Elon Musk announces suspension of Bitcoin Tesla purchases
Make the most of your money by signing up to our newsletter for FREE now
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
Furious accout holders have taken to Twitter to share a sceenshot of a text message the bank sent them warning them about the changes. It read: “With an increase in scams relating to cryptocurrency and regulatory uncertainty around Binance in the UK, we want to make sure your money is safe. That’s why we’ll be declining all credit and debit card payments to them until further notice.”
One livid NatWest customer demanded to know what right the bank has to dictate how he should use his savings.
He tweeted: “Why does @NatWest_Help think they can tell me what I can do with MY OWN MONEY?!”
The bank responded to his rebuke by insisting they had made the changes to “protcet customers against fraud and scams”.
The man hit back: “I understand that but it’s still my money.”
He vowed to “take my money elsewhere” if NatWest did not perform a swift U-turn on the policy.
Another unhappy customer said they would not be sticking around at NatWest waiting for it to allow Binance payments again.
Instead, the man insisted, he would move his money to Santander, saying: “Hey @santanderuk can I still get £123 for switching to you?
Crypto LIVE: Ethereum’s price surged after Elon Musk said he owns the cryptocurrency (Image: GETTY)
Bitcoin price LIVE: The cryptocurrency’s price has started to surge again (Image: GETTY)
“That’s me done at @NatWest_Help. I’ll spend my money where I want to, thanks!”
And yet a third critic vowed they would “definitely be shutting my @NatWest_Help account after they decided to limit payments to @binance.”
A spokesperson for NatWest said the bank has witnessed a “high level of cryptocurrency investment scams targeting our customers across retail and business banking, particularly through social media sites”.
They said as a result the bank is “temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud.”
They added: “Our customers will still be able to accept cryptocurrencies as forms of payment.”
FOLLOW EXPRESS.CO.UK FOR LIVE UPDATES:
Which countries have the most crypto ATMs? (Image: EXPRESS)
18:38 Pro-Trump magacoin attracts hundreds of users
Over 1,000 people have signed up for the new magacoin cryptocurrency aimed at supporters of former US President Donald Trump.
The Guardian reported the figures, saying a self-described “hacktivist” had passed on the information.
It said the majority of people who flocked to the new site have amassed only 100 magacoins so far.
This is the amount offered free in the initial ads to lure in customers.
The website promised those who set up an account would be entitled to a share of “75 million MAGACOINS”.
It said it chose that number “to represent the 75 million voters who were disenfranchised on November 3rd, 2020,” repeated unfounded claims by Mr Trump that the vote was stolen from him.
17:29 Suspected bitcoin mining site busted in Ukraine
Investigators in Ukraine pounded on a site where they suspected an illicit bitcoin mining operation was being carried out.
But rather than individuals trading cryptocurrency, specialist officers found the site was home to a Playstation 4 farm set up to scoop Fifa prizes.
Authorities found that nearly 4,000 PS4 consoles, powered by stolen electricity, had been programmed to automatically play Fifa in order to earn Fifa Ultimate Team Coins and Cards.
The operators were eager to get their hands on the prizes as they could easily be exchanged for cahs or sold on to gamers for profit.
16:26 Briton accused of hacking Musk’s Twitter is jailed
A 22-year old Briton who was detained this week in Spain in connection with a Twitter hack last year that compromised the accounts of Elon Musk and several US politicians has been jailed pending an extradition hearing, a court source said.
Joseph James O’Connor appeared before Spain’s High Court via videolink from the southern town of Estepona where he was detained on Wednesday.
He faces several charges in the US and has expressed his refusal to be extradited, the source said.
Mr O’Connor’s lawyer confirmed his client opposed extradition but did not comment on the charges.
The hearing was held behind closed doors, so no more details were immediately available.
He is accused of hacking into the Twitter account of the Tesla CEO.
Last July a hacker used the accounts of Mr Musk and several politicians to solicit digital currency, prompting Twitter to take the extraordinary step of preventing some verified accounts from publishing messages for several hours until security to the accounts could be restored.
15:35 Bitcoin slips into negative territory
Bitcoin has slipped into negative territory after Wednesday’s 7.9 percent jump.
Yesterday’s increase marked the biggest since mid-June.
The cryptocurrency was last flat at $32,137.
14:05 DogeCoin price beginning to dip again
DogeCoin’s price is once again beginning to fall after surging on Wednesday following the positive comments towards cryptocurrencies from Elon Musk.
The value of the meme coin had soared to $0.210043 late on Wednesday afternoon after several days of market turbulence.
But it has since fallen to $0.191186 according to the latest data from CoinDesk – up by less than one percent over the past 24 hours.
12:49 Bitcoin price continues to hover around $32,000
Bitcoin’s price is continuing to hover around the $32,000 mark as the cryptocurrency’s surge slows.
The value of Bitcoin currently stands at $31,930.58, according to CoinDesk – up 1.35 percent over the past 24 hours.
Bitcoin’s price had jumped to as high as $32,8000 on Wednesday after Tesla boss Elon Musk said his firm would “most likely” begin accepting it as a form of payment for its vehicles again.
12:00 DogeCoin becomes seventh crypto to get listed on CoinBase Commerce
The popular meme coin has been listed on the e-commerce arm of the US-based crypto exchange.
The platform currently accepts Bitcoin, Bitcoin Cash, Ether, Litecoin, Dai, and USD Coin.
CoinBase Commerce made the announcement about DogeCoin on its Twitter account.
10:56 ‘My hope is bitcoin solves world peace’ – Twitter boss
Jack Dorsey goes even further than the comments made by Elon Musk.
He tells the conference: “My hope is Bitcoin solves world peace.
“It may sound a little bit ridiculous but you fix that foundational level and everything above it improves.”
10:54 Bitcoin offers the power to bring more power to the individual’ – Musk
Elon Musk concluded his appearance at the conference by saying: “My hope for crypto in general is that it can improve the information system that we call money.
“Bitcoin offers the power to bring more power to the individual.”
08:53 Bitcoin price stabilises above $32,000
Bitcoin’s price has stabilised above $32,000 following a turbulant few days for the world’s most popular cryptocurrency.
The value of Bitcoin had dipped below the $30,000 on Tuesday for the first time in a month.
Currently, it stands at just over $32,000 according to the latest data from CoinDesk – up four percent over the past 24 hours.
08:03 Tesla boss Musk personally owns Bitcoin, Ethereum and Dogecoin
Elon Musk told the B Word conference he personally owns Bitcoin, Ethereum and Dogecoin.
This is separate from the Bitcoin that Tesla and SpaceX own.
He revealed: “I might pump, but I don’t dump.
“I definitely do not believe in getting the price high and selling.
“I would like to see Bitcoin succeed.”
07:49 Elon Musk provides huge boost to Bitcoin
Elon Musk has said Tesla will “most likely” restart accepting the cryptocurrency as a form of payment for its vehicles.
Speaking at the B Word conference, the tech billionaire said: “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 percent, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin.
“Most likely the answer is that Tesla would resume accepting Bitcoin.”