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Thursday, 29 March 2018

Breaking: Canadian Bank BMO Stops Customers from using Cryptocurrency

Lets just assumed that BMO took an action out of concerns for its customers financial safety.
Bank of Montreal which is the major Canadian multinational banking corporation operating as BMO Financial Group, has reportedly implemented a ban on its clients participating in cryptocurrency transactions.

A Reddit user claiming to be working for the bank has shared an internal document (Ops Bulletin #632 dated March 28, 2018) said to be sent via email company-wide announcing the restrictive measures.

Read Also: 30 Cities across India to Receive free training on BTC, Cryptos and Blockchain

According to the document , titled “Blocking Cryptocurrency Transactions for BMO Credit Cards, Debit Cards, & Intrac Online Payment,” the ban is effective immediately. It explains that BMO will be blocking cryptocurrency merchant transactions. It is not clear from the text if the bank had any intention of informing its clients about the reason their transactions will be blocked as it only mentions that when clients try to complete any cryptocurrency transaction they will be presented with a simple message advising them that the “transaction cannot be completed.”

BMO is not the only financial corporation in the world recently trying to block its clients from accessing the bitcoin market of course. Just south of the border, Bank of America has stopped accepting credit card transactions from cryptocurrency exchanges last month .

What do you think about BMO Bravely Protecting Clients From Themselves? 

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