Had a good reminder today of the difference between permissionless & permissioned money

Moving AUD from a bank account to a crypto exchange my withdrawal got blocked

It took 4 days for the bank to contact me and try to resolve the situation

“We’re writing in reference to recent unusual activity on your ANZ Internet Banking/ANZ Mobile Banking.

As a precautionary measure your Customer Registration Number (CRN) has been temporarily suspended to prevent unauthorised use.”

After a single phone call it was resolved, but wow the questions their fraud team asked were strange

- first it’s all the kyc confirmation. Dob. Addresss. Phone number. Full name. They’re the ones calling you btw..

- then the all questions: is this for crypto? Is it just yourself? Have you done this a long time? This seems to be a new platform??? Etc etc

What’s frustrating is

1) how slow to notify me they’d stopped the withdrawal

2) the amount of info they already have that they need repeated back to them

3) the info they already had but didn’t look for (I’ve only ever used this exchange in the 3 years I’ve had the account eg, so it can’t be new, and also I’ve clearly done it before)

In short, when you have to ask permission to move your money, it creates so many hurdles

& hence the ability to opt out with Bitcoin is so important, valuable, and needed

🙏🏻