As regards chargebacks for being scammed, if they bought crypto through an exchange, there's no earthly reason why such a chargeback should be validated.
I have not said that, in case you are attributing it to me.
They are doing it because
1) Customers will try to get charge backs claiming that they were scammed
2) Customers will be less likely to pay when the crypto they buy goes to nothing.
The credit card companies are doing to protect themselves.
But, by doing that, they are doing their customers a favour.
Brendan
But how much time do you think that the bank is going to have to spend defending these complaints
Yes, but one of the way they lose money is when people buy something which is no longer worth anything, they lose the wish to repay.
I think this gives a very good example of where the credit card providers did not take action to protect their customers, or to prevent the risk of customers refusing to repay them when they lost the money gambling.
I would imagine that the vast majority of bets people put on the Lotto are a small fraction of what people have bet on Bitcoin..
Hi Firefly,
I would agree.
However, I would also expect that lottery transactions would be far more frequent then the number of crypto trasactions, so over time the amounts at risk for gambling with the lottery competitions could be far greater.
Anyway, for me it's the principal of the matter
At least with the Lotto you have some chance of winning
You would want to be daft to use credit to invest in any investment vehicle never mind Crypto.
https://news.bitcoin.com/israeli-bitcoin-company-sues-banks-for-not-letting-it-open-accounts/Bitflash LTD, a new Israeli company which was established to provide digital currency trading services based in Acre, has asked the Tel Aviv District Court on Sunday to order all 11 banks in the country to open a current account without credit for it. The company claims that the banks’ refusal to open an account for it is in violation of the law and shows lack of good faith, as some of them manage similar accounts for competing companies.
According to Bitflash, since its establishment over a month ago, it approached a number of branches of each Israeli banking corporation for the purpose of opening an account, but was outright refused on the grounds that its business in digital currencies is not to the liking of branch managers. In some of the branches the company was told explicitly that “the bank’s policy is not to open accounts for those who deal with digital currencies, regardless of the nature of the business.”
Here is news of a digital currency exchange startup in Israel that has been denied having a normal Deposit account by all Israel banks.
https://news.bitcoin.com/israeli-bitcoin-company-sues-banks-for-not-letting-it-open-accounts/
The cartelism of private banks is really glaring, and it's basically hurting economic activity.
Is this really the purpose of banks - To pick and choose winners and losers?
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