Lloyds Bank banned credit card payments for Crypto


#1

Hi Revolut community,

This morning i heard on the news that Lloyds bank have officially banned the use of credit cards for the purchasing of crypto currency.

QUESTION: Since the UK and EU banks with Revolut are in fact Lloyds bank accounts, do you see this having any significant impact on us when trying to receive/send money from exchanges like Coinbase, Bitstamp or Kraken?

I think this question might best be directed at @andreas

Regards,

Ben


#2

Hi @ben_lui8,

I’d also like to know this and ill mention @AndreasK because you forgot the k.

Cheers,
Q


#3

While @AndreasK is more able to answer, apparently the ban only applies to credit cards.
Considering revolut cards are prepaid debit we shouldn’t be affected imho


#4

They did not ban crypto buying. They banned buying it with CREDIT CARD which is a big difference! Banks are worried people wont be able to pay they CREDITS. Banks are not worried how you spend the money you actually have.


#5

Virgin Money have now done the same.


#6

I see that at the weekend Bank of America, Citigroup, JP Morgan, Capital One and Discover did as well.


#7

Hi,

My revolut card is rejected by coinbase. Do you have the same problem ?


#8

Hey @Lisandru :slight_smile:

Yes. :r: is not allowing payments to CeX.io


#9

Hi there. We no intention of banning purchases through our cards.


#10

Thank you for the answer. I hope you find a solution to this problem soon. :wink: