My UK bank Revolut is a crypto friendly bank enabling to buy crypto in their banking app. It's a relatively easy way to invest in crypto because most UK banks don't even allow you to send money to crypto exchanges.
Until two days ago, Revolut would limit withdrawals (sending BTC to other wallets, usually one's hardware wallet) to some very low limits. It was only £2500 worth of BTC per month, and £500 per day. So if someone had let's say 0.3 BTC in their Revolut account, and if BTC price went up, it would take years to move it to another wallet. This effectively is a form of capital controls because it puts a lid on moving capital out of Trad-Fi and into Crypto Land.
But this limit was removed two days ago. The limits now make way more sense, it's £10,000 per day and £100,000 per month.
So now someone can move £100,000 worth of BTC to their hardware wallet in a few days, if they wish.
I wonder if the timing is important.
If BTC would rip to the upside with the previous limits in place, Revolut would be have a lot of angry customers on their hands.
What do you guys think?
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