Because there are way to many scams in the crypto world.
It’s effectively a bank run when interest in crypto peaks and people start emptying their checking accounts.
The banks are protecting their own ass, that’s why they refused at first and only did so under extreme duress.
You’re telling me if Shakepay goes tits up on Monday that you won’t be calling Scotia on Tuesday begging them to reverse the payment?
It’s also cause some clients will come back crying to blaming the bank for allowing them to do a transfer to their crypto “financial advisor”
fraud. people sending funds to wallets in control of a scam artist under the guise of them either being a brokerage or an authority demanding crypto. On the retail side a lot of red flags are raised when crypto is mentioned. For corp though it’s recognized more as a tool.
They take your money and print more based on how much you have. They also take your money and gamble it away in the stock market , how else do you think banks go bust?
Every other week, I hear about some major crypto scam, and you’re wondering why banks are skeptical about investing other people money into it?
I just found this on my home page. I have no idea why I was shown this because I have zero interest in crypto and think the entire thing is a huge scam.
@Wynter
I see that you have no interest to crypto and see it as scam. So I would like to warn you that these banks have started investing in crypto. Starting from May, Scotia has invested $1.57 million in Bitcoin ETFs. TD invested more than $600K and these numbers are increasing. It is better to withdraw all your money from the banks so that they won’t use your money to buy scam assets.
@Verne
Well, since I’m Canadian, I feel reasonably safe with the banks not losing my money due to strong regulations. The banks can invest money in scams if they want, but I know I’ll get my money out if and when I need it.
@Wynter
Unless you’re a trucker and say something the government doesn’t like then they’ll just block you. 
How would you do QE with crypto?
To add with email money transfer it’s not necessary the bank that’s blocked it. Interac will block recipients if they get too many scam reports about a specific email address
Why would you centralize something meant to be decentralized?
I think it may depend on the amount of your transfers. I do e-transfers up to $2500 CAD to Paytrie, Newton, and ShakePay all the time, and never had any problems.
Cause its bad for them and it’s also generally bad
Would doing the transfer in person at a branch make this go smoother? Other than the inconvenience on you?
Cael said:
Would doing the transfer in person at a branch make this go smoother? Other than the inconvenience on you?
I tried in person at the branch. They refused to do so.
Because it’s slow, unstable, unreliable, in direct proportion to its adoption. the public face of crypto is open financial fraud from the lowest shit coins to the biggest exchanges.
They have little to no holdings in it because of the immense risk and volatility of it, so they won’t accept something that’s liable to be worthless a few months down the line.
They rely on regulations and state power for their business model to function. Crypto is unregulated and highly volatile.
Both Scotia and BMO revealed that they invested in Bitcoin recently. It’s good enough for them to invest in but not for their customers.