Support for Cryptocurrencies

Is this something they have just announced?

Just answered my own question

Correct me if I’m wrong, but didn’t the FCA changes under PS20/10: Prohibiting the sale to retail clients of investment products that reference cryptoassets mean that banks aren’t allowed to support them?

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I agree Nick, its not a great feeling thinking that you’re account could be blocked for absolutely no reason other than they don’t like crypto.

Would really like official guidelines from Monzo so I know if I should switch bank.

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Curious, but why would you switch banks just because of crytpo?

Most banks block all and any exchanges regards to crypto anyway? Crytpo forms a small part of your financial spend and gain, judging the worth of the bank just off this alone is… odd?

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You have absolutely no insight into my personal financial circumstances.

I would absolutely switch bank just for crypto.

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Actually,
Yes I will switch. Plenty of banks have absolutely no problem with crypto.
So if Monzo has a problem with my own investments I would like to know in order to move away from them

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I’d suggest that you switch banks if it is that important. Monzo have no intention of supporting it and do block accounts as a result.

You’ll not get an official response on the matter either.

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Thanks Ordog,

Appreciate the thought, I’m looking into it but I really like Monzo too much to switch without clarity, if anything I’d open a seperate account to use to invest in crypto and keep Monzo as my main bank.

Sounds good. You get the best of both worlds then.

Many people suggest not keeping all your eggs in one basket (i.e. having only one bank account) anyway :slight_smile:

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Please don’t respond like I’ve just volleyed your cat 20yds down a field when I was polite and said I was curious as to why that forms a major part of your decision

Because for many, that wouldn’t play a part into theirs… :slightly_smiling_face:

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Yeah this is true, it is sad having to worry about your own bank having been an investor and supporter for around 4 years now though.

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You could think about it as the opposite, Monzo are being smart and cautious. Which as an investor is exactly what you want.

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Try not to worry. Monzo are doing pretty well on their own.

Just don’t understand how useful is a community chat if I can’t have an official position about a real question ???
If I call my physical bank about something I have an answer…
So why not here with Monzo

The clue is in the name, it’s a community forum. We’re the community not staff :smiley:

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Yeah sure understood but thought some people from Monzo could respond here…

Back to your original question though:

From a few years back this was posted, pretty much the only “official” thing I can find from them:

Hopefully that answers you question.

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I’ve not responded in any manner like that.

I’ve simply corrected a presumption you made surrounding my finances and how important a decision it is.

100% you’re decision how you interpret a message on a forum and you’ve decided to get upset about it.

Please look after your cat.

They do on occasion just not to ever single question people ask because they’d never get anything done otherwise.

The best way to get their attention is to make a suggestion and get people to vote for it. Records show that when it gets to 2 or 3 hundred votes it’s deemed “popular” enough to warrant a comment :slight_smile:

Not really actually