Cryptocurrency user Jordan Spencer recently received a letter from his bank warning him that his account would be closed if he continued to buy and sell cryptocurrency through the popular website and app Coinbase. The bank, Lakestone Bank and Trust also ominously threatened to keep an eye on his account to make sure that he obeyed.
Spencer posted the letter in a Facebook group for Ethereum traders to warn others about possible penalties or sanctions from banks.
The letter stated that:
"We are happy to have you as a Lakestone Bank and Trust customer and would like to fulfill your banking needs, but it has come to my attention that you are making purchases and receiving funds from Coinbase.com – A type of business transaction that is against Lakestone's policies and will need to be discontinued immediately. We will continue to monitor your account and if we see that these types of transactions continue we will be forced to take other action, up to and including closing the account."