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Economy => Economics => Topic started by: Unblock_news on March 05, 2019, 08:04:14 AM



Title: Cryptocurrency companies still canít open bank accounts
Post by: Unblock_news on March 05, 2019, 08:04:14 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Canoppo99 on March 05, 2019, 09:36:06 AM
Actually bank don't really like bitcoin, for cryptocurrency companies open bank accounts is a big deal. But there are  some bank in netherland called Bunq and ING that open cryptocurrency businesses, while in germany atleast there are three banks that good for cryptocurrency companies which called VPE bank, Fidor bank and commerzbank. Although most of banks are not ready to deal with unregulated currencies but when many people use cryptocurrency then those bank will adapt with that condition.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Naida_BR on March 05, 2019, 10:05:18 AM
Despite the fact that they see the cryptocurrency industry as an enemy to their system and they don't want to help it cultivate, they are afraid of Money Laundering. If they allow to crypto companies to open bank accounts freely then there will be a problem as companies may have a different rssidential location from the location of the bank account that they are going to open.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: manfredmann on March 05, 2019, 10:16:41 AM
Well probably it is because that cryptocurrency are too complicated for the bank to handle. As we all know that crypto (decentralized) and  fiat money (centralized) are very opposite. This is where the conflict will going to start so it will be redundant to use crypto and afterwards converted into fiat and vice versa. This will only double the transaction fee if crypto will be processed like this.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: daarul50 on March 05, 2019, 11:10:42 AM
The bank did not want to cooperate with the cryptocurrency company but they were only worried because there might be no legal regulations in the bank's country related to the use of cryptocurrency so they refused various cryptocurrency companies to open bank accounts.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: aleandromagno on March 05, 2019, 11:21:49 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts


Unfortunately, or maybe thats good, cryptocurrencies are a direct competition for banks. Of course they will not help in the development of their competition. They will always makes problems, but it is not everywhere. In Germany, some banks are friendly to cryptocurrencies, one bank (I do not remember the name) even announced with proud cooperation with Kraken exchange.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: crzy on March 05, 2019, 11:33:55 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
This is still a red flag because no formal regulations coming from a financial institution so the AMLA should keep this market unacceptable. If you donít want to freeze your money, then better not to put too much money on your banks or else you will regret it.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Ranly123 on March 05, 2019, 01:28:51 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

It's basic, banks do not want cryptocurrency to invade them since it's nature is very volatile and the profitability is uncertain. Banks can't risk it all for just a trend. Accepting crypto in their institutions needs thorough studies to be complied.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: virendarnagpal on March 05, 2019, 01:48:39 PM
The sad part of crypto is that  it is taken as an investment and no one can deposit one's investments  with the bank.  bank's are supposed to accept deposits in currency.
if we blame bank's only it will be partial and unjustified. 


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: markdario112616 on March 05, 2019, 04:34:04 PM
The sad part of crypto is that  it is taken as an investment and no one can deposit one's investments  with the bank.  bank's are supposed to accept deposits in currency.
if we blame bank's only it will be partial and unjustified.  

I disagree, Banks couldn't take Cryptocurrency as an investment. The nature of the Bank and nature of Crypto is quite different at every aspect, both have different system and ways.

It's basic, banks do not want cryptocurrency to invade them since it's nature is very volatile and the profitability is uncertain. Banks can't risk it all for just a trend.

This can be a factor. Since that the industry is much more volatile than any other investment. In addition, Cryptos might be known already worldwide, however, It's not legally acceptable to some countries. This is also being considered by the these Banks, as they don't want to have commit any violations under the laws of it's jurisdiction.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: MakeMoneyBtc on March 05, 2019, 04:49:21 PM
This is not the first time we see banks not having problems with cryptocurrencies. There are multiple complains on this forum about different banks blocking clients accounts because their transactions were involved with cryptocurrencies


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: angel55 on March 05, 2019, 05:30:16 PM
This will balance out, the banks that are willing to accept crypto businesses will end up making more money while the other banks are sitting on the sidelines.  Eventually all the banks will want to bring in these extra profits.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: MakeMoneyBtc on March 05, 2019, 05:43:11 PM
This will balance out, the banks that are willing to accept crypto businesses will end up making more money while the other banks are sitting on the sidelines.  Eventually all the banks will want to bring in these extra profits.
Banks work on a different system then blockchain so they are probably never going to accept crypto businesses, or at least they are not going to accept crypto transactions within their system. A business cannot work only on bitcoin since right now there is not much you can do with it and eventually they will have to exchange it with fiat for different purposes(taxes, merchandise, shipping, etc.) so even if banks would accept a contract with a crypto business the transactions between bank and the business will be made with fiat.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: gantez on March 05, 2019, 05:49:34 PM
Maybe at the moment, banks are not seeing the possibility for that because most companies have not started using cryptocurrency as payment to staff but in the future, it is going to happen that banks will marry crypto into their system because of general acceptance and crypto transaction. Bank is a financial institution and they need customers to patronize them too.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Shenzou on March 05, 2019, 06:11:19 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
Banks and probably many government are still considering cryptocurrency as a bad thing and something used for shady things like on the black market gambling and most importantly like you said money laundering, and i think that anyone who us associated with cryptocurrency should not even consider making a bank account in a country where it is not accepted, as it will bring them a lot of problem because their income is unpredictable, and are not people who work in the cryptocurrency industry should not trust banks because the defy every concept of the cryptocurrency.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Chikitita2004 on March 05, 2019, 06:51:10 PM
I don't understand why would cryptocurrency companies would want to put their holdings in banks when they can also store them in their digital wallets? The fact that cryptocurrency is decentralized how could they expect bank to cooperate with them since banks are so tight in with every client who would want their back.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: boled on March 05, 2019, 07:07:26 PM
very unfair if the bank accuses this of being related to illicit activities as criminals have exploited the technologyís ability to obscure parties involve in a transaction and to operate outside the regulated financial system. because in my opinion, the crime is everywhere, including in the banking world. customer data sales, fictitious transactions, money laundering, and much more.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: LeGaulois on March 05, 2019, 07:43:55 PM
The main problem is cryptocurrencies are still not correctly considered and so regulated. Some countries still don't know if it should be considered assets, currencies, illegal,... Banks won't help you to run a business (by providing you a bank account) to run an illegal business. They got too much problem already, they do care a lot more now.

