United Kingdom high street TSB Bank has decided to ban customers from buying crypto due to an increase in ‘fraud’ in the latest move by banking institutions (who we like to remind you are great at creating money out of fresh air and loaning it at interest…but they never bother to tell their borrowers this).
The banking group has around 5.4 Million customers, and has apparently received large number of complaints from customers about crypto-fraud cases. So, naturally, crypto evil, and it must be stopped immediately.
They aren’t the first. TSB Bank joins a growing number of high street banks who have banned customers from depositing their own money wherever they wish, including Nat West and Barclays, again with most of them citing ‘fraud’ as the key reason, with ‘wanting to protect their customers’ as their back-up excuse.
Remember, plebs, you aren’t smart enough to decide what to do with your own money. You must keep it in our bank vaults, where we can use it as leverage to loan out more non-existent money. But don’t worry, if there happens to be a bank run (as happens with alarming regularity), we’ll just rely on the government (in other words, YOU the taxpayer) to bail us out when we get caught with our pants down and our fingers in the cookie jar.
TSB Bank – stopping you doing what you want with your money because…fraud
Of course, it should also be pointed out that fraud NEVER occurs when you deal with fiat currency, and high street banks never do anything underhand, immoral or downright illegal do they? Oh. actually it happens all the time, and here’s a handy guide from the FCA with a list of major fines handed down to banking institutions for dodgy practises.
Customers who have been affected by this might find challenger banks such as Revolut to be much happier to let you spend your money investing however you wish. But it’s what we’ve come to expect. As digital currencies continue to grow in popularity, we are seeing more and more in the banking elite coming out to trash Bitcoin and other crypto’s whilst hyping their own debt-backed CBDC’s. And of course, we should always remember they’re doing it for our own good right?