The real reason BANKS are BLOCKING CRYPTO exchanges.

Have you tried to buy crypto from an Exchange and your bank has said no? Well you are not alone! Its seems like every bank in the UK has now placed restrictions on the purchase of crypto.

Are the banks blocking crypto to protects us, for profit, or is something else going on?

The list of banks now includes, HSBC, Barclays, Monzo, Lloyds, Santander and Metro bank. With the likes of NatWest restricting the amount you can send to exchanges. It can be easy to blame the banks and get angry at them for dictating where we send our money, but there may be bigger forces at play.

Today we will look at the commonly touted reasons for blocking crypto and also look at another reason that is not commonly discussed.

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Links from the video
Binance issue:

Disclaimer: Any information provided in this video is meant purely for entertainment purposes and does not constitute any form of recommendation, They are simply my opinions. If you want financial advice tailored to your circumstances please consult with a licensed professional

[Mon-Sun]

When you lose money: we told you it's risky
When you make money: pay tax!

[andrewormiston]

I have literally just received a text message from Barclays saying they are no longer allowing card transactions to Finance to in an attempt to keep my money safe. How annoying.

[catchingmoments]

The 14 dislikes are from Bank managers!

[sharmalarm]

How anyone can trust big banks in this day and age is insane

[neilinvests]

Some serious research gone into this. Thanks Damien.

[sidgb]

One big problem with crypto in particular the blockchain ledger is that the whole ledger has to be checked when a transaction is made. This is slow unwieldy and not suitable for the personal finance of day to day transactions. Currently Bitcoin transactions can be processed at 7 a second, Visa does 30, 000 a second! Also once the blockchain ledger gets up to a Petaflop in size very few nodes will have the processing power verify transactions.

[alexsweatman]

Love the video, lol HSBC been exposed in the start of this video (nervously trembles as that's my bank*) but nah jokes aside great video Carol keep it up and its so cool to learn bite sized info on general financing I tend to always go away after and do my own extra research specific to my situation to learn a bit more. i think there should be courses like this in school instead of cutting potatoes in half dipping them in paint and calling it "ART".

[noneofyourbusiness]

Don't forget that the regulators have a stake in extorting taxes out of you for your efforts.

[EldeNice]

Finally a balanced and researched viewpoint

[mumsie-ukit]

Hi mate, great video. I've been buying crypto from the same account (NatWest - name and shame) on the same exchange for five years. Yesterday I was blocked for no discernible reason (read - the reasons in this video). I'm going to try to get it reversed today. Feeling mega confident of course 🤦‍♂️

[DamienTalksMoney]

Fun Fact: Jason Nevins remix of It's like that was one of the biggest songs of the 90's, It was number 1 in over 30 countries. Jason created the remix for a flat fee of $5, 000 and didn't see a penny more for his creation.... Hopefully he bought some doge with the dollars.

[ukunknown]

Quality video this mate, some serious research went in! I'm proper excited to see what happens in this next 6-12 months in the Crypto space ... let's get it!

[DonReality]

I'm with Nationwide, I don't have that major problem at all. I moved from TSB after its mess in 2019 or so, then to Lloyd's, then Nationwide. Sooo happy with Nationwide.
The banks are missing out, that's all. They don't like us wanting to be fully independent. Their ponzi scheme is falling apart.

[anthonynorman]

Hahahaha love it! Absolute tunes! Although would have to be a bit minced to throw shapes to G6.

Great video, actually bonkers when you take a sec and look up all the shady stuff banks have done and continue to do!

[who_is_dis]

They're not at war with it, because they're investing head over heels into it. Some of these assets are no longer speculative. Hence they're trying to lock out the average person.

[pdmpdm]

Hi Damien, I am so impressed by your energy and interaction with your customers - I have noticed that you engage and reply to almost all your comments. I have not seen this with any other YouTube channel whatsoever. You are so genuine and it is clear that you like this interaction and it is almost like a little "Community". Thank you.

[keja]

Monzo hasn't blocked any crypto transactions so far.

[Speedkam]

Hey man. I hate all those conspiracy theories that flow around. Thanks for balance and thorough analysis. I agree with you 100%

[stephenwilson]

Brilliant video again bud explaining the hypocrisy of banks. Mind boggling how they tell you what you can do with your money. Glad I started draining my Santander account and investing into crypto and stocks. I now use Starling. Cheers 🍻

[ArcanePath]

Just logged into my Tesco Mastercard and they are doing the same.... with a message saying "We are blocking payments to crypto because of fraud".
This is really p!$$ing me off when my bank is telling me what I can and can't spend MY money on.

I don't currently hold crypto, but noticed my stocks in Riot Blockchain drop by 10% this week. Wondering if I should dump it before I loose more.
BTW: Excellent insightful video. Subbed