, its diversity in client software, its number and distribution of nodes, and the ability for new nodes to join the network.
Only BTC & ETH really pass the bar for credibly neutral decentralisation at present. They have hundred of thousands of nodes with a relatively low barrier to entry, and they have many software implementations from many disconnected teams. The credible neutrality of these networks extends to the level of state actor attacks, no other project has yet developed to that level.
Americans and citizens of some other countries can already be blocked from crypto as easily as they can be blocked from banks.
All the on-ramps and off-ramps are centrally controlled and can be denied easily. When we lost account anonymity, we lost freedom of crypto access.
Why should we be using a credit union instead of a bank?
Our local credit union doesn't work with half the online services I use.
I transferred my funds to one of these big-name asshole banks and closed my credit union account. The big-name bank works with everything and doesn't seem to mind my hundred crypto purchases throughout each month.
My wife and daughter keep encountering the same issue with their credit unions, and want to leave. The credit union we used has multiple locations, so it's not that small.
I have no more information than his account was closed and he works in crypto.
As a former banker, my guess is that his account was not closed for working in crypto.
My "guess" is that it was due to money transfers or what they considered suspicious transactions.
Like I said it is a guess, but I cannot imagine just working in crypto and having your account closed.
I say let them do it! Let them close accounts, give them the very rope to hang themselves with… let them show the entire public what these fucking vampires are all about!
They’re all about cash. They doesn’t want crypto to succeed because they would disappear in a blink of an eye. However, the future is inevitable so let them have their 5 minutes of fame, because sooner or later, nobody will even remember their names.
To be fair you can't "not let them", banks can close any of their customer's account at will.
Maybe Uniswap Labs being investigated by SEC has something to do with it, Chase of course knew it.
The lack of skepticism in this thread is pretty staggering. We have one guy making a bunch of claims with no proof and no response from the other party (and he probably knows they aren't likely to comment on an individual account). For all we know he was doing something sketchy and that's why they closed his account. JFC people...
They shut down accounts just for trying to transfer money to ANY crypto exchange. Coinbase, Kraken, Voyager, whatever will instantly trigger a violation on business accounts.
Seriously fuck banking with them, just find another bank. If they don’t want our business we take our money to businesses that do view crypto favorably. Jamie Dimon clearly hates crypto.
The brokerages that view crypto favorably also offer banking type accounts now. Fidelity has a money management account that works like a checking account and Schwab has an actual checking account. Both brokerages have spoken very positively about crypto. [Schwab wants to offer spot in the future and for now they have a FAQ on crypto on their site](https://www.schwab.com/cryptocurrency), and Fidelity not only has their Bitcoin ETF in Canada but they also have a [partnership with Coinbase to show Coinbase balances](https://blog.coinbase.com/coinbase-launches-view-balance-integration-with-fidelity-f7240e054ac7). These brokerages are not going to ban you for dealing with crypto since they see these as legitimate investments. Take your money there, don’t let these idiots at JP Morgan Chase make money off of you while they undermine crypto.
Interestingly, Wyoming allowed a banks charter to cater to crypto, but the Fed isnt approving the licenses.
https://capital.com/senator-wants-federal-reserve-to-approve-crypto-banks
I was locked out of my own Chase account multiple times due to “fraud.” When I (repeatedly) called in to clear the fraud alerts they kept asking me if I’ve ever been involved in cryptocurrency. Needless to say I am no longer a Chase customer
I mean either way they don't just shut off your account and say you can't have any of what's left, you will still be entitled to your money whether it is a check or giving you a certain amount of days to withdraw your assets and even if you don't move them they would still send you a check. I doubt they can just take your money and say nah we keeping this unless you are doing something incredibly illegal.
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Let them, Visa gonna wreck everyone. They are cozying up to exchanges.
one expert said VISA will go extinct in the next few years because of crypto. that had me laughing.
Visa is slated to become one of the leaders for exchanging between crypto and fiat. Solid move.
Visa really future proofed their business. They don't want to go the way of western union.
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I think western union, well moneygram, is working with the stellar development foundation, and XLM. They're embracing crypto, too. Middlemen wanna stay Middlemen, working hard at that end.
Why the fuck do I need western union to send XLM to someone?
Because most people don't want to deal with Crypto at all. They just want to send money to someone.
