Cryptocurrency user Jordan Spencer recently received a letter from his bank warning him that his account would be closed if he continued to buy and sell cryptocurrency through the popular website and app Coinbase. The bank, Lakestone Bank and Trust also ominously threatened to keep an eye on his account to make sure that he obeyed.
Spencer posted the letter in a Facebook group for Ethereum traders to warn others about possible penalties or sanctions from banks.
The letter stated that:
“We are happy to have you as a Lakestone Bank and Trust customer and would like to fulfill your banking needs, but it has come to my attention that you are making purchases and receiving funds from Coinbase.com – A type of business transaction that is against Lakestone’s policies and will need to be discontinued immediately. We will continue to monitor your account and if we see that these types of transactions continue we will be forced to take other action, up to and including closing the account.”
The post quickly went viral and created an uproar among cryptocurrency enthusiasts, who quickly spammed the bank’s Facebook page with negative reviews and comments.
Cryptocurrency is obviously a threat to the traditional financial system, with a market cap of over $600 billion and rising every day, which far exceeds that of most major banks.
It was reported this week that daily cryptocurrency markets are now doing the same volume as the New York Stock Exchange.
This is content that I created for a website that I write for called The Free Thought Project:
http://thefreethoughtproject.com/bank-threatens-close-accounts-coinbase/
(sources for article are hyperlinked at the site above)
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John Vibes is an author and researcher who organizes a number of large events including the Free Your Mind Conference. He also has a publishing company where he offers a censorship free platform for both fiction and non-fiction writers. John is currently battling cancer , and will be working to help others through his experience, if you wish to contribute to his treatments consider subscribing to his podcast to support at https://www.patreon.com/johnvibes
