Quote from: Gyfts on April 04, 2023, 08:22:15 PM

Quote from: Flexystar on April 03, 2023, 08:32:07 AM

With the recent news, UK banks are not accepting any Crypto-associated users and companies to open their bank accounts with them, banks are also freezing the accounts of current users/companies, and those who have accounts already approved, are asking for more and more documentation.

People often forget, or don't read, the terms of service when they deposit their funds into banks. Banks are within the law in most jurisdictions to completely freeze your entire balance and require you to produce all sorts of documents in order to access your funds. They reserve the right to deny the documents and keep you in an cumbersome loop in order access your funds, if not entirely forfeiting your balance for violating of terms of service.

When you trust someone else with your funds, consider yourself to not be the "true" owner of the funds.

Indeed, it's accurate, and it's important to mention that this doesn't imply that individuals should refrain from storing their funds in banks completely. Instead, it underscores the importance of individuals exercising caution and conducting their research when selecting a financial institution and carefully reviewing the terms of service before consenting to prevent potential issues in the future.