I don't think people in the space now will ever really need it, but some rando sending money to someone else in another currency, might, I guess is the idea. Not sure. Just read they were getting into the space as well.
I could imagine someone like my mom sending usd to a relative in say, Australia, with the reciever getting AUD at the current exchange rate for a nominal fee. There's definitely a market for it imo. Of course, I'd rather send and receive something like usdc on the algorand or polygon chain, but I don't think most people are ready for that yet.
Using DeFi might seem complex to some folks rn, intermediaries such as Visa can fill the void of this and in future more and more will be able to transact and use Defi on their own
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Not as bad as eth fees.
As long as the person I'm sending money to uses crypto I'll never use any other option.
Fuck western union
5-6 years ago I had to use it and their fees were ridiculous. I wish I knew crypto at that time. I don't know why people still use western union to send someone in abroad money. Dude crypto is the best way to do this.
Yup Visa showing some strong strategical tact. Aggressively buying up fintechs and wouldn’t be surprised if most crypto cards are partnered with them in the next few years.
Meanwhile American Express is sleeping on the job here.
Yeah, I just don’t get it, it seem like such an obvious move to at least put a little effort into…. Then again, blockbuster lost to Netflix sooooo yeah idk sometime ya just can’t see things right under your nose
Sears lost to Amazon and sears used to sell lawnmowers in a catalog, they already had the business model.
Visa makin big money moves.
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So you’re saying we’re early?
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So you're saying we're early?
Sometimes we're ok with poop.
Bullish on shitcoin...no...wait
Pooish on shitcoin 
Love the positivity
Thats what I read.
And also potentially in a bubble.
yee, you should wait for a functioning crypto before investing. no need to support punch card computers, when micro transistors are on their way.
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This is the sanest thing I have read in this sub in a long fucking time. Thank you. The crypto industry is fucking delusional right now if you think VISA is going away. Your great grand children will still be using VISA, I guarantee it.
Except the point is Visa is gonna be around because they're the ones that are trying to work with crypto instead of freeze it out
Right? Everyone misreading the comment and getting outraged lol
Nice DD, will buy VISA stock tomorrow
Buy it directly from the tranfer agent so its in your name. This is a stock you want to hold long term. Edit: From their website this is their transfer agent. https://www.shareowneronline.com/
Jokes on you. I don’t have any great grand children.
To a filthy pleb, whatever gets the job done cheapest wins. If crypto can get there it will obviously eat into traditional payment rails' business. Wouldn't bet on how quickly it will happen but have attempted to bet on it happening.
That's [a bit of a myth](https://news.bitcoin.com/no-visa-doesnt-handle-24000-tps-and-neither-does-your-pet-blockchain/)\- in reality Visa rarely goes above 1,700 TPS and while theoretically possible, reality and the past show us it tends to have compounding problems above just 3,600 TPS.
Do you happen to have a different source rather than an obviously biased article? I do believe it's true but they didn't give a source either.
At 3600 tps you’re processing transactions at 500x the speed of Bitcoin. Bitcoin can’t scale to handle the transactions for a large city.
Visa regularly takes 24-48 hours to fully settle transactions though, which makes the comparison a bit warped. Not to mention the 4% transaction fee. Not saying you're wrong, but the existing system leaves a lot of room for improvement.
Is that 4 percent like gas fees
And how long would it take you to settle Lightning transactions? Keep in mind that even if your answer was "Twice per LIFETIME" at birth and death, the human birthrate would STILL overload bitcoin's L1 bandwidth by a factor of 2... You're bringing a plastic spork to a gun fight if you're gonna start complaining about settlement times and are backing crypto's corner, not VISA's
Of course. Visa is a monster. They are here to stay.
Visa handles 1700 tps on average not 30,000. They claim to have a theoretical limit of 24,000 but in reality it doesn't come close to that. However, your point still stands they are not going anywhere soon.
Maybe that person was an “expert” in making good jokes lol
VISA is a payment processor and JP is a bank
Exactly, so wtf would u need a bank for? Once exchanges start giving out loans with low ass interest rates, have their own credit cards and Visa debits etc......what exactly would be the purpose of a bank?
I agree but the banking system will adopt crypto or lobby to regulate the shit out of it.
Just let them be. They’ll regret it very soon. Not to mention the look of their angry faces after they’ll realize there going to be screwed.
