They keep my money safe by holding it securely, not by deciding how I use it. That’s the regulators job and they haven’t banned Binance, just a specific part of the product. Where does this end? If I try to width draw cash will I need to tell Barclays how I intend to spend it?
They're happy to send you your money. They just don't want to have any relationship with Binance.
Turns out if you do that, you'll also need to build your own AWS, your own DNS, your own payment systems, your own internet providers.
No, it doesn't work this way.
They've stopped a handful of scams just by asking the customer what they're doing. For a few of the folks involved the amount of losses would have been devastating financially and certainly emotionally (they're elderly with very limited finances).
I know the usual 'the bank wants to sell you something' lines will come up, but it's not hard to just say no, and the teller there might not be Snidely Whiplash...
For more leniency, use a bank that took a “criminal non prosecution agreement”, like Wells Fargo, where they remember that Compliance Officers are at-will employees too.
I explained why. Then they asked me to explain who this "Federal Reserve" was. I laughed thinking they were joking...Then found myself having to actually explain it. They then had me on hold for ten minutes when they checked with their manager...