December 5, 2023

Bitcoin is better than debt: crypto industry leaders complain about banking experience

Representatives of the cryptocurrency industry have personally encountered problems when usingtraditional banking services. In the future, this formed them as supporters of the ideas of decentralization. It is reported by CCN.

Changin Zhao, CEO of Binance Bitcoin Exchange, as it turned out, had a negative experience in working with the Royal Bank of Canada.


&#171;As a teenager I hadBank account. Imagine me proudly depositing $10 only to find out they are charging me $3.99 monthly. After a couple of months I owed them a ton of money. My first banking experience. I don’t know what exactly this bank’s policy is now,&#8212; he wrote on Twitter.

Losses due to the banking system and suffered the head of the development team of the decentralized wallet Monarch Robert Beadles.

&#171;At least three times the bank lost more than$100 thousand from my account. Bank officials froze money when they thought my own transactions were fraudulent. Countless times I've driven out of town only to have my bank close my bank card because I was trying to smuggle out a few hundred dollars to another state or country.&#8212; he shared.

All this, according to Beadles, showed him the advantage of decentralized technology.

&#171;I'm currently working on giving people control over their hard-earned money.&#187;&#8212; added Robert Beadles.

Sophisticated transaction processing algorithms and 24/7 unavailability are also a negative side of traditional financial institutions, said Andy Chung, the head of OKEx operations department:

&#171;Companies are forced to do business in othercountries and make urgent payments, but traditional banks often delay money transfers or make it very difficult to transfer money to certain countries.

CoinCorner CEO Danny Scott's bank account was once closed for 30 days without any explanation.

&#171;I was told that the headquarters in London asked to freeze my funds without a clear explanation of the reasons&#187;,&#8212; he told

The traditional financial system is undergoingchanges and the arrival of cryptocurrencies &#8212; It’s a matter of time, experts say. The attitude of regulators towards digital assets is also changing. It recently became known that an official from the European Central Bank, who called Bitcoin “the devil’s spawn,” will be responsible for trends in the cryptocurrency market in Europe.