Wells Fargo, one of the largest banks in the United States, has indicated that it no longer allows transactions in cryptocurrencies. This is apparent from a Twitter message posted on July 12:
Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. -Josh
— Ask Wells Fargo (@Ask_WellsFargo) July 12, 2019
Something strange is going on with my bank Wells Fargo … I can’t buy a crypto on the cash app or Coinbase … I tried to add my bank card and it said “Card not found” and I had just used it for my bills to pay
Thank you for contacting. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency.
Josh’s answer wasn’t taken well by the crypto community on Twitter. A large number of people wrote that it is not up to the bank to determine how people spend their money. Some even write that they will leave the bank.
Wells Fargo seems to adopt a completely different attitude to cryptocurrencies than the rest of the market. Large banks and financial institutions such as JPMorgan, Nasdaq and CME have shown an increasingly positive attitude towards cryptocurrencies in recent months. Wells Fargo had forbidden the purchase of bitcoin (BTC) with a credit card last month.
It is speculated that this attitude of Wells Fargo may result from the words of the American president. Trump had recently spoken about cryptocurrencies, and he said he was not a fan of bitcoin nor libra, the upcoming cryptocurrency of Facebook.
At the end of 2018, Wells Fargo received a fine of no less than $ 575 million. The bank had opened some 3.5 million bank accounts in the last 10 years without customers knowing about it. Then they had to pay for services and products they had never registered for.
Wells Fargo was also involved in the 2008 financial crisis. The bank then received a $ 25 billion bail-out so that it was able to continue business.