Finance Magnates
BMO: Canada's Second Largest Bank Bans Cryptocurrency Purchases
Breaches and Security Concerns Drive Decision
Bank Cites Lack of Client Decision-Making Abilities
Bank of Montreal BMO has become the second leading Canadian bank to ban cryptocurrency purchases. The decision was made after the bank experienced a high volume of security breaches on accounts where cryptocurrencies were purchased.
BMO Harris stated that the nature of cryptocurrency makes it difficult to secure accounts from breaches. "Unlike traditional currencies, cryptocurrencies are not backed by a central authority," said a BMO spokesperson. "This makes them more susceptible to theft and fraud."
The bank also cited concerns about their clients' ability to make informed decisions about cryptocurrency investments. "Cryptocurrencies are a complex and volatile investment," said the spokesperson. "We believe that our clients are not capable of making informed decisions about whether or not to invest in them."
BMO's decision is a blow to the cryptocurrency industry in Canada. It is the second major Canadian bank to ban cryptocurrency purchases, following the Royal Bank of Canada RBC. The decision is likely to make it more difficult for Canadians to buy and sell cryptocurrencies.
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