My bank has just informed me that I can no longer send MY money to virtual Currency Exchanges in Canada because they are too high risk. Well, let me tell you about these "high risk" clients. When I applied to Quadriga, they required me to provide picture ID and proof that I was who I said I was. This KYC step is NOT required in Canada but they did it anyways to ensure that their business remained in-line with future regulations. Further, this Exchange has never been viewed as complicit in a crime, nor has it ever been investigated for being part of any criminal activity. Despite the Exchanges doing more than is required by Canadian law, my bank believes that it is in my best interest to not allow me to send MY money to them.
This means now that virtually all Canadian banking institutions have blocked access to Exchanges. As a result, I and other Canadians will be required to go underground and utilize Local Bitcoin to invest. This means I may unwittingly be supporting drug dealers, scammers and other criminal elements. I don't want to support any of this activity but if I am to continue investing in the future, I have no choice but to do so - thanks to the banks that are "protecting" the interests of Canadians.
Please speak out if you are a Canadian that is frustrated by this stupidity. If there is a financial institution left in Canada that allows transfers to Exchanges, please let me know.
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