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Why Crypto Banks Should be Worried?

Cryptocurrency has been making headlines for years now, with some of the biggest cryptocurrencies like Bitcoin, Ethereum, and Ripple seeing astronomical growth. However, with the rise of cryptocurrencies, traditional banks in the USA and Canada have become increasingly concerned. In this article, we will explore why banks in these countries are so strict with cryptocurrency, how to deal with them, and what other options are available.

Why are Banks in the USA and Canada so Strict with Cryptocurrency?

The Risk of Money Laundering and Fraud

One of the primary reasons why banks in the USA and Canada are so strict with cryptocurrency is because of the risk of money laundering and fraud. Cryptocurrencies can be easily used to launder money due to their anonymity, making it difficult for banks to track transactions and identify the individuals behind them. The risk of fraud is also higher with cryptocurrencies as they are not backed by any government or financial institution.

Regulatory and Compliance Issues

Another reason why banks in the USA and Canada are wary of cryptocurrency is because of regulatory and compliance issues. Cryptocurrencies operate in a decentralized and unregulated environment, making it difficult for banks to monitor and regulate them. Moreover, cryptocurrencies are not recognized as legal tender in many countries, which makes it difficult for banks to incorporate them into their operations.

Volatility and Lack of Stability

Cryptocurrencies are known for their volatility and lack of stability, which makes them a risky investment for banks. The value of cryptocurrencies can fluctuate rapidly, making it difficult for banks to determine their true value. Moreover, cryptocurrencies do not have any underlying assets, which makes it difficult to determine their true worth.

How to Deal with Banks in the USA and Canada?

Be Prepared for Scrutiny

If you are dealing with a bank in the USA or Canada and want to use cryptocurrencies, you need to be prepared for scrutiny. Banks in these countries are required to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations, which means they will scrutinize your transactions carefully. You need to be prepared to provide documentation and explain the source of funds for your cryptocurrency transactions.

Use Crypto-Friendly Banks

If you are looking to use cryptocurrencies frequently, you may want to consider using crypto-friendly banks. These are banks that are more open to cryptocurrency transactions and have better knowledge and understanding of the industry. Some examples of crypto-friendly banks include Silvergate Bank, Signature Bank, and Metropolitan Commercial Bank.

Consider Crypto Exchanges

Another option is to use cryptocurrency exchanges to handle your transactions. Crypto exchanges are dedicated platforms that allow you to buy, sell, and trade cryptocurrencies. These exchanges have their own wallets and security protocols, which makes them a safe and convenient option. However, you need to be careful while choosing an exchange as not all of them are trustworthy and reliable.

Other Options Available

Apart from banks and crypto exchanges, there are other options available to deal with cryptocurrencies. Some of these options include:

Peer-to-Peer (P2P) Trading

P2P trading is a decentralized method of trading cryptocurrencies. It involves trading cryptocurrencies directly with other individuals without the need for intermediaries like banks or exchanges. P2P trading platforms like LocalBitcoins and Paxful make it easy to find other individuals who are interested in buying or selling cryptocurrencies.

Decentralized Finance (DeFi)

Decentralized finance (DeFi) is a new and innovative way of using cryptocurrencies. It involves using decentralized platforms that operate on blockchain technology to provide financial services. DeFi platforms like Aave and Compound allow users to lend, borrow, and earn