US Banks Begin Closing Customer Accounts Caught Using Bitcoin

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US banks to close down customer accounts who are caught using Bitcoin

It appears that the crackdown on cryptocurrencies such as Bitcoin has begun, with US banks closing down accounts of anybody caught using them. 

Lakestone Bank and Trust customer Jordan Spencer posted a letter he received on Facebook, in which the bank threaten to close down his account after they caught him using Bitcoin.

Shtfplan.com reports: According to the letter (pasted below), Spencer has been utilizing the widely popular Coinbase website to make cryptocurrency purchases and deposits tied to his personal bank account.

This, says loss prevention officer Louise Vermillion,  is a policy violation that needs to be “discontinued immediately.”

The full letter from the bank has been made available below:

The response, according to Spencer, was swift and brutal, with scores of users taking to the bank’s rating page and pummeling it from its previous 3.5 rating score on Facebook to 1.1 in less than seven hours:

Apparently, as is often the case with governments and banks, they’re the only ones that know what YOU should be doing with YOUR OWN MONEY. And they’ll shut down your account if that’s what it takes to make sure you’re protected.

3 Comments

  1. The fact of the matter is they aredoing him a favour.. he is obviously a very stupid man messing about with bitcoin.. his bank in actual fact is saving his stupid ass before his savings are stolen… hats off to the bank for doing a great job in protecting this very stupid man who doesn’t have the common sense to understand that messing about with something he has absolutely no knowledge of and is about to devastate his savings.. stupid man….

  2. How about that! all I can say from first hand knowledge of being in crypto coins the last 4 years is that it is a scam. I had some Bitcoins in my Coinbase account which was hacked to zero before the run up in price. I had some coins in another exchange which has since blocked withdraws, I think that is classified as theft.

  3. Join a not-for-profit bank like a credit union. It is constitutional legal to use other means of currency or even to make up your own. How can an institution like a bank close your account by the fact you are using other currencies? I would let the bank close the account and then file a class action suit.

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