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Title: Dwolla no longer allowing transfers to bitcoin exchanges Post by: testerx on October 10, 2013, 07:37:11 PM Just found out-apparently Dwolla will no longer allow any Bitcoin exchange to transfer money with them anymore! Luckily there are several other alternatives now but it's one less option now.
Quote Dear Dwolla Account Holder, As you know, Dwolla does not sell, accept, mine, value, take possession of, or hold Bitcoin or any other virtual currency product, and none of Dwolla’s users transact business with Dwolla using Bitcoin or any other virtual currency product. However, recent interest involving virtual currency and its exchanges has created uncertainty and confusion around virtual currency, and Dwolla's relationship with a small number of its exchanges. This has forced Dwolla to reassign resources, funds, and services. As Dwolla gears up for a new stage of growth, we recognize that we can no longer sustain this merchant base (.1 percent of Dwolla merchants) and its unique needs, and that attempting to do so jeopardizes both of our communities' starkly different, but similarly ambitious, vision for improving payments. Effective October 28, 2013 at 4pm CT, Dwolla will be withdrawing its service offerings to virtual currency exchanges and virtual currency related services. What does this mean? Your account, and its functionality, will remain unaffected. However, you can deactivate your account from within your Dwolla dashboard, if you so choose. Dwolla aims to provide its users and the few affected merchants with the guidance necessary to ensure a smooth transition. To do that, we encourage users to over-communicate with our support team, report any suspicious activity, and revisit our terms of service to ensure uninterrupted services. What is the timeline of events? October 10: Only existing users with a 30-day history with Dwolla will be able to send funds to merchants affected by this change. October 15: Affected merchants will be limited to sending money only, and will no longer be able to receive funds from customers. They will be able to issue refunds to customers at this time. October 28: Affected merchants’ accounts will be suspended. No further activity will be provided. October 29: Provided no security or fraud concerns, Dwolla will transfer any of the remaining funds inside the affected merchant's Dwolla account to its linked bank account. The decision to remove anyone from the network -- no matter the circumstances -- is not something Dwolla takes lightly. We are grateful for the opportunity to service and learn from these users. We wish the community and its pioneers the best. Sincerely, Dwolla Support Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: joesmoe2012 on October 10, 2013, 07:37:56 PM I don't think this effects Campbx, they have been accepting dwolla for a while - though I could be wrong.
Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: BCB on October 10, 2013, 07:40:06 PM I don't think this effects Campbx, they have been accepting dwolla for a while - though I could be wrong. according to the email they just sent you are wrong. Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: stex2009 on October 10, 2013, 07:44:41 PM I don't think this effects Campbx, they have been accepting dwolla for a while - though I could be wrong. according to the email they just sent you are wrong. Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: testerx on October 10, 2013, 08:05:40 PM I don't think this effects Campbx, they have been accepting dwolla for a while - though I could be wrong. It means that from now until October 14 you can still send money over to CampBX if you have an aged out account, but then after that Dwolla will only be able to send to you for another 2 weeks before everything is shut off. Luckily CampBX has several other options for withdrawal but it's still rather annoying that Dwolla is doing this. Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: Cubic Earth on October 10, 2013, 08:19:44 PM I think Bitcoin will survive this affront to its dignity, but my arbitrage system is about to suffer a serious blow.
Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: theonewhowaskazu on October 10, 2013, 09:08:17 PM Well, dwolla just about killed itself just now, didn't it :D
I was never a big fan of it, anyway. ACH generally works better. Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: Darkwill on October 10, 2013, 09:12:42 PM I knew this was coming. The government is exerting direct pressure to everything that makes BTC usable in the US.
Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: stex2009 on October 11, 2013, 05:53:50 PM So campbx will suffer because of this! do they have a stock I can short?
Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: StuffOfInterest on October 11, 2013, 08:07:15 PM Wonderful timing. I just signed up for Dwolla and CampBX on the basis of being able to use them to move money in and out of Bitcoin without resorting to wire transfers or mailing paper.
Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: ScaryHash on October 12, 2013, 04:15:13 AM Wonderful timing. I just signed up for Dwolla and CampBX on the basis of being able to use them to move money in and out of Bitcoin without resorting to wire transfers or mailing paper. You can still do an ach deposit from CampBX for 2 bucks. Not too bad. But, you're right. Pain in the behind. Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: joesmoe2012 on October 12, 2013, 04:23:36 AM This does make it more difficult to get money on the exchange, though sending a check shouldn't be that hard for any americans out there.
Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: cowandtea on October 14, 2013, 01:21:27 AM Getting harder and harder to just buy and sell Bitcoin now ....
Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: theonewhowaskazu on October 15, 2013, 04:37:39 AM Wonderful timing. I just signed up for Dwolla and CampBX on the basis of being able to use them to move money in and out of Bitcoin without resorting to wire transfers or mailing paper. You can still do an ach deposit from CampBX for 2 bucks. Not too bad. But, you're right. Pain in the behind. If you're using ACH, why not just Coinbase? Title: Re: Dwolla no longer allowing transfers to bitcoin exchanges Post by: hulk on October 15, 2013, 01:50:09 PM This sucks, I am guessing more and more Bitcoin exchange would follow.
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