By Crypto for payments, do you mean like ‘stable coins’ that are pegged to regulated currencies (until they fail and become valueless).
No I’m mean crypto as in Monero or Nano
You have stable like USDC which could be used pegged to the dollar and backed. Not all stable are pegged to currency.
You then also have the banks trying to create their own CBDC so they don’t get cut out the loop.
Monero is very volatile too, doesn’t really solve the problem. Any fluctuation of more than 5% in a year is a big problem for a daily currency.
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Isn’t it going to be tricky to use Bitcoin for payments when crypto is subject to capital gains tax?
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I don’t see it becoming a common payment tomorrow.
Adoption of crypto as a whole needs to be greater before that happens.
That’s one of key issues currently that I suspect a lot of people using Crypto debit cards don’t realise they should be submitting a tax return for all the transactions.
A lot of them have auto generating statements to help with this.
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Unfortunately the instability makes that impossible. Never going to happen, sorry.
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Crypto in 2021 is like the internet in 1997.
Never going to catch on.
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Perhaps we’re drifting a little off topic 
I think the OPs main grievance is that it has suddenly happened. They found out because their payment declined and a search led them to the help article that explains why.
Perhaps they didn’t approach the matter on here in the best way but now it has been explained hopefully they understand it a little better and there’s also this topic now to help inform others.
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Yep. Interestingly while I was rummaging through the interwebs looking for answers I came across this article from July from ‘Which?’ about crypto payment bans and one of the things they said were:
Monzo didn’t respond to our request for information (although Monzo users did report blocks on crypto purchases back in April 2021).
So I don’t expect any more info beyond the pop-up in the app. Well, they can do whatever they like and if I don’t like it I can always switch the bank, I’m fine with that.
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@3RqCqaaw4N The thing with Monzo is they have always been very wishy-washy whilst still trying to beat a drum saying they they are progressive.
We’ve had my monzo staff saying that buying crypto is perfectly fine as long as it’s personal money.
And then on the other hand decisions like this citing an irrelevant FCA article talking about BML and UK regulations which have zero to do with Binance.
This decision might just be one person at Monzo in a position of power making a wrong decision based off of misinformation.
Hopefully Monzo staff lurking in this thread can pass the feedback back so it can be revisited and undo the action once they realise the situation that Binance isn’t operating in the UK without FCA approval, it’s just that FCA approval isn’t relevant as they have no UK products.
@Dan5 any chance you can raise this issue?
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Given the situation I was looking for alternatives to Monzo today and opened an account with Revolut. First impression wasn’t great as they seemed to have all sorts of issues with everything in their app (and the website, and the forum with its daft rules…) but at least they were upfront about it. Anyway, I managed to transfer some money to there in the end and then to make a deposit into Binance 
Incidentally, I like the layout of their app more, makes more sense to me and everything is easier to find. There are also some interesting extras like it seems it’s possible to trade shares or crypto from within the app.
So I’m actually quite pleased about this Monzo incident today, it prompted me to look elsewhere and the alternative seems promising. Hopefully no nasty surprises.
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One thing to remember with Revolut is they are not actually a bank, so no fcs protection. In the real world it’s a teeny tiny risk, but something to remember.
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Also take care trading crypto on Revolut. I believe you don’t actually own any cryptocurrency you buy. Paxos Trust Company, LLC will legally own it and you cannot transfer any out of the Revolut platform.
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Revolut holds everyone’s in one account.
Essentially you have the rights to the assets, as in its legally yours, you simply don’t have an individual account. It’s Rs database that says who owns what amounts.
You can withdraw your crypto to your wallet but you need to be on the Metal plan. If not on that plan it’s a case of realising your profit (or loss) and rebuying elsewhere if you wanted to do that.
It’s similar to T212 with stocks. They have one account with IBKR. It’s T212s database that records who has what shares.
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I’ve just gone to add liquidity to my Binance account (I am a professional day trader) and can neither do it with my monzo business account or personal account.
This effectively ends my relationship with Monzo as it’s taken away a tool of my trade. I can’t trust a banking entity which removes my control over my own finances. It was a fun ride while it lasted, but this kind of hostility toward crypto is signing the death warrant of fiat banking.
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You are confusing the UK registered company with the international company.
Monzo have incorrectly barred anyone in the UK from making payments to the international company. It would be like banning our debit cards from making purchases from a high street store in New York because it’s not registered with the UK FCA, which is of course nonsense.
It’s not the FCA’s job to tell me what international organisations I spend my money with, and it’s not Monzo’s either.
I’ve supported Monzo since the early days, but the bigger they’ve become the harder it has become to remain a customer.
Monzo makes me feel like a child who is told what he can and can’t spend his pocket money on. It’s no wonder people are moving their assets into defi.
A heads up would have been nice, not at the very second I was adding liquidity to my trading account. It would have allowed me to switch my banking elsewhere and reduce the costs I have just had to pay transferring fiat to coinbase and then transferring crypto from there to Binance.
This is just a step too far with Monzo. At least high street banks give you notice of their buttersnap shitfuckery of the mind.
I’m not though, the difference is really pretty simple, pretty sure I had them clear.
You’re absolutely not clear.
Binance is a Chinese company, and as such do not require FCA authorisation to operate in the UK, as they are not operating in the UK.
Binance began the process of opening a satellite office in the UK but did not continue with those plans, largely because of Brexit. Consequently they did not continue the process.
Furthermore, a consumer warning has been sent out by the FCA that Binance is not regulated in the UK, which is correct.
This however has no bearing whatsoever on Binance in China, as they are neither operating within the UK, or seeking to operate in the UK.
In the mean time Monzo have inexplicably barred Mastercard transactions to Binance China.
If Alibaba had begun the process of setting up a location in the UK, and then not followed it up, you wouldn’t expect Monzo to then bar transactions to Alibaba in China which had been occurring for years up to that point.
Binance China isn’t a bank or an investment institution, it’s a trading platform. It doesn’t operate within the UK, doesn’t proport to operate within the UK, it doesn’t offer any banking or investment solutions within the UK or to the UK, and as such it has nothing whatsoever to do with the FCA. They may choose to put out a consumer alert if they so wish, but that is very different to ordering UK financial institutions to bar the movement of money (which they havn’t), and Monzo failing to do the most basic of research in implementing a ban which doesn’t in reality exist.
But by all means, please do continue to grace us industry professionals with your lecturing, as long as it doesn’t damage the reputation of Monzo, right? They’re doing that pretty well by themselves without anyone else’s help.