/biz/ - Business & Finance

>>16829475
lol just use revolut

>>16829475
Why not use paypal?

Bullish

>>16829475
Shut up, CRYPTO TARD.

FIAT FTW!

>>16829494
I read that they were blocking transfers to coinbase and other major exchanges

>>16829510
Nope

>>16829475
https://news.bitcoin.com/funds-frozen-account-closed-uk-banks-target-cryptocurrency-owners/

Here's a news article about a britanon who got vanned

>>16829502
lmao ok boomer

>>16829494
this

>>16829475
>Can someone explain what is going on?
They can do what the fuck they want, the fund in 'your/ account aren't yours, they're the banks.
>How is anyone in the UK making money from crypto and why the fuck is there total radio silence on the bong crypto front across every forum apart from a bunch of posts complaining about getting booted from their bank?
Cause there are obvious ways around it. Besides, you don't want to cash out in the UK, you have the ability to leave unlike the mutts, do it. Use sites that let you interact with traders p2p. I've never had an issue, first bank purchase was in '14.
>>16829494
Don't do this, It's just a CFD. you can't withdraw/deposit

thats bullshit i use barclays and had to call support over chargeback and i told them it was from a crypto trade

The bong regime just banned a tv ad targeting nerds because it didn't include wamen. Fuck them.

>>16829546
>Use sites that let you interact with traders p2p.
based but exchange rates are sometimes.. inconsistent

>>16829519
>>16829536
I'm looking at the forums and they're saying you can't transfer to external wallet or exchanges on several threads and that you're basically buying a reedemable token, someone explain this to me

>>16829546
>Cause there are obvious ways around it.
e.g.?

>>16829532
>Section 8 PACE 1984
>1984

>>16829564
yeah you are when you use their 'crypto' service. you can't do shit with it, no key, its just a number on the screen that you can sell later. you can't even send or receive it. but people use it for the actual bank account

I'd also add that London is probably quite heavily involved in money laundering, crypto is a competitor.
>>16829532
This is the applicants copy, the prosecutor (most likely), it could have been drug related/money laundering for example.
>>16829567
p2p as I said

>>16829510
transferwise scammers are blocking it
revolut is working fine so far

>>16829475
>>People try to buy £100 of crypto, transaction blocked
This happens to me with buybsv.com (coinify), though I get a text message from my bank telling me to confirm it's legit. I am then able to make the transaction. Also, I've never had this problem with Bittylicious. Use Nationwide they're a decent bank and not totally immoral like Halifax or Lloyds

>>16829532
the thread
>>/biz/thread/10639029

>>16829532
>[insert court's name]
This is what passes as proof

>>16829604
I got raided for selling on localbtc
the fraud happened on the other side (someone took over a couple of bank accounts and bought btc from me)

>>16829546
>Use sites that let you interact with traders p2p.

How do those sites manage escrow? Do you bank transfer directly to the seller? What if the seller actually is engaged in laundering, I've heard people get flagged for dealing with people who get sent down and it's done automatically by the bank, they don't give a fuck if you had no knowledge, they use the ambiguous bitcoin policy and freeze you for being a fraud risk. I heard one person got frozen out for £75.

I have never had a problem

>>16829673
You ask for selfie of them holding id if they're a new buyer.

The UK high street banks that are blocking bitcoin are actually managing the finances of major bitcoin exchanges.

Is there any possible legal reason why they won't publish rules for crypto? Is it because the Epstein Class is allowed to buy freely but not the little guy?

>>16829687
That's not why people are getting frozen by the banks. Verification doesn't bypass the secret blocks on bitcoin.

>>16829604
I remember this thread. I think he did something retarded but I'm not bothered to read through the whole thread.

>>16829679
who you with

>>16829475
Maybe it's because of fraud? The easiest way to cash out a hacked bank account is by buying crypto with it.

>>16829475
I use Revolut. And I don’t intend to withdraw more than 10k at a time

>>16829712
Oh yeah I forgot about the ghost blocks. It's like when you're down 10% you then need to recover 15% to break even. How do they keep getting away with it?

