Which cryptocurrency exchanges are supported and which ones are blocked when sending money from Monzo via bank transfer and/or via debitcard?
Nothing is specifically blocked, however there’s no official stance on it to reference.
I read few articles that banks are trying to block payments to cryptocurrency exchanges to protect our money. It doesn’t make sense, as we decide where to invest our money or not, why would banks override our investment decisions? Are the banks giving us financial advice where not to invest? If we miss out on the investment growth, can we sue the banks that block payments?
It’s not in their interest / increased risk
Nope. That’s hilarious
Banks ain’t allowed to give
Why do they block cryptocurrency transactions with an execute to protect our money?
The named officer at any bank has personal criminal liability, as well as the bank itself, if they allow fraud or money laundering taking place. That is a huge incentive to stop it taking place by a bank. Cryptocurrency has a reputation for criminal activity so banks put things in place to avoid having to deal with that.
Banks are also protecting their own money. In cases of fraud, banks have to pay out of their own pocket to reimburse a customer. They are protecting their profits, as well as the customers, as this money doesn’t magic out of thin air for banks.
Banks are also a private company, they can choose which businesses their company is allowed to associate with. Just like Visa and MasterCard do not allow their services to be used for certain pornographic activities or even limit it in whole countries such as Russia.
You cannot also sue them as you have no grounds. They are not giving you financial advice. They are just limiting what you can do with their platform.
Even if they did give you financial advice not to use cryptocurrency, you have no grounds to sue as you have a right to not listen to that advice and use another service. You cannot sue for loss of an investment opportunity as you have not invested and even if you could sue for loss of an investment opportunity, the official view from the governments Financial Conduct Authority is that people who invest in crypto should “be prepared to lose all your money”. Therefore Monzo would giving you the correct official advice if they were, which they are not.
After all that, I have not had issues with Coinbase myself but I don’t do high value transfers in and out to Coinbase.
Because it’s full of fraud and criminals.
I’ve got to mention this as criminal activity is often cited by those repeating propaganda. Crypto has a reputation because of banks giving them that rep via the media. Crypto is a threat to banks.
Criminals continue to use banks and cash for their activity. They haven’t shifted their use away, if you think about from a criminal pov why move to something where the ledgers and wallets are public over continuing to go with cash or private banks and shell companies that have been used for decades via banks.
So whilst I’m not saying crypto doesn’t have criminals using it (you’ll never be able to stop that), proportionally against banks it’s negligible.
So when you say crypto is full of criminals, banks are full of criminals (and much more so).
The rest of what you said 100%.
Their game their rules.
It does have a reputation for criminal activity, whether that reputation is valid or not.
Indeed, it’s just a reputation that has been created by the same group using that reputation as a reason.
We do block some crypto exchanges and/or more transfer services but I don’t have a definitive list of which ones (& I’m not sure I’d be able to share it if there was one anyway).
That’s news to me. I assume it’s the really obscure?
I’m guessing anything with a 10 or 9 here would be absolutely fine.
Instead of a definitive list have you got a partial list?
I don’t see the issue as if it’s blocked it’s blocked so security through obscurity doesn’t really work.
I wonder if it’s specific on ramps
It’s been mentioned a few times on this forum that they do to be fair, it’s just obviously not plastered all over the website that they do block some exchanges.
Have you seen any posts of anyone ever reporting one being blocked? I’m having a look now and can’t find a single post so if they have they haven’t bothered to post about it.
Maybe the community could make a whitelist of exchanges and on ramps that are fine if Monzo are being stubborn to let that info be public.
Coinbase, Binance, kraken, Phemex,
Coinlist are fine.
Instead spending few weeks on account opening process and verification process, just to find out Monzo is blocking it, can we get a list to save time please?
It’s not usually weeks waiting to be verified it’s usually an hour or so btw
Are you sure about Binance, Coinlist etc, as they don’t even take GBP deposits. Not sure about other two.
Either the articles are wrong or you misread them.
Banks block crypto exchanges because a lot of crypto is used in money laundering which they have a legal obligation to prevent.
Nothing to do with protecting you from wasting your money on crypto.