Companies won't have such problem once cryptocurrencies are more well-know


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Mometaskers on March 05, 2019, 08:16:08 PM
Exchanges do transact with banks so they did managed to set up accounts there. There seem to still be the stigma with it though. For example my bank has slapped a fee on all cash-outs where before they are usually waived and disabled their cash-in service. Considering this is the largest bank in my country, it did affect many bitcoin enthusiasts in my country.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: sunsilk on March 05, 2019, 08:47:16 PM
I don't understand why would cryptocurrency companies would want to put their holdings in banks when they can also store them in their digital wallets?
It's a basic requirement to comply to the gov't that they can sustain their business as exchange along with the funds on the bank. It's more of a back up and show up that they aren't just going to operate and will take profit through the fees as they operate.

That's going to be one of their foundation to become legit but if these banks won't allow to happen, most crypto companies will struggle to prove that they have enough or back up fund to operate the cost. Banks really don't like crypto's.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: avikz on March 05, 2019, 09:37:48 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

Your article is just another way of looking at the same news below. Check the link,

https://www.dcforecasts.com/jpmorgan-is-blacklisting-crypto-firms-refusing-to-open-checking-accounts/amp/

While I can't deny that cryptos are easier to use in money laundering and other illegal activities, but how can a Bank refuse to provide its service to a company with no previous history? The reason given in this case, sounds like a simple eye wash while the main reason is maintaining supremacy and misuse of power. JPM should be sued for creating such nuisance!


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: 1Referee on March 05, 2019, 11:22:39 PM
It doesn't surprise me one single bit. It's unethical to reject customers, but then again, it's their platform and they can accept/reject any entity at any time. Complaining usually won't do much unless all rejected crypto entities pool their efforts and take it to the court, but even that could still turn out to be a waste of time and money.

What we don't read about is that a lot of exchanges have had to deal with banks just not wanting to cooperate with them anymore, and in order to move their funds, a % fee has to be paid, which is a form of extortion if you think about it. If this happens frequently, which Bitfinex has had to deal with, it's not out of the ordinary to lose 5-10% of your total fiat balance due to the absurd fees.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Vaskiy on March 05, 2019, 11:35:37 PM
Through fiat illicit activities, money laundering and other form of crime related activities were taking place. What's happening with the use of bitcoin is comparatively very low and this is the way to degrade cryptocurrency. Banks fear growth of cryptocurrency and to eliminate its usage this is the only way without which they were unable to stop its progress on all aspects.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: dothebeats on March 06, 2019, 01:00:48 AM
Seeing how vague cryptocurrency regulations are on some parts of the world, I can see this happening within a mile. Those crypto services that got lucky into securing a bank account and getting financial services for their companies are situated within regions wherein the idea of cryptocurrencies are not frowned upon. If cryptocurrencies gain full support from governments, I am quite sure that banks would follow where the money is. They are just scared of getting screwed up by hacks and loss of profit that's why they aren't taking a bite on cryptocurrency services just yet.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: davis196 on March 06, 2019, 06:23:03 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

Why it's so improtant for crypto companies to open bank accounts?Can't they just use crowdfunding platforms or offshore bank accounts?Weren't ICO invented as a crowdfunding tool to avoid banks?I know that ICOs suck,but there must be a way to fund cryptocompanies without using banks.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Kakmakr on March 06, 2019, 06:42:36 AM
It only take one or two Banks to come forward and to say, "bugger the rest of these Banks, we support Crypto currency users." It is new start-up Banks with a lower client base, that will have to start this, because the bigger Banks have little to gain by supporting this.

The bigger Banks will suddenly see Crypto currency clients, closing their accounts voluntarily and moving to Banks that supports Crypto currencies. The bigger Banks will lose market share and they will be forced to change their agenda. <Remember, Bitcoiners have friends and family with accounts at these Banks and they can also change Banks>

The other thing that can be done to stop this is to report them for anti-competitive business practices. <Let the courts deal with them>


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: mindrust on March 06, 2019, 06:47:04 AM
Despite the fact that they see the cryptocurrency industry as an enemy to their system and they don't want to help it cultivate, they are afraid of Money Laundering. If they allow to crypto companies to open bank accounts freely then there will be a problem as companies may have a different rssidential location from the location of the bank account that they are going to open.

Afraid of money laundering?

That's a smooth way to say, "They don't want competition."

Deutsche and Citi are laundering Russian money:
https://www.businessinsider.com/expos-on-russian-money-laundering-operation-entangles-banks-2019-3?utm_source=reddit.com



Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: orions.belt19 on March 06, 2019, 07:15:58 AM
Seeing how vague cryptocurrency regulations are on some parts of the world, I can see this happening within a mile. Those crypto services that got lucky into securing a bank account and getting financial services for their companies are situated within regions wherein the idea of cryptocurrencies are not frowned upon. If cryptocurrencies gain full support from governments, I am quite sure that banks would follow where the money is. They are just scared of getting screwed up by hacks and loss of profit that's why they aren't taking a bite on cryptocurrency services just yet.

I'd have to agree with you mate. Just check out what has been said in the article:

Quote
Alameda Research CEO Sam Bankman-Fried told Bloomberg that banks would rather deny banking services to cryptocurrency companies as they do not want to get involve in cryptocurrency-related compliance issues.

With how messy the regulations are in relation to crypto, banks have decided to steer clear from the hassle of compliance that comes with crypto. Since that crypto is not yet fully supported by the government, they may encounter problems with authorities. A bank would of course go with wherever there is money and profit. Even while crypto has been gaining revenue, they won't take that risk.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Stavri on March 06, 2019, 07:40:27 AM
cryptocurrencies are based on blockchain. blockchain provides anonymous transactions. that is why some people prefer to use cryptocurrencies for money transfer instead of using bank accounts. so what is the meaning of blaming people not to open bank accounts?


