Bank of America, Bulgarian Fiban, Polish BZ WBK, Australian National Bank, have blocked accounts of their customers for being part of cryptocurrency revolution.
The process of a new payment method has started and is heating up. Are banks afraid and need time to think about their next steps?
Bulgarian major banks had blocked accounts of several cryptocurrency exchanges. In FIBank announcement from their website you can read that, there is a lot of banks which they works with including JP Morgan Chase and Commerzbank, which refuse to accept cryptocurrency transactions.
FiBank also belongs to list of banks which don’t want to be part of digital currencies.
“In this regard, Fibank cannot continue to provide services to crypto-traders.” the bank announced.
Bulgaria is not the only country that tries to stop their customers from investing in Bitcoin and other altcoins.
As Shea Newkirk share on his page, Bank of America, first froze his account, then closed it.
The reason is a new bank policy about cryptocurrencies. Wrong choice if you got a patent to build cryptocurrency exchange accounts. Patent summary describes three possible accounts.
The first account is for customers to store their cryptocurrencies. Other two accounts will be operated by the business, which allows to quick digital assets swap. Merrill Lynch as an arm of BoA has also blocked clients accounts for cryptocurrency investments just two days before Bank of America has launched its “Bitcoin features program”.
The first bank which terminated private account for cryptocurrency exchange was BZ WBK.
As they say, in Polish law there are no specific regulations for cryptocurrency trading and the bank can terminate the agreement for justified reasons for using account unlawfully.
A few days later, another bank terminate an account, but this time of polish cryptocurrency market EasyCoin.pl. As they announced on polish Bitcoin forum, PEKAO will close their account in 30 days, because of money laundering and terrorism prevention law.
National Australia Bank, Commonwealth Bank of Australia, ANZ and Westpac Banking Corporation have frozen accounts linked with cryptocurrencies, especially with CoinSpot, CoinBase and BTC Markets. A spokesman from Commonwealth Bank confirms freezes.
“Because the destination account previously has been connected to a fraud or an attempted fraudulent transaction or is an account used to facilitate payments to Bitcoins or similar virtual currency payment services,” he said.
The banks worldwide don’t know what to do with accounts, which are used for digital assets exchange. I think that most of them just want to check the ground before next step, either is it their new program about cryptocurrencies or anty-digital assets policy.
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Photo from: coinivore.com
Last modified: January 8, 2018
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