Skip to main content

Canadian Multinational Bank BMO Blocks Cryptocurrency Transactions

Canadian Multinational Bank BMO Blocks Cryptocurrency Transactions

Like taxi drivers attacking Uber or candle makers trying to block out the sun, another bank has taken a stand against bitcoin. BMO is apparently trying to protect its clients from themselves by taking away the freedom to decide what to do with their own money, like using cryptocurrency.

Also Read: Steven Seagal Karate Chops Bitcoiin ICO Goodbye

BMO Financial Group

Canadian Multinational Bank BMO Blocks Cryptocurrency TransactionsBank of Montreal (TSX:BMO), the major Canadian multinational banking corporation operating as BMO Financial Group, has reportedly implemented a ban on its clients participating in cryptocurrency transactions. A Reddit user claiming to be working for the bank has shared an internal document (Ops Bulletin #632 dated March 28, 2018) said to be sent via email company-wide announcing the restrictive measures.

According to the document, titled “Blocking Cryptocurrency Transactions for BMO Credit Cards, Debit Cards, & Intrac Online Payment,” the ban is effective immediately. It explains that BMO will be blocking cryptocurrency merchant transactions. It is not clear from the text if the bank had any intention of informing its clients about the reason their transactions will be blocked as it only mentions that when clients try to complete any cryptocurrency transaction they will be presented with a simple message advising them that the “transaction cannot be completed.”

Bravely Protecting Clients From Themselves

Canadian Multinational Bank BMO Blocks Cryptocurrency TransactionsThe alleged rationale for the move the bank presents to its employees is safety concerns. “This decision was made due to the volatile nature of cryptocurrencies and to better protect the security of our clients and the bank.”

This suggests that the bank believes it can be responsible for its own actions while its clients can’t, because it was only recently announced that BMO is becoming directly involved in the cryptocurrency market. Bank of Montreal will be providing banking services to an upcoming cryptocurrency brokerage, selling bitcoin and ether, launched by TMX Group, the operator of the Toronto Stock Exchange.

BMO is not the only financial corporation in the world world recently trying to block its clients from accessing the bitcoin market of course. Just south of the border, Bank of America has stopped accepting credit card transactions from cryptocurrency exchanges last month.

How should BMO clients respond to this development? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Bitcoin News is growing fast. To reach our global audience, send us a news tip or submit a press release. Let’s work together to help inform the citizens of Earth (and beyond) about this new, important and amazing information network that is Bitcoin.

The post Canadian Multinational Bank BMO Blocks Cryptocurrency Transactions appeared first on Bitcoin News.



from Bitcoin News https://ift.tt/2GBPRqx
Labels:

Comments

Post a Comment

Popular posts from this blog

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more