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: boled on March 06, 2019, 08:30:10 AM
cryptocurrencies are based on blockchain. blockchain provides anonymous transactions. that is why some people prefer to use cryptocurrencies for money transfer instead of using bank accounts. so what is the meaning of blaming people not to open bank accounts?
this makes sense, I agree with you, and the bank is the reason blockchain and bitcoin were created, avoiding large fees and overcoming money transfer systems that are considered too many procedures. so actually we don't need a bank account for crypto transactions. but not now, because crypto has not yet been used as a payment tool.
and I don't blame those who don't have bank accounts.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: incomefromcoins on March 06, 2019, 09:51:00 AM
Recent cryptocurrency companies are facing blocking of bank accounts this is because bitcoin adoption is big concern for banks further growth fear banks in large


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: D3m1r4wanti on March 06, 2019, 11:51:18 AM
very unfair if the bank accuses this of being related to illicit activities as criminals have exploited the technologyís ability to obscure parties involve in a transaction and to operate outside the regulated financial system. because in my opinion, the crime is everywhere, including in the banking world. customer data sales, fictitious transactions, money laundering, and much more.
I also think that this is very unfair, because they continue to disgrace the cryptocurrency currency as a currency that is very easy to be used for crime transactions and so on even though in FIAT currencies (in banking transactions) crime is very much happening.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: adamlillian on March 06, 2019, 12:14:18 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
There are several conspiracy theories that businesses in crypto markets are created to launder money and fight government taxes. because their assets have been kept on some wallets and they can use that money to invest and develop without converting fiat money.
This is also a great advantage for crypto businesses and also why many ICO projects appear every day.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: semobo on March 06, 2019, 02:08:00 PM
I don't know why a crypto company need to open a bank account,they can transac crypto currencies for their purpose. :D

As a individual you can use and convert the cryptos into fiat if there is in need.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: mu_enrico on March 07, 2019, 03:55:25 AM
I don't know why a crypto company need to open a bank account,they can transac crypto currencies for their purpose.
Well, they still need to pay taxes in fiat, and you should know that at the moment not many businesses and shops accept cryptocurrencies.

However, I'm still optimistic that crypto businesses will be able to do AML/KYC properly and become legal in the near future.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: goaldigger on March 07, 2019, 10:54:43 AM
Banks surely needs a ton of information in order for a person or a business to open an account or just a simple transaction. Cryptocurrency's anonimity in nature are contradictory to this one. Its hard to be anonymous if you need to give it on some organizations for the security of your investors. Theres a lot of factors to think and it should be think wisely.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Wilhelm on March 07, 2019, 12:27:33 PM
The banking business has a monopoly on generating money out of thin air.
They are afraid of Bitcoin because they can no longer generate money and create loans based on liquidiy.
The blockchain will force them to be accountable. No wonder they don't want anything to do with it.

Just watch the youtube video "The biggest scam in the history of mankind" and you will understand what I mean.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: danherbias07 on March 07, 2019, 01:04:03 PM
Yes. They are sticked with the government so they will always have to comply with the rules.
If they let it happen and got caught then they might lose their company or they will lose trust from their clients.

That is why ICO is in demand. They cannot get the funds needed from banks or any support from their own government so they will risk it by trying to get help from the people.
Lucky if a rich one supports them.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: qwertyup23 on March 07, 2019, 01:44:53 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

This is actually true. I know someone who has like 50+ bitcoins and he cannot transfer his funds from the US to the Philippines since the bank questioned the origin of the said money. Every month, he can only convert and transfer around $3,000-$4,000 and he visits the US in order to clear his name and explain his situation.

Banks surely needs a ton of information in order for a person or a business to open an account or just a simple transaction. Cryptocurrency's anonimity in nature are contradictory to this one. Its hard to be anonymous if you need to give it on some organizations for the security of your investors. Theres a lot of factors to think and it should be think wisely.

Coming from the bank's perspective, anyone may claim that they received the money in cryptocurrency profit which makes it questionable due to its anonymity factor. Maybe this is the barrier that must be resolved in the future to prevent these things from happening.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: kyucryp on March 07, 2019, 02:04:01 PM
crypto currencies and banking systems are different so if we want to open an account for crypto currencies, then there must be a banking company that specializes in handling crypto currencies. becoming a crypto currency has a banking system that is separate from fiat currency banking. and so far, crypto currency has only been used as a trading commodity, it is not used to transact so that to save digital assets, we can use the existing online wallet system.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: pawanjain on March 07, 2019, 02:37:05 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
This has been an issue since the beginning of the rise of cryptocurrencies. Since cryptocurrencies are anonymous and had been used for illegal activities and terrorism, banks have strictly restricted people from making any crypto related transactions from their bank accounts. Crypto has been developed over the years and has been adopted by many companies. It has been regulated in many countries now.
Now it depends from country to country where crypto is legalized or regularized and only such countries do not restrict people from making crypto transactions. Only banks from such countries where crypto is not legalized or regularized restrict people from making crypto related transactions.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Muzika on March 07, 2019, 03:03:22 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

First thing that the bank wants to avoid is the act of money laundering, that is the thing they are against with, yes there were lots of companies that are legitimate when it comes in using cryptocurrency but it is still there was no regulation from the central bank to use crpytocurrency sometimes regulations are the only hindrance to this matter.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Labumi on March 07, 2019, 03:47:05 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

First thing that the bank wants to avoid is the act of money laundering, that is the thing they are against with, yes there were lots of companies that are legitimate when it comes in using cryptocurrency but it is still there was no regulation from the central bank to use crpytocurrency sometimes regulations are the only hindrance to this matter.
some countries already have regulations on the use of cryptocurrency and many countries have started using cryptocurrency as a currency that is often used for transactions. so that the rules for using cryptocurrency have been circulating.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: el kaka22 on March 07, 2019, 06:53:30 PM
In many countries yes but there are ones that can open bank accounts without a problem at all in some countries.
Look at coinbase for example, it is so bank friendly that you can literally put your credit card there for them to take as much as you want each month, they have a big bank account and I am sure they have many smaller ones spread around as well.