>>16829750
They are outright banning debit purchases of crypto m8. People have been getting frozen out of exchanges and flagged as a risk by their bank because their bitcoin changed through five traders and ended up being deposited directly by someone else to online poker breaking American laws. It's some automated nonsense and not part of an investigation and because the bong banks are just trying to put the squeeze on crypto they won't give an explanation.

>>16829475
I've had to deal with this recently as a britbong, but its more complicated, so let me explain.

Coinbase has been flagged because a lot of people have basically lost money during the dump (November 6th 2018) and whined to the bank that they never made brought crypto in an attempt for the bank to refund them the money they lost under the excuse of fraud.

TLDR;
Anons get bogged and are trying to con the bank - hence why coinbase flags on the system. Around this time coinbase was also hacked and large amounts of crypto were taken so it was difficult to differentiate between official claims or not.

Imagine if you were the banks;
> Anon has about £2000 in the bank and earns £200 per month via NEET pay
> Anon then proceeds to withdraw £1000 to invest on a random website that they have never used before.
> A month later Anon deposits £20,000 from that website and sends it to the bank

As a bank you oare aware that this is strange, so it automatically flags on your system at the withdrawal and deposit stage.

Now, the main reason banks would'nt want to deal with this is because even if fraud is not occuring, they have to randomly ensure that you have your cash when you need it.

If your balance suddenly spikes due to crypto investments paying off then the bank needs to ensure it has an extra £20,000 that it did not have prepared.

In essence;
2018 bull run killed trust in crypto amongst banks mixed with coinbase and other trading sites either being hacked or disappearing.

Those who run the banks solely care about a mixture of reputation and profit margin

>>16829892
Then why don't they just update their policy that they're not liable for fraud claims on crypto? Is it because they have to deal with legit claims like the NHS ransomware attack?

Something seems fishy about how they aren't making themselves clear, there has to be more to it than that.

>>16829999
>Something seems fishy about how they aren't making themselves clear, there has to be more to it than that.
quads say yes

My online banking was shutdown because I transferred funds to coinbase kek. So what are the options when I want cash out?

>>16830113
How much-ish did you transfer? Was it one-time or repeated?

>>16829475
Britbongs when you have made enough in the golden bull run. What’s your plan to cash out given that the banks won’t let you without raping you and throwing you into jail first ??

>>16830132
First time offence, just 1k,.it seems any banks here in Portugal have coinbase blacklisted

>>16829475
>>16830217
So this is a thing outside the UK too? My God, and you people talk shit about us burgers and our stupid laws. As bad as some of America's problems are, the UK just keeps proving itself worse these last few years.

>>16829999
They are trying to avoid blocking fiat to crypto transactions as this would basically result in a bunch of paranoid anons switching banks or simply attempting to withdraw all they have at once. Unlike a potential financial collapse, a bunch of anons withdrawing money could actually damage the bank and cause it to be shutdown. We have a historical track record of this occuring during the Wall Street Crash.

When the new financial collapse comes, the last bank standing will be viewed as the most secure if the financial collapse fails to destroy fiat based economy.

>>16830217
Yeah, coinbase is the main thing flagging up on the system. Ideally need to find an alternative that is not being flagged by the banks, but admittedly the fraud system is designed primarily to ensure nobody else accesses your money (other than you and admittedly the banks) so trying to circumvent that to make normal purchases could be dangerous if you do get a case of fraud occur to you.

>>16830319
Uk is not that bad, only have to pay tax when you cash out and first £12k a year are tax free

>>16830410
So basically you can fuck around with Crypto until you make 11k then cash out.

>>16830514
Yeah

>>16830514
Every year

>>16830410
Sounds like a lot of bongs will need to find new banks or otherwise to cash out. And I'm talking about a lot of shit more than just crypto and taxes lol

>>16830410
Your wage if you work is also included isn’t it? Or is capital gains a separate thing on the tax form?

>>16830514
Kek gonna cash out 12k then travel the world when I make it in 2020 then keep the rest in the market EZ life

>>16830649
Capital gains is separate

>>16830584
What do you mean?

>>16829546
>Don't do this, It's just a CFD. you can't withdraw/deposit

i'm talking about using revolut as an intermediary between coinbase and your normal bank, i'm not recommending buying their paper btc.

