Financial institution of America Allegedly Closed Cryptocurrency Shopping for Financial institution Accounts

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  • A survey of comparable circumstances discovered that 8.9% mentioned sure and 19.3% mentioned no.
  • Financial institution of America obtained punishment from the CFPB and OCC this week.

On Wednesday, Munib Ali, co-founder of Stacks, a bitcoin layer for sensible contracts, tweeted that Financial institution of America (BOFA) immediately canceled his 15-year checking account with out clarification. clarified in He believes his account was closed as a result of he used it to purchase cryptocurrencies utilizing Coinbase.

Coinbase CEO Brian Armstrong responded to the tweet asking if different customers had skilled points whereas utilizing Financial institution of America. The Coinbase CEO expressed his displeasure with this risk on Twitter. He then took to Twitter to see if anybody else had their Financial institution of America account frozen for utilizing his cryptocurrency change.

totally different person reactions

On the finish of the survey, 16,701 individuals had voted. 8.9% mentioned sure and 19.3% mentioned no. In response to Armstrong’s survey, a number of respondents shared tales of their experiences, some claiming that nothing went unsuitable. Nonetheless, some individuals have reported that their banks have frozen or canceled their accounts due to their cryptocurrency purchases.

Financial institution of America was fined this week by the CFPB and the Workplace of the Comptroller of the Forex (OCC) for “unlawful junk price charging, withholding bank card advantages, and opening pretend accounts.” Greater than $100 million might be used to compensate affected clients, and one other $150 million might be used to pay fines to 2 regulators.

See also  Analyst: BlackRock BTC ETF Might Pave the Approach for Ethereum ETH

In the meantime, Coinbase has introduced that it’s going to droop staking companies in 4 US states. Coinbase, one of many largest and hottest cryptocurrency exchanges in the US, has taken this motion to be able to meet the requirements set by regulators in these jurisdictions.

Immediately’s featured crypto information:

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