The dependency on banks to cash out your crypto profits is inevitable, this is very risky as banks may ban any crypto related transactions anytime. What do you guys think would be the solution in the near future to break free from banks?
As banks continue to accept crypto as a legitimate currency separating completely bacons more difficult. Unless you’re willing to relocate to Puerto Rico or the Bahama’s.
Most exchanges are becoming more like banks. Kraken and Coinbase will most likely move to providing more and more online banking services as time goes on. I can see them doing this as soon as government banking regulations come through regarding the crypto currency space
Im not worried banks will ban crypto currencies funds from being deposited into their accounts. I dont think that will ever happen. US banks are more worried about remaining relevant and remaining in business more than they are more worried about rejecting incoming crypto cash.
I dont see this being a problem. Crypto currency market has existed for 11 years and this hasnt been an issue in the USA
I think players like NEXO, Cel. Network, BlockFi and all these CeFI lending platforms will eventually become like banks where you can cash out through their platform without having to go back through a traditional bank.
That’s if the banks themselves are accepting crypto as collateral by that time.
I agree. Platforms like CEL are the web3 version of banking.
That is a very interesting question. Binance have really fucked themselves in the UK for instance, Barclays have now banned them, and all of the other banks will follow, as the pressure is coming from the FCA. If you have to send crypto to Binance, trade it, then send the crypto to Coinbase or Kraken, to flip profits back to fiat and withdraw, you may as well cut Binance out of the loop and just use Coinbase Pro, so in the UK, that platform is dead. Without the ability to withdraw your money in fiat - it’s not a platform. The issue the banks have - is the regulators, they couldn’t care less about people buying and selling crypto, but the regulators are upset about derivatives being traded on unregulated platforms, and they will be up the banks arses now trying to break the payment bridges and shut overseas exchanges down that way. If they succeed in that across the board - there will be a huge problem, crypto assets become illiquid if you can’t sell them.