Prominent Bitcoin trader Muneeb has publicized Bank of America’s abrupt closure of his personal bank account, in what he is calling “a war on Bitcoin and crypto”.
In a tweet posted earlier this week, Muneeb revealed that Bank of America had closed his personal account that he had held for 15 years, without providing a clear reason. “No reason given. Real reason? I do Coinbase transactions through this account for Bitcoin”, he tweeted.
Muneeb, who has a strong following on the social media platform, then went on to explain that the only rationale given for his credit card account closure was that his “risk profile no longer meets their standards”. Despite having a FICO score of 810, zero credit balances, and a credit on his account because of an overpayment to the bank, Muneeb was still considered a high-risk client.
After his tweet, he encouraged followers to share his experience as a warning to other Bank of America customers using their accounts for crypto transactions. The tweet quickly gained traction, with thousands of retweets and responses, making the issue go viral.
Among those who chimed in was Coinbase CEO, Brian Armstrong. He retweeted Muneeb’s tweet and questioned if any other Bank of America customers had experienced similar issues. Armstrong wrote, “Any other Bank of America customers seeing this? If so, not ok.” In response to his question, 9% of the respondents affirmed that they had also experienced similar issues with the bank.
This incident has sparked a debate about the stance of traditional banks towards cryptocurrency transactions. Despite Bitcoin and other cryptocurrencies becoming increasingly mainstream, the move by Bank of America suggests a more conservative approach, drawing criticism from cryptocurrency enthusiasts and investors.
As the story continues to unfold, it remains to be seen how Bank of America will respond to these allegations and whether other banks will follow suit. The incident has underscored the potential tensions between legacy banking institutions and the evolving world of cryptocurrency.
The increasing popularity and adoption of cryptocurrencies are challenging the banking industry to adapt to new realities. With such incidents, it seems clear that the future of finance may involve a more complex relationship between traditional banks and digital currencies than previously anticipated.