>>16830410
thank god that communist rat did not win power in the UK, or he was going to scrap the £12k CGT allowance, and raise CGT rates from 10%/20% to 20%/40%/45% to match income tax

>>16829756
I’ve used Revolut for years and withdrawn like £50,000 in small chunks without getting flagged
Haven’t paid a penny in tax on it because fuck that shit
It’s the wild west fuck banks and fuck the UK

>>16829582
>p2p
Yep. I never used but heard that Bisq allows you to buy and sell with no kyc.

>>16830400
Wait, so you're saying that informing large amounts of people that purchasing crypto via the high street banks will cause them to have their account frozen and that might lead to a bank run?

Interesting...

>>16830400
>Yeah, coinbase is the main thing flagging up on the system.
if its small amounts withdraw from coinbase through paypal to your bank, rest through revolut.

>>16829510
Yep this is true. Got blocked at multiple levels from depositing onto coinbase. They said it was the banks.

>>16829702
You can buy BTC in the UK anon. You just need a small hat.

>>16829510
>>16829475
>>16829494
i use revolut, wirex, neteller and skrill all UK based to my knowedlge, with 0 issues. have used multiple of them this year, all with crypto money

>>16829532
>https://news.bitcoin.com/funds-frozen-account-closed-uk-banks-target-cryptocurrency-owners/

>2018 aug 17
>0 followup since

k.

>>16831104
Just because the media is quiet about it doesn't mean it's not happening.

>>16831115
k.

>>16831132
I'm responding to people whereas you're actually shilling

>>16831132
peopel do get searched ftr, i know personally a guy who was a localbitcoins seller, some old woman got her computer hacked and had to pay bitcoin ransom, bought bitcoin from him, then reported him to the police and he got his pc confiscated kek
shit happens, but it can happen no matter what kind of bustiness u do, 99.999% of people in crypto have no issues with the authorities.

>>16831139
where did i shill what the fuck did i shill do you think i work for all uk banks mentioned or what

Barclays allowed me to buy crypto with my credit card last week just for lolz. Which strangely didn't allow last year... hmmm

>>16831150
You're implying that people aren't getting their funds frozen and you're trying to imply that my postcount means that isn't true when there are several reports of it happening.

>>16831167
>sorry dear client, due to regulations we can only allow bitcoin purchases when the price is above $8k

>>16831167
Barclays have been based for me aswell, Chad bank.

>>16831115
ok then post proof of an incident like that from last year that the media kept silent about

>>16831405
search "froze my account" bitcoin (insert major UK bank here)

>>16831435
nothing for barclays or any of the banks i mentioned. yes, there are banks that don't like crypto. are there any reputable banks that allowed crypto 2-3 years ago and started to "shadowban" accounts recently?

Transfers to coinbase have been shown as risky on my DKB account in Germany for more than year.
I could not initiate transfers to coinbase for a few months also around december 2018.

Did someone experience something similar ?
It makes me a bit afraid to cash out in the future as I fear they will shut down my account when I try to do it.

Does someone have experience with banks who are friendly for crypto currency owners ?

>>16831594
>nothing for barclays

You're a lying faggot

>>16831621
It was Coinbase themselves that stopped the transfers, not the banks. Due to some EU rule/regulation they had to deal with.

>>16829475
This is so fucking bullish, you guys have no clue.
(((They))) are legitimately scared of the greatest wealth transfer in history.

It has nothing to do with anything mentioned in this thread. The powers that be know there is not enough Bitcoin to go around...

>>16830749
Oh like I transfer funds from my bank to revolut then deposit on coinbase? Nice idea, can I also cashout by doing the reverse?

>>16833990
You actually buy crypto on revolut too now, only a few though

It is because UK is going out of EU so doesn't have to follow EU rules and can ban crypto. They are still technically in EU still, so they have to allow it, but they don't want to do it (because they view it as competition to the pound)

I think Jacob Rees Mogg's investment firm invests in Bitcoin and maybe others do too

I’ve cashed out over a million pounds into a high street bank and never had any problem. But then I have an accountant and paid my taxes, so I didn’t do the obviously illegal things that the above idiots did to get themselves raided.

