- Many of the people working in the cryptocurrency industry had a negative banking experience.
- Some were prevented from accessing their funds while others lost their accounts.
- It’s no surprise that many people are working hard to disrupt the banking industry.
Many of today’s leaders in the cryptocurrency space were victims of poor banking. To some, the experience was so bad that they are now spearheading the disruption of the banking system. For instance, Changpeng Zhao, chief executive of Binance, shared one negative experience with the Royal Bank of Canada.
We asked other people working in crypto to recall their worst banking experiences. Others narrated how banks prevented them from accessing their funds. Then there are some who lost their accounts due to the nature of their business.
Banks Limit Transactions Under the Guise of Fraud
At least three times, I’ve had a bank lose over $100,000 of my money, and had them freeze funds when they thought my own transactions were fraudulent.
Mr. Beadles added,
Countless times I’ve traveled out of town only to have my bank shut off my ATM card just because I tried to pull out a few hundred dollars in a different state or country. These are just a few of the reasons why we created Monarch, to empower people to be in charge of their own hard-earned money.
Banks Charge Hefty Fees While Providing Poor Services
Sending money abroad can be a frustrating experience. The process is incredibly slow yet the banks have the nerve to charge exorbitant fees.
Crypto trader Credible Crypto appeared as if the analyst has had it with banks, saying:
I send international wire transfers all the time. It’s a major pain when I send a wire transfer on Thursday after 1PM it doesn’t reach my suppliers…