Crypto Crackdown Begins: Bank Threatens To Close Customer Account Because Of Coinbase Purchases

It appears that the cryptocurrency crackdown by financial institutions has begun. After months of mixed signals from governments around the world regarding regulations, Lakestone Bank and Trust customer Jordan Spencer took to Facebook to post a letter he received on December 14th threatening to close his account for a policy violation.

What violation, you ask?

According to the letter (pasted below), Spencer has been utilizing the widely popular Coinbase website to make cryptocurrency purchases and deposits tied to his personal bank account. This, says loss prevention officer Louise Vermillion,  is a policy violation that needs to be “discontinued immediately.”

Continue reading to view the full letter…

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