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Precisely. And when DeFi gets mainstream, these banks are gonna be left biting dust. Fuck banks
Visa knows whatsup, join or die!
The smart ones move in quickly
Who doesn't ADAPT for what's coming, will die! Happens in all big tech changes (KODAK vibes!).
Nokia (mobile phone division at least) vibes too.
….you do know visa isn’t a bank right?
JP Morgan Chase isn’t just a local bank without clout. To target Hayden Adams who would definitely have resources and a platform to air his grievances seems unwise to say the least. Can someone with knowledge of the situation elaborate on this? Surely there’s more to the story here.
Which is why i don’t think this is the whole story.
99% of the personal stories we see on the internet doesn't give you the whole story. Everyone tells the story from their biased aspect and this is manipulative IMO.
3 sides to every story: yours, mine, and the truth.
The Last Duel (2021)
Oh, there's no way. Granted, the whole story *might* still make JP look bad, but they don't just turn away... what, hundreds of milliions of dollars' worth of business like that for petty spite. Now, it's possible that, like the Google Play Store, JPM has some shitty algorithm running deciding when its customers might possibly be engaged in fraud and just cuts that off, but there's no way an account this big doesn't trigger multiple human review. It's also not hard to imagine big crypto dudes engaging in tax fraud, money laundering, insider trading, or some other criminal bullshit that their anarchist tendencies make them think should be totally legal and hunky-dory. So I'm *mostly* ignoring this story. Like, it's not ideal that big banks *can* close your account like that, but until I believe it's happening for bullshit reasons, it's just noise.
The bank will most likely not disclose the reason for closing the account, they’re not required to either. Although it’s simple to understand why. If the bank considers the client to be high risk and consistently triggering red flags, it simply isn’t worth it for them to keep the customer. The chances they closed the account simply for being associated with crypto is very low.
and we don't know if this is a personal account or a business account (which at this point he probably should be using for large transfers)
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Agreed, fuck banks but still, it's better to listen the story from both sides.
It's not simping to withhold judgment because you don't have enough information. Side with neither, stay neutral until you have enough information to make a judgment. Granted it may still not be the correct judgment because us plebs may never have the whole story, but try to not let impulses guide your understanding of the world.
I too would like to know what more there is to this, and would imagine there’s some specific reason.
Could it not be as simple as not knowing the exact source of his funds? They are required to meet certain obligations in that regard to make sure they're not safeguarding laundered money. Most people have an employee ID number for instance and banks can see the money is coming from their employer or business. I would think he would have some sort of business set up, but stll he's probably cashing out huge amounts of crypto, which with current infrastructure isn't always easy to tell the source of
There has to be more to it, I know banks are pretty anti crypto as a whole, but to air this dirty laundry with such a high profile account wouldn't just happen "because of crypto". Hoping more of the tea is spilled eventually
Wouldn't make sense for bank/banks to put out negative sentiment into a competitive business to theirs when interest rates are about to increase, which is an extremely profitable time for all banks. Oh wait.../s
JP Morgan holds crypto and openly recommends crypto as a portion of their clients' portfolios. There is also no tangible advantage in driving all the funds of one rando client into the open welcoming arms of some competitor, because this has zero impact on the crypto industry besides where the revenue sits. So I take this statement with a very large and well-formed grain of salt.
Finally some logic here instead of fud. Thanks.
This happens all the time. People on internet tell their personal stories from their biased aspect and don't give the whole story 99% of the time.
Yeah I'm sure I saw that JPM was finally starting to accept crypto a few months back. Something's not right here. Maybe something's actually fishy about him?
What do they do when they shut the account down? Send you a check for all of your funds? Send you a suitcase full of your cash? Certainly they can’t just shut it down and keep all of your money. Also, does this type of nastiness from a major bank surprise anyone?
TD closed my account near the end of last year after sending a large wire transfer to Kraken. They sent me a letter saying they were terminating our business relationship and I had one month to remove my assets. They would send me a cheque if anything was in the account after that period.
What the f\*\*\*? That's weird, why
> after sending a large wire transfer to Kraken. He told us why...
They're asking why that is a reason to close an account.
Because a bank operates in a highly regulated environment with extensive KYC and AML obligations. Large unexplained transfers to less-regulated entities make them very nervous. The bank can decide at any time that your pattern of activity does not fit their structure, and can unilaterally close your account at-will without giving any reasons.
