With over $220 million lost to scammers through cryptocurrency in 2022^, we’re introducing new measures to help protect our customers from the risk of fraud and scams.
From 7 November 2023, we may limit the amount you can pay to certain accounts or merchants, for example those we believe to be associated with cryptocurrency exchanges, to no more than $10,000 in total from all of your accounts each calendar month.
this change will happen automatically, you don’t need to do anything. If we decline a payment, you will receive a notification on the payment confirmation screen
I'm not surprised by this and technically I'm not directly affected (yet) since I don't send that much to exchanges each month but it does piss me off that the bank is telling people what they can and can't do with their money. It's also disheartening that it's another piece of FUD getting in the way of people understanding Bitcoin.
If anything it makes me want to buy more Bitcoin. Yet another sign that the money in the bank isn't really yours. Another sign that banks are not you friend. They are not here to help you and big brother is watching.
And that's why I always said: just use Bitcoin, nothing else. Get the fuck out from fiat world and let them became obsolete.
Create those bitcoin circular economies around you, with small merchants.
Earn in bitcoin, spend in bitcoin, save in bitcoin. Is so fucking simple.
https://i.postimg.cc/zX2ZDQD1/vader-sovereign-adoption.jpg
https://darthcoin.substack.com/p/how-bitcoin-will-save-the-world
It might be simple, but it's not easy.... Fiat still rules the world
https://i.current.fyi/e542d698067bdbee/uploads/image3561233.jpg
Time for fiat to rule the world is no more. Let Bitcoin take over
fiat is a lie. Why do you still accept the lie?
You see why they get over with the lie?
Because people just obey and accept it.
Why is so hard to say NO ?
We all need to learn to do only with non KYC exchanges from now.
Robosats and BISQ are perfect for plebs, fuck banks and exchanges we are Bitcoiners right?
I got a $15 "service charge" at one of my banks for transferring with strike... i guess. Next time im in that town ill walk in in person and ask for an explaination. Im assuming its some sort of rule against dealing with crypto or bitcoin idk. Perhaps ill have a moment to explain the difference (to deaf ears) before i withdrawal, close and never go back. That lady was a sweetheart but oh well
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"the money in the bank isn't really yours"
The sad truth that so many people still don't understand.
So true and frustrating. And I would guess that close to 100% of people receiving a mail like this from their bank, will trust that the bank is looking after their "interest" (pun intended).
Imagine a bank in cyberspace that:
That is #Bitcoin
view on x.comIt never was “your money”, that is why BTC in self custody is the only real “your money”. I’ve had bank accounts closed for overdraft for few days too long or even no reason. Fcuk banks.
https://nostr.build/av/45ba312b07a035e31d773e24e874b28c611ebbf6d92b35c528158c32e9cca87a.mp4
Great explanations, I may have to use some of these!
They are making themselves rapidly obsolete... very silly.
That being said, the scams in Australia are insane - so many old people falling for total nonsense.
We need more edu, not more regulation.
That sux
https://i.imgflip.com/81nip1.jpg
Use transferwise. Hopefully it works there.
This is happening worldwide and is another one of those "global coincidences". Persons in canada and multiple Caribbean countries have gotten the same messages.
Always the same: we reserve the right to deny or restrict transactions to crypto exchanges.
They need to close the exit doors.
There is a certain irony in banks gradually refusing to send money to CEXs. Eventually, all those KYC casinos will be painful to buy anything from.
Perhaps if this becomes common enough, people will start demanding their wages be paid directly in BTC.
it is always for your protection. you should thank them, they are so worried to protect you :D /s
Change your bank, then convert Fiat to Btc...this is the only solution....
Banks are trying to control client funds and expenditure. This to me is one of the major reason we all have to switch to Bitcoin
Mate, that limit has been in place for years now, they are making you aware of it. Better you change bank. A good option for me has been transferwise, now wise dot com there's also a alternative in Europe CurrencyFair dot com. Same same fiat bullsh*t
or better you just become bankless!
blocking the exits in the UK as well
https://www.fca.org.uk/news/press-releases/fca-sets-expectations-ahead-incoming-crypto-marketing-rules
I think they're doing many people a favour, especially if they start to lower that amount more and more, it can force people to rather look P2P for orders and stop relying on centralised exchanges for their purchases because they know they are being watched.
But remember the bank in blocking the free use of your money for your own safety
Its BS