In my country they do not have the right to open a bank account so we are basically living in a period where it is allowed in some countries but illegal in some countries. Our countries exchanges figured out a way that basically states "as long as I pay taxes they will like me" so they went with a route that labels them not as a crypto currency exchange but as a "seller of btc" type thing where they basically consider bitcoin like a product they sell and tax it that way so they pay a ton of taxes.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: SaShiRaJaVu on March 07, 2019, 07:21:00 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.
It is strange to see these sort of restrictions even though the crypto market complies with strict know your customer policies and i am not sure why they could not take that as face value when it comes to dealing with them directly and that too from countries that are crypto friendly, may be it is a combined attack from the banking sector to stifle the market so that their long term business policies will not be effected by restricting the crypto market.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Barbut on March 07, 2019, 08:54:08 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.
It is strange to see these sort of restrictions even though the crypto market complies with strict know your customer policies and i am not sure why they could not take that as face value when it comes to dealing with them directly and that too from countries that are crypto friendly, may be it is a combined attack from the banking sector to stifle the market so that their long term business policies will not be effected by restricting the crypto market.
Its not like that, this headline should be some cryptocurrency companies still can`t open bank accounts in some banks in some countries. Its not black and white, you have many countries with different laws, with different rules, same for banks. Some are open for blockchain technology, some are closed, why is that so important when we have some big countries are getting into blockchain, when they finish with that all other countries will follow, blockchain will be a global standard.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Oceat on March 07, 2019, 08:56:38 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
Well, for some other countries if your source of income is from any related cryptocurrency they will somehow close your bank accounts or forced you to take it all out and transfer to another bank which is i don't know if the same thing would happen to them as the previous one you had.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: ethereumhunter on March 08, 2019, 07:45:44 AM
It will be no problem if the cryptocurrencies companies cannot open a bank account, and they can use a different way to solve that. But someday, I am sure that the banks will allow this and even the banks will get involved in the cryptocurrency. They will make offers to the companies, and of course, they promise to gives something worth to their customers too.

They are doing like that because they were still afraid of the regulations from the government and the government push them to not accepting cryptocurrency in this time. But the government itself still find out more about crypto, so the chance for cryptocurrency to be accepted by the banks still open.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: dimox on March 08, 2019, 03:43:11 PM
if government accept bitcoin in that country, i think they can open bank account. because mostly, bank is under government, they built by government. but, there are many bank vilify bitcoin, they look bitcoin as a viral. and actually bitcoiner will make profit for bank, they just dont see that


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Reid on March 08, 2019, 04:45:47 PM
It might take forever before they will support this kind of crypto related companies.

First of all they will think about the risk of giving them loans. Payment options or payment time might take longer and also there are chances that they may get bankrupt which happens mostly to ICOs now.

One more thing is the trust issues with crypto currencies. Bitcoin had been bashed for too much and FUD's are flowing in social media. So it will always be a no for those who still believes in fiat.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: coinplus on March 09, 2019, 03:45:29 PM
Banks are not the guilty part here, there is still a lot of discussions about how cryptocurrency related companies are legally run, there are laws in many countries, some countries do not even have laws for crypto to this day and of course banks are not sure how to open bank accounts for crypto companies.

I mean if you are an exchange you get a different company and when you are miner you get different, basically all types of crypto companies out there and it must be really difficult to open bank accounts for all of them looking at the laws and seeing how to react to them. Banks should not be held liable, governments should be, not as major as whole government but just the financial and economic parts of the government who should make it clear for banks to allow them to accept crypto companies.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: gowobonyok on March 30, 2019, 01:11:24 AM
after all if crypto opens its own bank, it would be quite risky for fiat. if indeed crypto is authorized and establishes its own company, the country's banking system will be disrupted, except if the state gives up crypto replaced. (even though it's 40%)


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: kaya11 on March 30, 2019, 10:12:04 AM
Actually bank don't really like bitcoin, for cryptocurrency companies open bank accounts is a big deal. But there are  some bank in netherland called Bunq and ING that open cryptocurrency businesses, while in germany atleast there are three banks that good for cryptocurrency companies which called VPE bank, Fidor bank and commerzbank. Although most of banks are not ready to deal with unregulated currencies but when many people use cryptocurrency then those bank will adapt with that condition.

Actually in some part of the world, banks like BTC and other crypto currencies. Know why? It doesn't really matter what is it as long as they earned from it. Bitcoin, lands, golds, as long is has value they will tend to do business with it. See, in our country we can receive our trading profits directly to our bank accounts, so if they don't like BTC, they will not surely accept it. Also the time I applied for a bank account they asked me what kind of business do I have, I told them only online stuffs, and guess what did they said, 'bitcoin? and I said yes. They did not further question me about it. That only means they are not against it in fact it's more likely they will earn from us.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Whosdaddy on March 30, 2019, 03:22:38 PM
I don't think it will be a problem for too long, I mean it is a contemporary problem that the crypto companies are facing and with more regulations and more laws about crypto passes in countries the more banks will allow them to open accounts. Look at Ukraine for example, they do allow crypto companies to open accounts there, because the laws are settled and they are allowed and everything is drawn out for them.

