Banks Crack Down On Crypto Purchases - Charged For Buying Bitcoin Through Coinbase

I recently made a purchase of Bitcoin through my Coinbase account using my prepaid debit card - something I have done many times without issue. However I checked my online statement and discovered an unknown transaction as showing on the statement "Quasi Cash Transaction Fee" on the 22nd March 2018.

I thought I haven't made any transactions using my card for £1.50 so I called up my financial card provider - CashPlus branded as Icount and after conferring with a colleague the representative said "have you bought any virtual currency lately or made a virtual currency transaction such as Bitcoin?" I was gobsmacked to say the least.

Yes I had recently made a purchase through Coinbase using my card, as I have done many times before without such a charge being made.

So I asked for a copy of the terms and conditions and was told they are available online. I will now decide what I personally wish to do about this, but from this experience it looks like the banks are now trying to crack down on crypto purchases. Now this was my own money - it isn't a credit card and I haven't borrowed any money to make this purchase. Yet it seems that this financial institution at least has decided that buying Bitcoin is the same or equivalent as a cash withdrawal!

I don't know if other banks or financial card providers are doing the same thing, but I suggest you check your bank/card accounts pronto! How outrageous!