Banks Restricting Transfer Of Funds To Exchanges
(Dinarian Note: Here is a draft letter so you can let your voices be heard, by letting the banks know that you are not happy with their actions. Who are they to determine what you are allowed to purchase and not purchase? I created 2 letters, the first geared towards banking in the US, and the 2nd for European Banking institutions... Feel free to repost and spread these, Let our voices be heard far and wide, after all, we are their customers(for now))
USA Letter:
Dear Sir/Madam,
I am writing to express my concern regarding the restrictions placed on cryptocurrency exchanges for transferring funds. Although I understand that these restrictions are in response to pressure from government bodies, such as the Financial Crimes Enforcement Network (FinCEN) and other regulatory authorities, I believe that they are not in the best interest of your customers and may even violate US laws and regulations.
Cryptocurrency exchanges are legitimate businesses that provide valuable services to many people. By limiting their ability to transfer funds, you are effectively hindering your customers' ability to invest in emerging and potentially lucrative technologies. This not only hurts your customers but also puts you at a competitive disadvantage compared to other financial institutions that allow such transactions.
Furthermore, the fact that you allow other forms of more harmful and addictive transactions, such as gambling, raises concerns about the consistency of your policies. If you are willing to facilitate the transfer of funds for gambling and other risky traditional investments, why restrict the transfer of funds for cryptocurrency investments? This seems like an arbitrary and unfair restriction that is not in line with your customers' interests.
These restrictions may also violate US laws and regulations that protect the right to property and the right to engage in economic activity. By preventing your customers from investing in cryptocurrency, you are effectively depriving them of their right to use their money as they see fit. This also raises concerns about monitoring your customers' transactions, which may infringe on their right to privacy.
In conclusion, I urge you to reconsider your policies regarding cryptocurrency exchanges and the transfer of funds. While I understand that the pressure to implement these restrictions comes from external sources, it is crucial to consider the best interests of your customers and their rights under US laws and regulations. By doing so, you can position yourselves as customer-centric institutions that are committed to providing the best possible service to your clients.
Sincerely,
XXXXXX
European Banking:
Dear Sir/Madam,
I am writing to express my concern regarding the restrictions placed on cryptocurrency exchanges for transferring funds. Although I understand that these restrictions are in response to pressure from government bodies, such as the Financial Action Task Force (FATF) and central banks, I believe that they are not in the best interest of your customers and may even violate the European Human Rights Act (EHRA).
Cryptocurrency exchanges are legitimate businesses that provide valuable services to many people. By limiting their ability to transfer funds, you are effectively hindering your customers' ability to invest in emerging and potentially lucrative technologies. This not only hurts your customers but also puts you at a competitive disadvantage compared to other financial institutions that allow such transactions.
Furthermore, the fact that you allow other forms of more harmful and addictive transactions, such as gambling, raises concerns about the consistency of your policies. If you are willing to facilitate the transfer of funds for gambling and other risky traditional investments, why restrict the transfer of funds for cryptocurrency investments? This seems like an arbitrary and unfair restriction that is not in line with your customers' interests.
These restrictions may also be in breach of the EHRA, which protects the right to property and the right to engage in economic activity. By preventing your customers from investing in cryptocurrency, you are effectively depriving them of their right to use their money as they see fit. This also raises concerns about monitoring your customers' transactions, which infringes on their right to privacy and absolute right to spend their money on what they want.
In conclusion, I urge you to reconsider your policies regarding cryptocurrency exchanges and the transfer of funds. While I understand that the pressure to implement these restrictions comes from external sources, it is crucial to consider the best interests of your customers and their rights as outlined by the EHRA. By doing so, you can position yourselves as customer-centric institutions that are committed to providing the best possible service to your clients.
Sincerely,
XXXXXX
