It says exactly why. Things change and maybe Monzo didn’t think it warranted a blanket ban at one point, and now they do. They’ll never say and we’ll never know.
You think it shows the benefits, I think it shows the drawbacks, that financial institutions have to put these things in place to protect people.
Laughable. They are “protecting” people by banning payments to an organisation at some random point, making it a secret why and refusing to explain further (according to you any way, and obviously you have no idea what their stance on that is, although that’s how they make it look).
Meanwhile, you can sink all your money on gambling, an activity that has been very well known to cause great damage since forever, and the only thing standing in the way is a toggle in the Monzo app settings. They “protection” is arbitrary at best.
Maybe they were monitoring the situation and had a meeting and decided now was the right time? I’m going to go out on a limb and say it wasn’t just because they had a mid-week payment blocking tombola and the Binance ball was picked.
Does it matter that much? Would you be happier if they had banned it three months ago?
Monzo will be in frequent discussions with the regulator and also has its own decisions to make around risk. Either way, now it’s banned, and we know it’s because of the FCA notice.
And then reached a decision with such a solid rationale behind it that they decided not to share the details with their customers. Well, it does look like a blocking tombola.
Would you be happier if they had banned it three months ago?
That’s 5 months since the issue of the warning. Yes, I would, why did it take them so long to “protect” their customers? Other banks from what I have seen were much faster to react. Monzo looks like a laggard in comparison.
Have you considered that the delay might have been down to Monzo talking to the FCA and/or Binance to avoid blocking them? Or that Monzo was otherwise looking for ways to avoid this or seeking clarity from the FCA?
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tbutz
(🏳️🌈 Producer of "low value commentary")
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The most shocking thing here to me is actually not just the fact Monzo have informed you, but how well they’ve done so in explaining their reasoning.
I recently accused Monzo in another crypto thread (maybe on a different forum?) of being amongst the worst for this stuff. I retract that. They’ve done a good job here.
Monzo have been iffy with Binance for some time, and have been blocking a lot of payments anyway. Yours may have been going through, but for a lot of folks, they’ve been told off for it after attempting. All that’s new here is the fact they’re now communicating it clearly, and from the looks of things, before, rather than after it’s been instigated.
. That’d cause a panic.