Look at Cyprus for another instant like there are "gray area" zones there between south and north Cyprus and you can open accounts there with ease. There are places that basically crypto companies can operate with ease and there are some with no rules so its harder to allow them so it will just take time but we will eventually get there and all of them will have bank accounts.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: whirlcoin on March 30, 2019, 03:23:19 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
the reason will be simple the banks are not supported for cryptocurrencies that's why they don't accept cryptocurrency users to be a part of their development otherwise there is nothing in this because we don't need banks are to be part of this field.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: kodtycoon on March 30, 2019, 03:39:12 PM
bank are very difficult to accept cryptocurrencies because they already have their own currencies, by the way bank arre very afraid if cryptocurrencies are recognized by the government but well actually bank can also make cryptocurrencies and if that happens then the value of bitcoin will be the most important in exchange all cryptocurrencies


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: carter34 on March 30, 2019, 03:57:19 PM
but well actually bank can also make cryptocurrencies and if that happens then the value of bitcoin will be the most important in exchange all cryptocurrencies

Yes there is possibility for this, that banks can develop a coin in their names (after all, I read some thread where celebrities are talking of such creation  ;D) but I think that can actually be possible afternoon adoption if it can happen.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: shesheboy on March 31, 2019, 02:29:57 AM
bank are very difficult to accept cryptocurrencies because they already have their own currencies,

what currency do you mean ? fiats or cryptos ?  however both are possible banks have already a fiat and banks can also create thier own cryptos  .

by the way bank are very afraid if cryptocurrencies are recognized by the government but well actually bank can also make cryptocurrencies and if that happens then the value of bitcoin will be the most important in exchange all cryptocurrencies

actually most countries and governments are now already accepting and legalizing the use of cryptos and guess what ? banks are not against them but banks also join the party because cryptos are really beneficial to those who embrace it  . they are all can benefit with it .  but lets face it , some are still scared and doubting to accept crypto's   .


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: eaLiTy on March 31, 2019, 05:27:20 AM
the reason will be simple the banks are not supported for cryptocurrencies that's why they don't accept cryptocurrency users to be a part of their development otherwise there is nothing in this because we don't need banks are to be part of this field.
If you are new to the market and if someone is planning to invest in bitcoin, the common thing anyone would do is to use his bank account to transfer money to any exchanges where he can purchase crypto currency, other than that what option does he have, you can get bitcoin or any coin in the market through two ways, either mine the coin or you purchase the coin and i am not considering any other option simply because working for bitcoin is not an viable option for a causal user who wants to invest in it, so banking relations are important for a sustainable market situation.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: r1a2y3m4 on March 31, 2019, 05:41:51 AM
Cryptocurrency companies still find it hard to open bank accounts for their company because of the reason that cryptocurrency is not accepted by banks. It's like helping somebody to make them better than you. Who in the world will help somebody that will be a mortal enemy in business once that business will be known worldwide?


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: niteroy on March 31, 2019, 09:08:08 AM
It is quite natural that companies that work with cryptocurrency find it difficult to obtain permission to interact with the banking sector, because cryptocurrency has not received a certain legal status, is still not included in the legislative field and is not regulated by state financial regulators.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: therhslv on March 31, 2019, 09:10:45 AM
Not sure what you guys talking about , there is plenty of projects that have bank accounts associated with crypto , like Coinbase , crypto dot com ( Monaco ) , Belugapay all the exchanges with FIAT deposits and withdrawals . Maybe kickstarter projects struggling to make parterships with banks , but projects that are out there for 1-2 years , have bank accounts .


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Pattart on March 31, 2019, 11:14:12 AM
It is quite natural that companies that work with cryptocurrency find it difficult to obtain permission to interact with the banking sector, because cryptocurrency has not received a certain legal status, is still not included in the legislative field and is not regulated by state financial regulators.
I don't think it will be that difficult? we don't cooperate with each other. the bank gets a new customer from your company, why does he reject it. except if we work with a bank on certain matters, he can reject it if it is not in accordance with the rules, while we only create an account with the name we want. its not a problem I think


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: munareal on March 31, 2019, 01:31:32 PM
Cryptocurrency is not fully understood and accepted by mainstream society. Cryptocurrency companies should for now be independent and find ways they can service and get new customers without the traditional banks. Bankers know that cryptocurrency with push them out of business


Title: Re: Cryptocurrency companies still can’t open bank accounts
Post by: deisik on March 31, 2019, 03:41:52 PM
Not sure what you guys talking about , there is plenty of projects that have bank accounts associated with crypto , like Coinbase , crypto dot com ( Monaco ) , Belugapay all the exchanges with FIAT deposits and withdrawals . Maybe kickstarter projects struggling to make parterships with banks , but projects that are out there for 1-2 years , have bank accounts

It largely depends on specific jurisdiction

It kinda goes without saying that if the authorities consider crypto outright illegal (there are quite a few such countries), you wouldn't really expect a lot of crypto related companies and businesses to have bank accounts to support their cryptocurrency operations. Truth be told, you wouldn't even expect these companies to be open about their operations involving cryptocurrencies in the first place

The bottom line is that the devil is in paying precious attention to specific details as legality of crypto varies greatly among different jurisdictions across the world. And things get even more complicated and convoluted with businesses operating on a global scale


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: playboy654 on March 31, 2019, 04:30:06 PM
The main reason is the banks will not accept cryptocurrency like a normal currency that's why they become users and Bitcoin companies are struggling to merge with banks and make it possible to make connection so it will be like we need to take some time for the possibility.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Netnox on March 31, 2019, 05:28:05 PM
First we need to realize that banks regard Bitcoin as an existential threat. So it is not surprising to see all that hostile reactions coming from them. And honestly, we should be looking for alternative options rather than begging in front of the banks.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Btchunter3333 on March 31, 2019, 06:51:50 PM
So bad that banks don't accept, let crypto owners to open bank account to withdraw cripto, they should take some measure and can check if that crypto is not from money laundering.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Marry Finch on May 17, 2019, 05:44:02 AM
I think that this is not just about opening ordinary bank accounts, but accounts in cryptocurrency. Banks clearly work on instructions that are approved by the government. If they do not have the appropriate rules for how to act in one way or another, they will not do that at all. Money always loves clarity. The analogy does not apply here at all. Banks will not act at your own risk. They do not need it, because it threatens them with heavy fines.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Vektrum on May 17, 2019, 01:45:42 PM
It is because a bank can easily freeze a personal account of a person or a company account that I like decentralized cryptocurrencies and I wait for them to become more common and start to be used in many countries, companies, organizations. Because if large firms at least partially used for example Bitcoin, then they could have avoided the difficulties caused by blocking a bank account.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: basyang on May 17, 2019, 03:08:40 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

     Well, I think until its still under discussion of many business man today. Maybe in some selected countries you can open an account especially to those country that bitcoin is legal and bank is one of their partners when it comes to transactions. Their are an issue that Bitcoin and Banks is rival but its good to see if they will combine for a better and convienient transaction.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Vishnu.Reang on May 17, 2019, 03:38:42 PM
Rather than the fear of getting involved in money laundering activities, it is the lack of clear regulations regarding crypto-currency which is limiting the role played by the banks. So in most cases, the cryptocurrency companies have to depend on third parties for the fiat cash transfer, which is a very risky move (as seen from the latest Bitfinex scandal).


