CryptoTC
Crypto Fat Cat
Well Fargo put a policy in place today prohibiting purchases at known crypto exchanges. They are following in the footsteps of Bank of America, Citigroup, Chase and others that issues restrictions and bans earlier in 2018.
Some investors believe these bans have taken some of the wind out of the markets because it’s harder to make an impulse bitcoin purchase when prices fall, often referred to as buying the dip. To do so now, investors often need to move money from a bank into their crypto accounts prior to purchases, or buy with a linked bank account and wait 5-8 days for the coins to be credited to their accounts.
Excerpt:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” a bank spokesperson said in a statement Monday. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”
Full CCN coverage here:
https://www.ccn.com/wells-fargo-bans-customers-from-buying-cryptocurrency-with-credit-cards/
Some investors believe these bans have taken some of the wind out of the markets because it’s harder to make an impulse bitcoin purchase when prices fall, often referred to as buying the dip. To do so now, investors often need to move money from a bank into their crypto accounts prior to purchases, or buy with a linked bank account and wait 5-8 days for the coins to be credited to their accounts.
Excerpt:
“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency,” a bank spokesperson said in a statement Monday. “We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”
Full CCN coverage here:
https://www.ccn.com/wells-fargo-bans-customers-from-buying-cryptocurrency-with-credit-cards/