Another US bank stops customers from purchasing Bitcoin

30 Mar, 2019
by Joeri Cant
Bitcoin
Another US bank stops customers from purchasing Bitcoin

Another United States bank, the Regions Financial Corporation, made it abundantly clear that it no longer allows its customers to purchase cryptocurencies.

The Regions Financial Corporation, a bank and financial services company headquartered in the Regions Center in Birmingham, Alabama, specified in its 2018 bank deposit agreement that it is the bank's reserved right to return or decline to pay for items related to decentralized, non-fiat virtual currencies, cryptocurrency or another digital currency or money that relies on distributed ledger or blockchain technology.

The Alabama-based bank joins a rather long list of other banking corporations in the US, which includes JP Morgan, Citigroup, Bank of America, Discover and Capital One, to name a few.

Read more: Bitcoin or Gold? Or both?

While the Bank of America still allows debit card users to purchase cryptocurrencies, Regions Bank went ahead to block all its customers from accessing cryptocurrency markets.

Even though it is understandable that banks block crypto purchases made with credit cards, the same can not be said when a customer who is merely using the banking service for storing his own money, cannot withdraw his own funds to invest in crypto assets.

Of course the customer does have the choice of rejecting the banking service altogether and switch to another more crypto-friendly bank.

A sound suggestion, that the Regions Financial Corporation customers might want to consider.

[uncensored-r/CryptoCurrency] Goodbye to my Bank who will not let me purchase Crypto - You should all do the same! from r/noncensored_bitcoin

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