The Bank of Montreal, one of the largest canadian banks, began to block cryptocurrency transactions for its customers on debit and credit cards, as well as performed through online banking.
One of the customers of the Bank who received such a waiver, shared it on Reddit. The letter States that «to protect the safety of our customers and the Bank from the volatile nature of cryptocurrencies, customers trying to make a cryptocurrency transaction by credit card, debit card or online Bank will receive a message stating that this is impossible. The new policy takes effect immediately».
However, interestingly quite different. Just a few days ago, the same Bank announced it will provide banking services to a new brokerage platform, which will work with cryptocurrencies. While it is known that this platform will initially only work with bitcoin and ether, however, with enough demand, the list of cryptocurrencies will be expanded.
The new platform belongs to the TMX Group, which owns Toronto stock exchange, and which includes a canadian financial companies such as TSX Venture Exchange, TSX Alpha Exchange, the Canadian Depository for securities, Montreal exchange and the canadian production clearing Corporation.
The fact that the Bank will process the queries of crypto-currency brokerage companies and intends to forbid to make their customers looks like is very contradictory policy. At the moment, BMO has not commented on the situation.