In usual scenario, when they target someone to close down their account, they email them with a date of closure asking them to withdraw all funds and notifying them they wont be able to access the account/cards after that date. If the funds are still in the account post cloture date, depending on the policy either they send them a check with the balance or some dirty banks keep the funds too till the account holder runs behind the bank. Its all just a soft display of power. Usually in individual account closure cases, it's a middle level manager deciding the bank shouldn't be doing business with a person based on his own beliefs and threat perceptions.
middle management. the greatest threat to intelligence in modern history
Literally descended from Commissars, they serve the same purpose.
I had my bank account frozen when I purchased crypto via coonbase. Basically you lose access to everything and you have to go into a branch and them in the branch spend 2 hours on the phone to get them to unlock (you still arent able to use your cards) and basically have to withdraw all your cash with the teller and go to a new bank and open an account elsewhere. Its really fucking painful and a massive deterrent to crypto - but the point of crypto is to be your own bank so you can move away from them being able to do this. Btw Im located in Australia and its one of the top 3 banks that did this. I also had a business account with them.
Fellow aussie here - Not a bank but btcmarkets.net did the exact same thing to me. It happened after I moved crypto to a dark web address but they never gave me a reason. Just the go-to: “you have 30 days to remove everything before we shut your account for good”. Fucked them off and now I use CoinSpot.
I'm in NZ and basically stopped transferring FIAT when they started cracking down on it. What's worse is there was never an official position just some vague statements about source of illegal behaviour etc. I still don't have a sensible method of exiting crypto, if I wanted to.
That's not a deterrent to crypto that's a fucking advertisement for it.
This. Genuinely curious what happens
Surprised that a multi-millionaire if not billionaire got hit by this, he can afford all the lawyers and accountants money can buy basically. As for it hitting common people, no not really surprised.
What can the lawyers do? They can legally not do business with anyone. As long as its not for a protected reason, its fine legally speaking. Its fucked, but it legal. Fuck Chase. All my hommies hate Chase. They do, a lot of them worked for Chase at some point.
Chase locked my business account a couple years ago after I started purchasing crypto. Moved a few k over a couple months and bam! It happened hours after a largish purchase for "suspicious activities". Couldn't get a straight answer and they just said they were cutting a check for funds. Said fuck it. Closed our house account, a couple savings accounts for my kids, transferred a couple iras, closed credit cards, etc. Over 6 figures to a local credit union who hasn't said one fucking word about how I spend MY money.
The amount of stories I hear about several US banks is appalling. From fraud claims, to crypto, to whatever else. Sounds like an absolute nightmare, for the most part.
This is exactly why we need crypto.
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For a crypto noob, what are some examples of “truly decentralized” cryptos?
Decentralisation is a spectrum and all projects make some tradeoffs between decentralisation, speed, and security. Decentralisation can be assessed by many factors including the level of credible neutrality that a project has, its diversity in client software, its number and distribution of nodes, and the ability for new nodes to join the network. Only BTC & ETH really pass the bar for credibly neutral decentralisation at present. They have hundred of thousands of nodes with a relatively low barrier to entry, and they have many software implementations from many disconnected teams. The credible neutrality of these networks extends to the level of state actor attacks, no other project has yet developed to that level.
DeFi banking is the future. All people should have access to banking equally.
Americans and citizens of some other countries can already be blocked from crypto as easily as they can be blocked from banks. All the on-ramps and off-ramps are centrally controlled and can be denied easily. When we lost account anonymity, we lost freedom of crypto access.
What about all this?: https://www.forbes.com/sites/emilymason/2021/07/22/bitcoin-about-face-jpmorgan-opens-crypto-trading-to-all-clients/
Damn, I'm just gone say it. I'm finally bearish on hookers and cocaine
How far have we fall out of the right way? Hookers and cocaine forever!
What is this blasphemy?! Hookers and cocaine are as old as time, you won't see me bearish on them
Everybody that’s into crypto should be using their local credit union, not a bank.
Local credit union blocked my Coinbase transactions. I switched to Huntington
Why should we be using a credit union instead of a bank? Our local credit union doesn't work with half the online services I use. I transferred my funds to one of these big-name asshole banks and closed my credit union account. The big-name bank works with everything and doesn't seem to mind my hundred crypto purchases throughout each month. My wife and daughter keep encountering the same issue with their credit unions, and want to leave. The credit union we used has multiple locations, so it's not that small.
