Bank Threatens To Close Accounts Of Bitcoin Buyers

Lakestone Bank & Trust sent a letter to its client, threaten close client's account if cryptocurrency transactions continue
20 December 2017   1107

Today Jordan Spencer, a client of Lakestone Bank & Trust, said on his Facebook account that the bank sent him a letter, informing that purchases and receiving funds from Coinbase.com is against Lakestone’s policy and the bank will close Jordan’s account if transactions continue.

In response to the banks actions, the community of Facebook gave a lot of negative feedbacks on Lakestone bank Facebook page, stating the bank is not allowed to dictate its clients to abandon investment in bitcoin or other alternative coins.

At the moment of press, the rating of Lakestone Bank on Facebook is 1.1/5.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   128

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.