It’s time the FCA banned crypto altogether or at least starts a moratorium.
Glad I’m not the only one with that opinion. It’s all fantasy in my opinion
You could just say you don’t understand crypto and look a lot less ignorant
We are not China, we have nothing to fear from crypto
The answer is regulation of exchanges to make them implement bank-like AML checks on out-of-platform wallets
Not an entire ban, we don’t need that
To mention, the FCA should actually be barring banks from blocking crypto imo. It’s reported by the FCA that an estimated 2m+ of us hold crypto currencies, letting banks leave us in the lurch like this really isn’t good enough
Some of the stuff you come out with is miraculous. Why would the FCA ban a bank for protecting its customers from crypto fraud?
Because the FCA is here to protect customers, including stopping banks from stopping 2m people accessing their funds
That’s a lot more damaging than 1000 or so people falling for a scam
I’d suggest that those with a different perspective to you aren’t de facto ignorant.
This forum is about measured discussion. That’s it.
People with a blanket opinion of ban crypto are 100% ignorant and I stand by it, looks stupid to say it without a reasoning
To mention also, the U.K. will be left behind by other countries if we start moving down the route of criminalising blockchain and crypto now
This is precisely why they allow the banks to ban transactions to crypto outfits, to protect customers. The level of fraud and scams around crypto are insane.
I do agree with you that they should introduce regulation on crypto though, doing so would also likely mean banning all non regulated currencies and exchanges. The regulation will also put a large burden on crypto organisations as well.
I’ve just recently watched a whole bunch of people lose all their money to a crypto scam, the money is gone. Now the corpse eating scavengers are out in force all over the dead coin trying to pick up those who were scammed into new scams. its relentless.
If anything happens, its very likely governments are going to crack down on blockchain/crypto when the moment is right.
Time to ban banks, Royal Mail and HMRC while we’re at it all have lots of scams surrounding them
Fully agree, but some are already working with industry regulators. Coinbase will even give documents to you that can be used to file for taxes in some jurisdictions
Venture Capital can afford to comply with regulation and for safe wide adoption of cryptocurrency we need some form of regulation on centralised platforms
That’s very unfortunate but to be fair I haven’t come across a single scam yet that isn’t as obvious as a rusty nail put through someone’s thumb, it has always screamed a scam
Doubt it, China has done it and therefore it’d be a stick to beat them with
I sincerely regret making this thread
Thats just a poor argument and you know that.
Thats great, and a lot of people are good at identifying the scams, but as said in another thread. it only takes one mistake or one good con, its not like people are just idiots a lot of the time its just a mix of good timing. I agree with most of your other points
I seriously hope that does include the point:
banks should be banned for banning crypto
Is it? Both ends of this hit a scammer, just the means are different.
As @danw mentioned in another thread, crypto is more difficult to recover in a lot of cases but in reality they can just send the money to another country that crypto wouldn’t be banned in and then buy crypto there, all you add is another account required to be compromised in that chain
Definitely agree with you but this is an ad campaign and a Martin Lewis segment, not something that should result in either a blanket ban of cryptocurrencies nor something that should result in the allowing of banks to be unfair in its dealings with 2m retail clients; note that this probably won’t impede institutional investors at all because they will be able to provide other KYC for getting to bank, probably. Paired with the “only can buy crypto with cards” stance.
Now that’s something I could get behind
I need multiple emoji to react to this efficiently but know that HMRC tax guidance is somewhat stupid (at least in crypto terms)
Must admit, from the perspective of a customer being locked out of accessing their assets by their bank when they themselves have done nothing that is illegal, I’d want the bank investigated and banned too! That wouldn’t feel like fair treatment to me.
People get scammed, and that’s bad, maybe @danw could shed some light on how bad or frequent crypto scams are compared to others, but anecdotally, I’ve not been exposed to any significant instances that would justify this level of action.
I get a lot of spam through some of my inboxes. Many of them attempts to scam money out of me. Few of them involving crypto. In fact, I’ve gotten more scam emails involving the use of Starling and Monzo. By the same logic used to tackle crypto, shouldn’t these banks ban transfers into and out of Monzo too? How about HSBC?
The biggest differentiator here, is the so called lack of accountability when it comes to crypto. Making it harder to trace or recover. But we know that’s not entirely the truth. Blockchain is a decentralised technology yes, but that doesn’t mean there’s no accountability.
If I dare tread into tinfoil hat territory a little bit, and discuss where I’m a bit sus, is that crypto is a big challenger to the status quo and centralisation; A system much of our capitalist society relies upon. A lot of people with power right now, have a good motive for wanting to impede blockchain’s progress, less it render them irrelevant.
The war on crypto is tied into the war on Privacy too. I value my privacy, and if blockchain technology could pave the way for a digital currency that can replace our very non-privacy friendly methods of spending our physical currency electronically, then I 100% back the idea.
So my view on banks blocking this to protect some customers from scammers is similar to the government’s continued efforts to peruse mass surveillance, demolish privacy and security, in the name of protecting children from the risk of terrorists. In other words, banks are being allowed to act with an Orwellian like authority over something I believe should be left to education and user decision, like the gambling block. Especially when it may not work. Scammers will find creative ways around these things. Law abiding crypto users just get screwed over, and their life made more difficult.
Have a toggle. If a user doesn’t play with crypto and is concerned about being scammed, let them disable crypto, rather than a blanket ban, which I believe is only likely to affect those among us who are law abiding, than those who use it for criminality.
My message might have got a little lost or sidetracked as I ranted on there. So to be clear, my stance on crypto is one of indifference. My stance on what banks think of it is equally one of indifference. What I care about is the underlying technology, and the privacy implications of blanket bans.
If I’m using crypto for something, it’s likely because I don’t want anyone to know what I’m using it for. Not necessarily something illegal. Same as cash. Just like not wanting companies and governments to be able to read my messages doesn’t meant I’m discussing illegal things or plotting to shoot the prime minister (with my iPhone)!
side note for mods: could we get a spoiler tag implemented on here pls?
In other crypto news, Starling rejected my complaint. Going to file it with FoS along with my Revolut complaint tonight (and going to launch a complaint with sainsburys; somehow they didn’t receive two sets of documents I sent them back and a) won’t send me a prepaid tracked letter and b) have no email)
Whilst there isn’t regulation there is a requirement that “firms carrying out specific cryptoasset activities in the UK will need to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and register with the FCA”
The FCA is then “responsible for registering, supervising and enforcing, for anti-money laundering and counter terrorist financing purposes”.
I don’t know what ‘specific’ means in the first quote and I don’t know what the consequences (if any) will be for firms that don’t comply. But I wouldn’t be against banks blocking transfers to firms not on the register whilst allowing transfers to those which are registered.