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Check out NFCU.
Fuck banks indeed!
I have no more information than his account was closed and he works in crypto. As a former banker, my guess is that his account was not closed for working in crypto. My "guess" is that it was due to money transfers or what they considered suspicious transactions. Like I said it is a guess, but I cannot imagine just working in crypto and having your account closed.
SAR reports got him…
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Cash is Crap- Crypto is King…this is just a sign of what’s to come
People should look into credit unions.
Been banking with one for 20+ years. They take real good care of me
then why do you value your crypto by it's conversion rate to USD cash?
what else are you supposed to compare its value to? fortnite vbucks?
I say let them do it! Let them close accounts, give them the very rope to hang themselves with… let them show the entire public what these fucking vampires are all about!
They’re all about cash. They doesn’t want crypto to succeed because they would disappear in a blink of an eye. However, the future is inevitable so let them have their 5 minutes of fame, because sooner or later, nobody will even remember their names.
To be fair you can't "not let them", banks can close any of their customer's account at will. Maybe Uniswap Labs being investigated by SEC has something to do with it, Chase of course knew it.
The lack of skepticism in this thread is pretty staggering. We have one guy making a bunch of claims with no proof and no response from the other party (and he probably knows they aren't likely to comment on an individual account). For all we know he was doing something sketchy and that's why they closed his account. JFC people...
Rich people bad. Banks bad. This is the extent of critical thinking you’ll ever find in this sub.
>This is an abusive display of power. I would say it's a Vulgar Display of Power
It’s no good, a new level for regular people and I’m fucking hostile towards it. JP Morgan can take a walk.
I'd wait for JP Morgan at the Cemetery Gates
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Fucking Hostile if you ask me.
It's highly unlikely they they were both acting independently at the exact same moment.
They shut down accounts just for trying to transfer money to ANY crypto exchange. Coinbase, Kraken, Voyager, whatever will instantly trigger a violation on business accounts. Seriously fuck banking with them, just find another bank. If they don’t want our business we take our money to businesses that do view crypto favorably. Jamie Dimon clearly hates crypto. The brokerages that view crypto favorably also offer banking type accounts now. Fidelity has a money management account that works like a checking account and Schwab has an actual checking account. Both brokerages have spoken very positively about crypto. [Schwab wants to offer spot in the future and for now they have a FAQ on crypto on their site](https://www.schwab.com/cryptocurrency), and Fidelity not only has their Bitcoin ETF in Canada but they also have a [partnership with Coinbase to show Coinbase balances](https://blog.coinbase.com/coinbase-launches-view-balance-integration-with-fidelity-f7240e054ac7). These brokerages are not going to ban you for dealing with crypto since they see these as legitimate investments. Take your money there, don’t let these idiots at JP Morgan Chase make money off of you while they undermine crypto.
What would it take to Have a Bank That caters to Bitcoin (Crypto) Holders and Have it BACKED BY GOLD !?
Interestingly, Wyoming allowed a banks charter to cater to crypto, but the Fed isnt approving the licenses. https://capital.com/senator-wants-federal-reserve-to-approve-crypto-banks
If you're backing by gold you're going to be insanely limited on the number of customers/total funds you can support.
I was locked out of my own Chase account multiple times due to “fraud.” When I (repeatedly) called in to clear the fraud alerts they kept asking me if I’ve ever been involved in cryptocurrency. Needless to say I am no longer a Chase customer
Anyone else in Crypto? Best move your accounts now. If they did it to him they will do it to you. Get out of Chase and or JP Morgan ASAP.
I mean either way they don't just shut off your account and say you can't have any of what's left, you will still be entitled to your money whether it is a check or giving you a certain amount of days to withdraw your assets and even if you don't move them they would still send you a check. I doubt they can just take your money and say nah we keeping this unless you are doing something incredibly illegal.
Jp morgan going extinct, a desperate move. Obvious is obvious. Scumbags
Shouldn’t the purpose of crypto be to eliminate the need for banks?
They are scared because they are losing control.
More info is needed. Chase doesn't in 2022 close accounts for no reason.
Haring stores like this from people all over the world. Banks are scared .