The world of cryptocurrencies has been working towards mainstream adoption for a long time now. However, rejection by major financial institutions has always been a problem. Institutions like banks have tried to use cryptocurrencies’ underlying technology, blockchain. However, that has not helped with the skepticism that exists regarding cryptocurrencies.
Wells Fargo, the American bank and multinational financial services company, is in the news after it did not allow a transaction to go through since it involved cryptocurrencies. Twitter user, @l3l2ucelee, suspected something fishy with the bank’s behavior and said,
“Something fishy is going on with my bank Wells Fargo… I cant buy crypto on cash app or coinbase… I tried to attach my debit card and it said “Card not found” and I just used it to pay my bills ????????????”
Wells Fargo’s support account on Twitter swiftly responded to the customer, informing him that “Wells Fargo does not allow transactions involving cryptocurrency.” However, this is not the only instance where the bank has rejected a transaction. Another Twitter user and Bitcoin enthusiast, @CryptoContagion, complained about the bank closing his account.
“They closed my account with no warning a couple weeks ago. Their fear is manifesting. They can’t close my Bitcoin account and an entire generation is slowly waking up to that fact.”
However, it doesn’t seem that the bank is on a witch hunt to block crypto-transactions, as another user noted conducting seamless transactions in crypto using his Wells Fargo account. Fellow crypto-users have suggested others to get direct deposits in their money support applications like CashApp, in order to avoid such instances. However, a large majority of users also suggested the user to shut down the bank account in question.
Crypto-influencers like Nik Bougalis, Cryptographer & software engineer, at Ripple asked users,
“If you have a @WellsFargo account ask yourself one simple question: do you want to continue to allow them to dictate to you what you can and can’t do with your money?”
The community was outraged as more and more people called out Wells Fargo for blocking people’s accounts, not once, but in some cases, 22 times.
“Its a sad state of affairs when you have to have your banks phone number stored in your phone on speed dial to confirm any crypto transaction. @WellsFargo Wells Fargo doesn’t want you buying digital assets! Probably the 22nd time I’ve had to call and clear up this b.s.”
This incident was reported by Twitter user, @ThorsXRPHammer, on June 18 following which, several customers of Wells Fargo have questioned the bank blocking transactions and accounts.