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Findingnemo on May 17, 2019, 04:04:24 PM
Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: JeffBrad12 on May 17, 2019, 04:29:03 PM
Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.
The centralized institution and the decentralized network and both things are contradictory from one to each other. It's natural but those centralized companies have been doing a lot of efforts to press the spread of the decentralized network among the common person.

The political power will not work when it comes to the people power. Remember the decentralized network used the people power to keep its existence.

Anything will be doing by them will be useless and the only choice to adopt it.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: peter0425 on May 17, 2019, 04:45:00 PM
Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.
Obviously, banks treat anyone who involves himself in crypto threat so it will be very hard to open a bank account because I'm sure those questions will be ask during the initial interview. Maybe it's not fair, but we need to accept that fact at this point though.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: UNOE on May 17, 2019, 04:51:53 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
I think that anty-money laundering is only excuse to stop crypto from their natural growth. It is easy to manipulate with people with fear that someone could use cryptos to finance whatever they want, but what was happening without cryptos, before cryptos. Fiat money was largerst, and allways will be number one for all criminal doings, because of fact that Bitcoin is actually more transparent than Fiat currencies. Everyone could track every transaction on blockchain, so there is no real reason to avoid accepting Bitcoin into economy.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Findingnemo on May 17, 2019, 05:13:45 PM
Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.
The centralized institution and the decentralized network and both things are contradictory from one to each other. It's natural but those centralized companies have been doing a lot of efforts to press the spread of the decentralized network among the common person.

The political power will not work when it comes to the people power. Remember the decentralized network used the people power to keep its existence.

Anything will be doing by them will be useless and the only choice to adopt it.
But people still not aware of the having decentralization and these centralized networks made bitcoin look like a bad thing to hold so having support from the people side is less.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: uneng on May 17, 2019, 06:44:25 PM
It's a good opportunity for smaller banks to take the crypto currency users as customers, as the big banks are the ones denying business with such currencies. It's already time for new banks to appear and improve the services being offered in the market.
The traditional banks acts in cartel, offering very similar, low quality, abusively expensive services. But as the system becomes more decentralized, there is nothing they can do, unless accepting the changes.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Spaffin on May 17, 2019, 08:47:38 PM
It is because a bank can easily freeze a personal account of a person or a company account that I like decentralized cryptocurrencies and I wait for them to become more common and start to be used in many countries, companies, organizations. Because if large firms at least partially used for example Bitcoin, then they could have avoided the difficulties caused by blocking a bank account.
How can large firms use Bitcoin for their transactions if their accounts are not serviced by banks? What documents will these firms use to confirm the correct payment of taxes to tax authorities? This is not as simple as it seems. Banks, in fact, will refuse to open and maintain accounts in a cryptocurrency until they receive a clear explanation from their government in the form of a specific regulatory document on how to act in each particular case. And this is not done quickly.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Oilacris on May 17, 2019, 09:04:22 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
I think that anty-money laundering is only excuse to stop crypto from their natural growth. It is easy to manipulate with people with fear that someone could use cryptos to finance whatever they want, but what was happening without cryptos, before cryptos. Fiat money was largerst, and allways will be number one for all criminal doings, because of fact that Bitcoin is actually more transparent than Fiat currencies. Everyone could track every transaction on blockchain, so there is no real reason to avoid accepting Bitcoin into economy.
Fact!
They are fully aware that fiat system is already been used since the beginning of time when we do talk about money laundering and other related criminality which
do involved with fiat.It is really just an excuse for them to exclude or prohibit on adopting crypto since they do reside with the government then its clear that cryptocurrencies
volatility,anonymity/decentralized/in-taxable thing is clearly the reason.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: bonker on May 17, 2019, 11:30:08 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
I expected this because this problem still continue to happen between the banks and the cryptocurrency uses but it definitely need to be changed in the future it is the healthy process for our economy to make some good development in the society.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: marcbitcoins on May 18, 2019, 02:33:49 AM
Here in my country. The banks did not offer account for crypto currencies but there are in support and with partnership of our local exchanges in which we could use the banks withdrawal facilities everytime we converted our crypto to fiat. I guess crypto accounts in banks are possible only in a country that crypto currency can be use fully in direct spending as money laundering is not an issue as long as there is regulation in which the governments and the banks can fully monitored the transaction of every individual.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: andriarto on May 18, 2019, 03:46:37 AM
Here in my country. The banks did not offer account for crypto currencies but there are in support and with partnership of our local exchanges in which we could use the banks withdrawal facilities everytime we converted our crypto to fiat. I guess crypto accounts in banks are possible only in a country that crypto currency can be use fully in direct spending as money laundering is not an issue as long as there is regulation in which the governments and the banks can fully monitored the transaction of every individual.
like in my country too. where a local exchanger is a company that must obtain permission from a government agency. and it is he who facilitates crypto currency exchange to bank accounts or vice versa. so the bank has no interest in cryptocurrency


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: davinchi on May 18, 2019, 11:58:15 AM
I think that this is not just about opening ordinary bank accounts, but accounts in cryptocurrency. Banks clearly work on instructions that are approved by the government. If they do not have the appropriate rules for how to act in one way or another, they will not do that at all. Money always loves clarity. The analogy does not apply here at all. Banks will not act at your own risk. They do not need it, because it threatens them with heavy fines.
But despite the fact they are strict with all these their policies, crypto companies are still using banks to operate cryptocurrency, if not, where are local exchanges getting money they use to pay their users? For a local exchange to function well, they must have cash in a bank account and anytime we request for withdrawal from an exchange, they have never failed in failing us.

