Big banks crack down on bitcoin *NEW Disaster*
 

Transactions with bitcoin and other cryptocurrencies are no longer available for 8 million credit card users of Lloyds Banking Group, which unites Lloyds Bank, Bank of Scotland, Halifax and MBNA.
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© Dado RuvicBitcoin takes a beating with entire cryptocurrency market in decline
The ban will not apply to debit cards, only to credit cards issued by the group.

?Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies,? said a company spokeswoman. The decision was made to "protect customers," Lloyds said.

Lloyds? move follows bans at the weekend from American banks JP Morgan Chase, Bank of America and Citigroup.

The ban comes as holders of bitcoin and other cryptocurrencies continue to suffer a steep plunge in the value of their holdings. Lloyds said it fears that credit card owners will buy cryptocurrencies in the hopes of making a profit, but will have to repay the debt when the price falls.

British Prime Minister Theresa May has said the UK should look ?very seriously? at digital currencies as they can be used by criminals.

Bitcoin has again fallen below $8,000, trading 12.5 percent lower on Monday. It is now 60 percent below its record high of $20,000 reached in December. All but two of the top 100 cryptocurrencies on Coinmarketcap?s list were down at 10:30 GMT, with some losing as much as 24 percent of their value. The exceptions are #64 bitcore (4 percent growth) and #83 xplay (43 percent growth).

Just cancelled my account with Lloyds.
I believe others will follow.

:1orglaugh:1orglaugh:1orglaugh:1orglaugh:1orglaugh :1orglaugh:1orglaugh:1orglaugh

What a bullshit excuse, since when bank can decide on what you can waste your money ? They should be sued.

Cause you did dear. That'll teach em !

You are correct though, more will definitely follow.

More banks closing off their credit cards to crypto that is.

They dont need the credit risk. They dont need customers screaming that they were misled and that they want to chargeback.

:2 cents::thumbsup:2 cents:

Not a huge issue. They're just saying they won't loan you the bank's money to buy crypto.

You're still free to get a debit card and spend your own money on it, or use Wire/ACH/SEPA to send money to exchanges.

Resistance is utile ...

hmmmmmmmmmmmm

They can't, but they can control what is purchased with their credit cards, you know like American Express did with porn 20 years ago

Sure, digital currencies can be used by criminals, but I don't think that's a reason for everyone to just give up on them. We can probably look for banks that still accept that, and if it's just that they won't loan the money, well, you can use your own money.

For the bank it's a double win
1) Reduce CC default risk of laymen buying crypto at the top than losing most of it when panic selling on the dips or significant corrections
2) Slow down mass adoption of crypto, a long-term direct competitor of their core business

7300 region breached...probably going sub 7K today...

i remember as a teen they banned purchases of lotto and cigarettes with credit cards.. not sure if it was a local thing tho

One my friends is high up in MBNA in accounting, alot of people are spending CC money on crypto and not paying there card off and falling behind.

Lloyds Banking Group has completed a £1.9billion acquisition of consumer credit card business MBNA after regulators gave it the green light.

The British bank bought the business from Bank of America in a deal which sees it add £7billion in outstanding credit card debts to its books

I guess they don't want to keep taking on crypto debt.

I would say its a good business move from lloyds they had to be bailed out once, they don't want it to happen again.

they are only stopping you buying coins with a credit card, but you still can with debit cards. no biggie.

i cunt a4d a credit card... :(

that is not Good. banks are hung fuckers

About half of PL banks no longer accept BTC transactions with the latest being ING I believe.

Does this mean no dip??

buying crypto on a credit card is financing and this is why its not allowed. debit cards are not effected. this is blown out of proportion creating fud.

No biggie, as stated above, use a debit card or wire transfer

To be fair, if it's just credit cards, it's their money not yours.

I don't trust anyone named 'Lloyd" to begin with. :D

:1orglaugh:1orglaugh:thumbsup

You know making sense on GFY is a bannable offence :upsidedow

Since they are taking on the debt, they decide what you buy with their money.

:thumbsup

Pretty simple really.

I don't know why people think mass adoption is even possible. It will not happen.

My friend is better bitcoin will be at zero or close to that before the end of this year.

He is a lot smarter than anyone in here I would say :2 cents:

HODL is stupid and those will be crying when it all is over. :321GFY