Anecdote: my credit union[1] went beyond caution and threatened to close down my account if I interacted with a crypto exchange. From a secured message in June 2017:
>>A transaction has posted to your account involving CoinBase.com (Bitcoin)[2]. Please be advised that in an effort to protect your credit union and all our members, A+FCU does not allow transactions involving CoinBase or any virtual currency. If you attempt to conduct any future transactions involving virtual currency, your account may be subject to closure.
>>Some of the reasons A+FCU has chosen to refuse virtual currency transactions are:
- Virtual currencies have a higher risk for fraud.
-Virtual currencies have no consumer protections.
-Virtual currencies are not backed by a government or central bank.
-Virtual currencies are targets for hackers, who have been able to breach sophisticated security systems in order to steal funds.
-Virtual currencies can cost you more to use than credit cards or even regular cash once you take exchange rate issues into consideration.
>>For more information regarding virtual currency, please refer to the Consumer Financial Protection Bureau (CFPB) website at cfpb.gov or the National Credit Union Association (NCUA) website at ncua.gov.
>>If you have any questions regarding this matter, please contact us.
[1] A+ Federal Credit Union, yes, their official name has a plus symbol in it
[2] I never ended up using Coinbase, for unrelated reasons.
>>A transaction has posted to your account involving CoinBase.com (Bitcoin)[2]. Please be advised that in an effort to protect your credit union and all our members, A+FCU does not allow transactions involving CoinBase or any virtual currency. If you attempt to conduct any future transactions involving virtual currency, your account may be subject to closure.
>>Some of the reasons A+FCU has chosen to refuse virtual currency transactions are: - Virtual currencies have a higher risk for fraud. -Virtual currencies have no consumer protections. -Virtual currencies are not backed by a government or central bank. -Virtual currencies are targets for hackers, who have been able to breach sophisticated security systems in order to steal funds. -Virtual currencies can cost you more to use than credit cards or even regular cash once you take exchange rate issues into consideration.
>>For more information regarding virtual currency, please refer to the Consumer Financial Protection Bureau (CFPB) website at cfpb.gov or the National Credit Union Association (NCUA) website at ncua.gov.
>>If you have any questions regarding this matter, please contact us.
[1] A+ Federal Credit Union, yes, their official name has a plus symbol in it
[2] I never ended up using Coinbase, for unrelated reasons.