They operate this right under the nose of these traditional banks. Now, they ought to see that the reason why people just need regulation and for them to legalize crypto is for them to just go by the rule of government and not because they can operate cryptocurrency without them knowing.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: SirLancelot on May 18, 2019, 12:07:35 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
You should know that the banks are very scared of crypto because they know that it would be a very big treat to them when we begin to experience an economic crisis in the world, this is why they are doing everything possible within their power to make sure that they frustrate crypto companies by stopping them from creating an account so that transactions won't take place smoothly, I believe this is a battle and crypto is going to come out victorious.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: milliondollarforum on May 18, 2019, 01:19:34 PM
In some countrys like poland, it is now forbidden for companys to accept Bitcoin and other coins and send them to the own banking account.
So even for a normal restaurant or something like that it's not allowed annymore to accept bitcoin, as long they use a bank account in their home country.  ??? :'(


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: UNOE on May 18, 2019, 02:07:13 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
I think that anty-money laundering is only excuse to stop crypto from their natural growth. It is easy to manipulate with people with fear that someone could use cryptos to finance whatever they want, but what was happening without cryptos, before cryptos. Fiat money was largerst, and allways will be number one for all criminal doings, because of fact that Bitcoin is actually more transparent than Fiat currencies. Everyone could track every transaction on blockchain, so there is no real reason to avoid accepting Bitcoin into economy.
Fact!
They are fully aware that fiat system is already been used since the beginning of time when we do talk about money laundering and other related criminality which
do involved with fiat.It is really just an excuse for them to exclude or prohibit on adopting crypto since they do reside with the government then its clear that cryptocurrencies
volatility,anonymity/decentralized/in-taxable thing is clearly the reason.

I do not think that volatility should be an problem... Volatility is here only because of fact that this market is still in early stages, and pretty small compared to other assets. High volatility is actually invalid argument, it is something like if you say that something can not be large because it is small. There are many stocks with higher volatility than Bitcoin, but that is not problem for them to have an bank account for example.
Check most volatile stocks -> https://www.tradingview.com/markets/stocks-usa/market-movers-most-volatile/
And yes, we need Bitcoin index and Altcoin index, because of differences in price on exchanges. It wouldn't be right to say that price for example on Coinbase is "real" price. We need an index with average price from 10 most popular exchanges for example. And that index could be traded too.
Two days ago, when someone dumped 7k BTC on Bitstamp with market order, we could see how much efficient is this market, because of bots which are are working non stop on arbitrage, and correcting price on all major exchanges pretty fast.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: guoyu78 on May 20, 2019, 07:47:51 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
If you're referring to companies direct, then you're wrong cause there are lots of exchanges these days and all of them functions with banks. No cryptocurrency exchange can function without having a bank account, if there is one, the mention it! None. And if you mean in terms of crypto companies providing bank services to individuals, then you're also wrong cause there are lots of wallets that serves for the same purpose as of banks. You can send money through crypto wallet and you can also receive. Then there are some offers debits cards as well, the only difference is that crypto users are meant to stay anonymous.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Cherylstar86 on May 20, 2019, 09:44:33 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
If you're referring to companies direct, then you're wrong cause there are lots of exchanges these days and all of them functions with banks. No cryptocurrency exchange can function without having a bank account, if there is one, the mention it! None. And if you mean in terms of crypto companies providing bank services to individuals, then you're also wrong cause there are lots of wallets that serves for the same purpose as of banks. You can send money through crypto wallet and you can also receive. Then there are some offers debits cards as well, the only difference is that crypto users are meant to stay anonymous.

 I think there were selected online wallet services available in a specific country, that offered direct bank transfers using crypto towards fiat savings. Hopefully all countries who has no conflict with this type of systematic approach, will acquire desired plans for the future. Precisely were all bounded to look forward in terms of adoption drive through so banks will soon be accessible of crypto transactions.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: nur rochid on May 21, 2019, 08:12:47 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
If you're referring to companies direct, then you're wrong cause there are lots of exchanges these days and all of them functions with banks. No cryptocurrency exchange can function without having a bank account, if there is one, the mention it! None. And if you mean in terms of crypto companies providing bank services to individuals, then you're also wrong cause there are lots of wallets that serves for the same purpose as of banks. You can send money through crypto wallet and you can also receive. Then there are some offers debits cards as well, the only difference is that crypto users are meant to stay anonymous.

 I think there were selected online wallet services available in a specific country, that offered direct bank transfers using crypto towards fiat savings. Hopefully all countries who has no conflict with this type of systematic approach, will acquire desired plans for the future. Precisely were all bounded to look forward in terms of adoption drive through so banks will soon be accessible of crypto transactions.
if indeed, as you explained, it means that in that country legalized bitcoin, so that the bank can transfer the crypto currency directly. but unfortunately there are still a few such countries. of course there is a government role in it


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: micalith on May 22, 2019, 08:51:01 AM
Of course, banks have to work according to the legal regulations in their own countries. Unfortunately, crypto exchanges cannot work with all banks. I know that many crypto investors in my country have problems with their bank accounts due to the swift transfers sent from the crypto exchange.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: desticy on May 25, 2019, 10:31:23 AM
Cryptocurrency is not regulated, almost not tracked and is not taxed. This is an excellent opportunity for money laundering, which means no bank will allow crypto companies to open accounts without appropriate regulation.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Akpuv on May 25, 2019, 01:22:55 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
This is very true. Because of the anonymous nature of cryptocurrencies, people can easily transfer it to settle illegal deals. This is one of the reasons most governments don't want to allow it and as such the central banks will likely continue to kick against it.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: calya on May 25, 2019, 03:39:30 PM
Cryptocurrency is not regulated, almost not tracked and is not taxed. This is an excellent opportunity for money laundering, which means no bank will allow crypto companies to open accounts without appropriate regulation.