I've been making direct transfers through Binance Jersey since they've been active without any problems, just not huge liquidity at the moment.

So crypto to crypto trades are taxable in the UK. are you keeping records of all of your trades fellow britbongs? if it was only announced in 2019, you don't have to pay crypto to crypto for the other years r-right? I got an ad come through Brave for a tax company called Recap and might just sign up to that to make things easier. anyone using any programmes to keep track? have never cashed out so didn't expect to have had to declare anything previously but don't actually have a problem doing so if my bags do something and I can actually request some of my money back.

>>16834448
why should you have to pay crypto to crypto tax if the guidelines were only released last year?

>>16833990

>Oh like I transfer funds from my bank to revolut then deposit on coinbase?
Yes

>Nice idea, can I also cashout by doing the reverse?
Yes

Also, you can withdraw via PayPal to your bank account pretty much instantly, and it only shows as a paypal transaction on your bank statement. Of course, the risk here is PayPal jewing you and locking your account for no reason, so I can only recommended this for non urgent and/or smaller transactions.

>>16834448
>>16834994
bumping UK t-tax queries.... for a friend

>>16831144
>some old woman got her computer hacked and had to pay bitcoin ransom
lmfao, get rekt you old cunt. hope the bitch got nothing back

>>16835103
Does revolut have fewer regulations and customer reporting rules than bigger banks ?

Is it easy to change the bank account connected to a coinbase account or to use a second one to cash out ?

>>16829475
PETRODOLLAR MAXIMUM HAPPENING!
MASSIVE FINANCIAL / GEOPOLITICAL RED PILL THREAD HERE FAGGOTS!
>>16825872

Read all of OP's posts and ignore shills!
ITS OVER FOR THE JEWS AND BURGERS!

>>16834094
But he has offices outside the UK for that sort of thing. He isn't hurt by Brexit.

>>16831144
Why did she call the police on a bitcoin seller?

>>16829475
Lots of incorrect information going around.
Firstly if you're cashing out crypto earned from illegal activities via exchanges where you can be personally identified, that's a whole different matter to banks and crypto.
In reality, UK banks will take on crypto provided you are registered as a 'high value dealer' and obtain the relevant licensing from the FCA. This costs a bit of money but it automatically shows that you are serious about your business plans and most importantly that you are reducing the banks liability to ML/TF.
The larger banks are however more cautious and would probably only work with clients who are dealing with hundreds of millions in currency. I've heard from some crypto traders that the less-mainstream banks/institutions are more willing to take on crypto related businesses provided the above criteria is met.

>>16836081
sounds like she's just a dumb bitch who doesn't understand how btc works, hope she got fined for wasting police time. if it was genuinely to do with trying to track the scammer, she could've just used btcexplorer to trace the address and see if it went to an exchange after. fuck braindead boomers

>>16836018
>Does revolut have fewer regulations and customer reporting rules than bigger banks ?
I don't know DESU.

>>16836018
>Is it easy to change the bank account connected to a coinbase account or to use a second one to cash out ?
Yes

>>16829626
good eye small fry

>>16834094
>Rees Mogg
his dad wrote The Sovereign Individual in the late 1990s

>>16836353
Yep I posted that on here before as well
Decent read

>>16836416
post your highlights pls anon

>>16836697
Dont have any

>>16830113
Which bank is it and is the event recent?

>>16836736
sounds like a shit book then desu m8

>>16836842
Dunno, around New year's eve. Also it was not in the UK mate

>>16829646
burger or bong?

>>16837410
I did not have any trouble with portuguese banks up until now, but my last transaction was months ago.

>>16829702
>>16831167
>>16831327
>>16831594
>>16831895


Barclays hold Coinbases account in the UK. I had an issue with them and pointed this out they crumbled.


wanted to get a card specifically for crypto, so researched crypto friendly bands, and the above fact came up, so opened acct with Barclays.

They gave me a new card. I bought crypto with it- went through no problem. Went to pay off that months debt- couldnt login! acct blocked! Fuck yer gran!

Had to go to high street barclays, and straight up said

>oi you cunts! i was buying fucking crypto, right mate? unblock my card so i can pay my debt, and then buy more crypto or I'll smash your mums back door in!

