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Banks that ban credit card transactions

As the cryptocurrency industry continues its climb towards mass adoption, banks have to consider the possibility that they will gradually lose the influence of their clients' funds. Lately, card associations have added additional fees for cryptocurrency transactions, while some banks have outright banned cryptocurrency purchases made by their customers.

Furthermore, in the wake of the December 2017 hype, masses of new enthusiasts purchased Bitcoin using credit assuming the price would increase. This posed a risk for the banks, who in turn considered the activity as gambling on the cryptocurrency rate.

What you can do about this

If your bank has a ban on buying crypto with a credit card, you're more likely to successfully buy using a debit card. It may also help to call your bank directly to clarify their policy.

As crypto enthusiasts, we at Coinmama have faced similar issues and some of us have decided that we will not let our banks dictate how we should spend our money. While changing your bank should solve the issue, we also understand that this is a big decision that should not be taken lightly.

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