Quote from: longwintershere on February 28, 2018, 06:48:56 PM

Quote from: pvk444 on February 28, 2018, 02:10:06 PM

As probably most people on this forum, I am fairly active in investing and trading in cryptocurrencies. I had some luck and made a little money with it, but I am now concerned to move some of the gains back to fiat.

In particular, I am working for a large, global bank (which shall remain unnamed for now). They are in the process of setting up new guidelines to deal with clients that engage in cryptocurrency markets. For instance, they are monitoring money inflow from cryptoexchanges and would reject any money that comes from non-approved exchanges (in particular those that don't have strong KYC procedures). Furthermore, for larger amounts, they would even require some proof how the gain was obtained.

A couple of critical items I want to raise for discussion:

1. If somebody has experienced such complications with their banks already, it would be interesting to hear about their stories
2. If more and more banks adapt similar measures (or even stricter ones, like some credit card companies disallowing financing of cryptos all together), what do you think the implications on the market place will be? For instance, do you think exchange without KYC's will suffer?
3. Do you think this could lead to "ICO heavens" where only ICO's will have a chance to survive that undergo a stringent background check that would be acceptable for banks?

I do understand the banks concern to ensure that there is no money laundering or criminal financing involved, but such restrictive, strict measures could have a significant impact on the entire cryptocurrency market. In a doomsday scenario, I could even imagine banks globally to impose similar restrictions worldwide, and thus even killing the entire cryptomarket. The fact that more and more internet shops, service providers, or even brick-and-mortar shops might accept cryptocurrencies does not really solve the problem, as these shops would be forced by THEIR banks to impose stricter measures on their clients. Thus the problem remains, but would be shifted along the chain. Do you think such a scenario is plausible?

this is the most obvious fud attempt I have ever seen on this forum. Cheesy

if you want to share some insight, well please do but saying that you made some money but you will probably exchange it back to fiat it's like calling to go short from your side haha

I am not one for swearing, but you, sir, are a fucking idiot!