Wells Fargo Prohibits Customers to Acquire Cryptocurrency

Wells Fargo, a traditional bank founded in 1852, stated that it does not allow its customers to buy bitcoins even with their own funds. This prohibition seriously contradicts Wells Fargo’s vision, which says: “Customers can be better served when they have a relationship with a trusted provider that knows them well, provides reliable guidance, and can serve their full range of financial needs.”

It turns out that, having forbidden a client to make transactions in bitcoins, Wells Fargo does not provide a "range of financial needs" for its clients. Earlier, in June 2018, Wells Fargo banned the purchase of bitcoins and other crypto assets using Wells Fargo credit cards. When the ban was introduced, a company representative stated the following:

“Customers can no longer use their Wells Fargo credit cards to purchase cryptocurrency […] We’re doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment. This decision is in line with the overall industry.”

It is worth noting that many of the bank’s competitors have largely changed their rhetoric and are already considering crypto assets as a reliable financial instrument. Such a decision may adversely affect the image of the bank in the future.

Image courtesy of Pymnts