BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

U.S. Banks Reportedly Cracking Down on Retail Accounts Linked to FTX, Crypto Platforms

by Abimbola Adu
Dec 16, 2022 - 12:00 am
in Blockchain
U.S. Banks Reportedly Cracking Down on Retail Accounts Linked to FTX

U.S. banks are reportedly cracking down on retail accounts linked to cryptocurrency platforms like FTX.

Bank just closed and emptied my accounts due to previous FTX wire deposits

If your bank account ever touched FTX, good chance it's getting closed

— Cole (@cole0x) December 15, 2022

According to recent reports from some crypto users, banks such as JPMorgan Chase, Bank of America, and Wells Fargo have begun closely scrutinizing accounts connected to cryptocurrency exchanges and platforms, with some even closing accounts outright.

The move comes amid growing concerns about the potential risks and dangers of cryptocurrencies, including the potential for fraud and money laundering. Many banks have long been wary of cryptocurrencies due to their lack of regulation and the inherent risks associated with them.

Despite the growing interest in cryptocurrencies and the proliferation of platforms like FTX, banks are increasingly wary of the potential risks and are taking steps to protect themselves and their customers. This includes closely scrutinizing accounts linked to cryptocurrency platforms and exchanges, as well as implementing stricter policies and procedures to ensure compliance with anti-money laundering and other regulations.

While the crackdown by banks on retail accounts linked to cryptocurrency platforms like FTX may be seen as a negative development by some, it is ultimately designed to protect both banks and their customers from potential risks and dangers. As such, it is important for those who are interested in cryptocurrencies to be aware of the potential risks and to take steps to protect themselves and their investments.

Following the debacle of FTX, US banks have taken the involvement of citizens with crypto more seriously after several people lost their assets to the FTX fall. Therefore, if you sent or withdrew FIAT currencies using your bank with the FTX exchange, there is a high chance it would get closed, and you would have to request a cheque to get your balance in cash. 

The crackdown by banks has caused concern among some in the cryptocurrency community. Many fear that it could hinder the growth and adoption of cryptocurrencies, as it may make it more difficult for individuals to buy and sell cryptocurrencies.

However, it is important to remember that the actions of banks are ultimately designed to protect both themselves and their customers from the potential risks and dangers posed by crypto. The crypto space has suffered many scams, and because of this, banks and other Web2 financial organizations are staunchly against its adoption, although their respective attitudes towards crypto still vary to some degree.

In conclusion, U.S. banks are reportedly cracking down on retail accounts linked to cryptocurrency platforms like FTX due to concerns about the potential risks and dangers of cryptocurrencies. It is therefore important for those who are interested in cryptocurrencies to be aware of the potential risks and to take steps to protect themselves and their investments.

Tags: FTX
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

Related Posts

creenshot of fake CoinBridge crypto exchange linked to $860K scam

Florida Investor Scammed Out of $860K by Crypto Trading ‘School’ and Fake Exchange

June 22, 2025

Fake crypto school and exchange scammed a Florida man out of $860K through fake trade signals and phantom...

Young South Korean man trading cryptocurrency on a laptop in a small apartment

South Korean Youth Turn to Crypto Amid Economic Desperation

June 20, 2025

South Korea’s youth are embracing crypto not for belief in blockchain, but due to rising housing costs and...

AgriFORCE's Bitcoin mining site in Alberta powered by stranded natural gas

AgriFORCE Powers 120 Bitcoin Mining Rigs With Stranded Natural Gas in Alberta

June 19, 2025

AgriFORCE powers 120 Bitcoin miners with stranded gas in Alberta, eyes two more sites. It may keep 50%...

blockchain

Gemini Accuses CFTC of Misconduct, Calls Seven-Year Probe Baseless

June 18, 2025

Gemini calls CFTC’s seven-year probe baseless, citing false claims and personal agendas in a formal misconduct complaint to...

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise