US bank Wells Fargo prohibits customers from crypto transactions

Wells Fargo is an American financial services company based in San Francisco and the second largest bank in the United States. As became known a few days ago, the company is now prescribing to its customers the purposes for which they can spend their money. Transactions related to cryptocurrencies will now be prohibited by the bank.

Ban on buying Bitcoin & Co.

Banks are not big friends of cryptocurrencies, that shouldn't be a big secret by now. Exceptions are cryptos like XRP, which banks support with their technology, for example with transactions. But the majority of Bitcoin & Co. is called competitor considered. The US bank Wells Fargo has therefore decided Block transactions related to cryptocurrencies, On Twitter a customer of the bank reported:

"Something strange is going on with my Wells Fargo account. I cannot buy cryptocurrencies in the Cash App or at Coinbase. I tried my ATM card but received a message that my card was not found. I just got it still used to pay my bills. "

What to add first a lot of speculation whether it wasn't just a mistake soon turned out to be fact out. Because the Wells customer support Fargo replied directly to the customer's tweet with the following words:

"Thank you for your request. Unfortunately, Wells Fargo does not allow cryptocurrency related transactions."

reasons for that not known. But the bank itself cannot call itself an angel of innocence. Like us at the end of December 2018 reported, Wells received Fargo for the Fraud cost $ 575 million for termination. In a national investigation, Wells Fargo admitted that between 2002 and 2017, more than 3,5 million unauthorized Bogus accounts (Bank and credit card accounts) opened on behalf of customers were.



Photo credit: | CC0