Citibank Closes Customer's Account Because He Bought Bitcoin

A Citibank customer has claimed that the banking institution has closed his bank account on Citibank because he bought bitcoin. As stated by illusionst on Reddit, his bank manager from Citibank called him and told him that his account had been flagged because of bitcoin activity on his account.

I got a call from my Bank manager saying that my account has been flagged as I have bought Bitcoin and they will be closing my accounts.

While this can mean that some banks are not happy with bitcoin as it tends to be the future of money that will/might put banks on the run, we have had a series of cases in the past where users reported similar situations about banks closing accounts due to buying bitcoins with their accounts.

Some of the cases alarm banks when the customer's debit card is linked to an exchange like Coinbase, etc.

Although in most cases, most customers carry out their normal bitcoin transactions with their debit cards in exchanges without facing any repercussions from their various banks.

It continues to be a challenge to find banks that make it easy to buy and sell bitcoins, which apparently does not come as a shock, given that many major banks keep questioning the need for cryptocurrency, knowing that it will act as opposition to the banks and their activities in the future.

The best options can be to set up a separate account for your bitcoin transactions or to just find banks that are not strict with bitcoin transactions on accounts to always be on the safe side with your funds.

You can also buy from P2P like remitano.com, which offers secure escrow system trade; that means you tell the person that you are buying from or who you are selling to, not to mention bitcoin in the narration or anywhere in the bank transfer.