Banks can’t seem to service crypto, even as it goes mainstream
Crypto’s reputation is improving, but investors still complain that their banks are blocking their accounts for interacting with digital assets.
Across the globe, it remains common for crypto users to have their bank accounts frozen and transfers blocked, even as institutional adoption rises.
Panos Mekras, co-founder and CEO of blockchain fintech Anodos Labs, began dealing with crypto in Greece in the late 2010s. Most Greek banks didn’t allow transfers to crypto exchanges back then. Mekras experienced blocked card payments until one bank finally permitted his transfers, but first, he was questioned to ensure he understood he was interacting with a “risky” counterparty.
Mekras told Cointelegraph that those early rejections are symptomatic of how banks treat digital assets as inherently high risk. That label often led to account closures or sudden freezes without explanation, ultimately pushing his business to rely solely on onchain tools and payment rails.
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