They say

>Right you are guv'nor

And I pay debt, buy crypto.

Next week, I go to get more/build my stack-

.>SHITCUNTS ONLY GONE AND BLOKCED IT UP AGAIN, AINT THEY?

This time I phoned the cunts. Was transferred to their fraud dept- this time the guy was an alpha drone, and he claimed Barclays deplored crypto and did not deal with it due to Fraud issues- until I pointed out the above fact:

>YOU HOLD COINBASES ACCOUNT YOU CUNTS

His bottle crashed. He unblocked my account. I paid the card off and bailed from dealing with them ever again.

>>16831621
in germany use the fidorbank afilliated one. bitcoin.de
ofcourse no grey money then anymore, but also the usual customer protection

>>16838453
based. they sound like right effin wankers m8, bang out of order. take your story to the papers, and take these tossers to the cleaners

I had my Barclays account closed without warning last year. I was doing arbitrage on Coinbase and cycling £100,000 in and out every few days. Made quite a bit of (risk free) money, but it was absolute AIDS to get my seized money back. I had to go into branch 10 times, and initially, they said that they could only give me my balance in physical cash... imagine, £100k in a dufflebag...
After some complaining and speaking to managers etc they wrote me a bankers draft which I deposited into my HSBC account without issue.
I fully expect I'm on a few lists (even though I've done nothing illegal), and this sort of this >>16829532 sort of shit scares me lol.

>>16829536
how obnoxious can you be, both are completely viable solutions (I use both), but of course because Paypal is older than you are you have to shit on him.

>There may come a day when cryptocurrency users are treated with dignity and respect by legacy financial institutions. By the time that day arrives, however, the crypto economy may have evolved to the stage where bitcoiners may no longer need the banks that shunned them.

pottery

Just UK peasants being reminded they are peasants.

>>16829601
Nationwide are a building society not a bank

>>16830161
im not going to be tax resident in the UK for the time I cash out

>>16829475
Revolut and monzo are both crypto friendly.

The 2018 cant cash out meme came from the fact that suddenly banks were inundated with 5 and 6 figure transfers from websites theyd never heard of and started panic banning. Now that the dust has settled banks have had a chance to decide if they will accept eg. Coinbase transfers or not. Afaik RBS and Barclays have stated they are not crypto friendly

>>16830514
12k GBP in net profits that is

>>16836353
Based Boomer

>>16834085
The City will actually allow it more easily after Brexit - nothing gets their juices going more than making money off plebs

>>16836186
>HVD registration with HMRC
>>16838453
>magic incantation
THESE are why /biz/ is worth visiting. Thanks lads

>>16829475
no issue here, stop buying from coinbase moron.

Bought 5 ETH earlier on CB, it’s fine. No issues on my end.

>>16829475
I bought about 2000 pounds of crypto through santander and no problem at all.

>>16830780
Revolut is great for fucking the taxman so long as you're clever about it. it's basically why they exist.

>>16840003
Investment banks and hedgefunds hate crypto though. They view it as pure speculation

>>16838918
Thank you. I will open an account with fidorbank.
The liquidity on bitcoin.de is a bit low so it may not be optimal for cashing out bigger amounts, but fidorbank also has a partnership with kraken.

>>16841107
Explain

>>16841451
it's basically a bank account that the gov doesn't know about. unless you do something to get flagged by revolut themselves then mum's the word. withdraw all your shit to it in small amounts, send it to your friend or your aunty or whatever and cash out, also cash out yourself. as long as you don't take the piss it's a black box the taxman can't see into.

>>16841498
good luck with that lol

I had a weird interaction with Natwest. Was trying to buy, and it was blocked, so I phoned the number they provided to me. She said that the bank doesn't support crypto and coinbase, and she was read from a little script. Weirdly though she hesitated and said Lloyds, um bar... uhhh... Natwest do not support coinbase. I then said I was with Lloyds to try and trick her and she said "oh yes Lloyds that's right".

Seemed really fucking shady to me, why are different banks using the same call-centre and script about banning crypto?

>>16841512
probably shouldn't be postan on the chan about it but it works, fren