I received this email and the header told me all.
...'We are terrified of crypto so are not letting you send lots of it'...
We are protecting you my arse, I am over 18 and can make my own decisions thanks.
I did like the part about Binance. The worlds largest exchange has some other company in-between intercepting the outgoing fiat and as it does work. I tried this only a month ago to see if it worked.
I for one, only send one way and they confirmed incoming GBP from Binance will work. Fuck the FCA they say, when they are getting the fiat.
Conventional banks are scared of crypto. I do hear about people getting scammed, so I guess they have to protect those who are likely to get hit. I just hope I can cash out when I need to. For now that is via Wirex. I won't involve my main account directly with crypto.
That’s a wise advice you’re giving here, about Wirex, maybe need to follow this..!
Wirex have had limitations on putting money in, but I think that is fixed now. They have to work within the rules the financial authorities set. The crypto <-> fiat gateway is always the tricky bit.
Yes, that's what I saw at the time..
I'll have to focus on that again, for the moment, I've been through Bitgold haha, sweet and discrete ^^
Thanks for your answer :) I wish you a good evening ✌️
Only used Wirex for buying.. and it was long ago! They don't have a good rep if things go wrong (do any of them?)
It's been okay for me so far, but I don't plan to keep large amounts on there for long. I suspect they are not a big organisation, so they struggle if things go wrong.
Ideally eventually, you won't need to move your crypto out. Hopefully in a decent amount of time you can just keep everything as crypto and do everything you need within that environment. Probably a long way off at this point though.
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For a while I couldn't extract crypto using Binance, when I tried.. I got an immediate text from Santander about them being dodgy etc.., and then it started working again. The FCA haven't changed their stance on Binance, but it seems my bank now accepts one-way trades.
Interesting. I still think it is ridiculous that the banks get to tell us what we can and can't do with "our own" money.
Are limits on transactions proof they're watching out for your interests, or evidence the legacy financial systems are scared of competition and choice?
Exactly.., why do we need to be babysat.., rules my fucking arse!.., it's the latter.. and why do they now accept incoming transactions after banning them for a while?
If banks were really trying to protect us, they’d be restricting our ability to buy alcohol and tobacco. 😅
It’s not surprising to see this. Crypto is going to largely replace them so it’s certainly them attempting to throttle it so people can’t do everything they want. It’s not for protection, that’s always the guise but never the reason.
People do get scammed out of money but they do that in so many areas that it’s really not as justifiable as they think it is.
Binance is good instead of wires. But wirex is best if we purchased from it.