crypto companies blocked by regulation if they open acccount on the bank.and i think this is not neccessary for them to open account.they only need wallet to operate their projects.and if they need cash money it could use common account.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: BitBustah on May 25, 2019, 05:10:52 PM
Banks aren't willing to play ball unless they are getting a large cut of the action.  Money talks and they aren't going to risk dealing with small companies.  They will take the risk if they are pulling in big profits because then it is worth their time.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Argoo on May 26, 2019, 09:15:14 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
In order for banks to serve cryptocurrency enterprises and open accounts for them, banks' desire alone is not enough. They work hard on instructions from the government and relevant government agencies, and if the instructions do not clearly indicate what to do if someone wants to open a cryptocurrency account, they will not do it because their initiative will result in major penalties for them . Therefore, the issue is primarily in the legalization of cryptocurrency states and the adoption of relevant laws and regulations.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: fauzan Ichsan on May 27, 2019, 03:51:48 AM
Banks aren't willing to play ball unless they are getting a large cut of the action.  Money talks and they aren't going to risk dealing with small companies.  They will take the risk if they are pulling in big profits because then it is worth their time.
right, big companies will also attract big businesses. and I think that has become a formula. besides what you explained, of course banks cannot crash rules, if the government has not legalized cryptocurrency


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: asriloni on May 27, 2019, 05:30:57 AM
Banks aren't willing to play ball unless they are getting a large cut of the action.  Money talks and they aren't going to risk dealing with small companies.  They will take the risk if they are pulling in big profits because then it is worth their time.
Not all of them but I can agree with you if some non-financial institution is doing it especially the authorities this can become the best example https://www.coindesk.com/sec-negotiations-have-cost-kik-5-million-says-ceo
But can you explain about those early exchange sites that could have opened an account in the bank when it was started? Most of those crypto exchange companies have started with low liquidity and they can't be considered as big companies.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: XFlowZion on May 27, 2019, 06:12:32 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts


Then why they don't just investigate those accounts one by one? If only they had their brains working then they would start with those account that is ranging from $10m and above. Money laundering mostly involves large sum of money so they better be checking those accounts sto those people who are innocent on their crypto profits will not be involved.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: binhvo1505 on May 27, 2019, 06:44:16 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
Most businesses in crypto often use their money to reinvest in other areas in other financial markets. they are like us. will directly convert to fiat money to invest like us. Banks will certainly not support them because the government will investigate the truth.
In fact, crypto businesses often do not want to open bank accounts. ;D


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: SaShiRaJaVu on May 27, 2019, 07:05:44 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.
It depends upon region and every region has its own way and regulations according to the clarity of things on how to deal with the cryptocurrency market and if it is in the grey area never expect the banking sector to be open to companies that deals with cryptocurrency, countries with clear rules and regulations might not have a problem opening a bank account.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: beerlover on May 27, 2019, 09:23:14 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
This is very true. Because of the anonymous nature of cryptocurrencies, people can easily transfer it to settle illegal deals. This is one of the reasons most governments don't want to allow it and as such the central banks will likely continue to kick against it.
That is the worst they can do about cryptocurrency, create FUDS for it, threatening users and many more, but technologically , there is nothing they can do about it as no matter what they do, it will not make satoshi or other blockchian companies close down the blockchian.

I am sure this is one of the reasons why satoshi still would not disclose himself ever so that they will not force him into shutting down the bitcoin system which is why Craig must be careful, because when its gets deeper and government invites him, he will have no excuse to give that he doesnít have the source code.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Kimonoe on May 28, 2019, 05:54:44 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.
It depends upon region and every region has its own way and regulations according to the clarity of things on how to deal with the cryptocurrency market and if it is in the grey area never expect the banking sector to be open to companies that deals with cryptocurrency, countries with clear rules and regulations might not have a problem opening a bank account.
I agree. this indeed depends on government policies from each region. but usually this will start from developed countries. many developed countries have been able to, while other countries I think are still in the process of following developed countries


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: imstillthebest on May 28, 2019, 06:15:28 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.
It depends upon region and every region has its own way and regulations according to the clarity of things on how to deal with the cryptocurrency market and if it is in the grey area never expect the banking sector to be open to companies that deals with cryptocurrency, countries with clear rules and regulations might not have a problem opening a bank account.
I agree. this indeed depends on government policies from each region. but usually this will start from developed countries. many developed countries have been able to, while other countries I think are still in the process of following developed countries
A country wont develop with crypto use if their government wont allow cryptocurrency  .  I dont also think that a crypto company cant open a bank account because a bank will accept any kinds of constumer and what if the owner of the crypto company will only use thier names instead of the company name ?  In that way banks will not doubt and wont question the person that will open an account with them  .  Fiats are also the medium that they will be using to deposit on bank not cryptos  .


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: wuvdoll on May 28, 2019, 06:58:27 AM
I think the clearest contradicting statement for this is that Ohio state is accepting bitcoin taxes as it is. Which means there are plenty of banks in USA that literally helps crypto companies and they are capable of opening bank accounts and run a business and they are good enough to pay taxes.

The weird part about the increasing sectors like weed sellers right now who got their green light to be legit and crypto companies pay a lot of taxes because they are recently accepted and they want to pay a lot of taxes to show that government can profit from this and should keep it open, whereas stuff like banks do not pay taxes as much as they should with accounting shadiness because they know they are there. All in all crypto companies pay taxes which means they can open banks, just not globally everywhere in the world but there are plenty of places they can open accounts.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: maxreish on May 28, 2019, 07:40:00 AM
It's the fact that we should accept. For the banks, cryptocurrency is a complicated thing if they'll gonna accept  it. Though I don't see any problem about it. I considered btc as a digital currency thus, can also save it in our banks rather than in our online wallets. But I've read the link and they have reasonable statements as to why don't they agree yet on opening crypto bank accts. The value of btc now is not a joke. Hence, still building a good reputation in the eyes of the banks.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: GregH37 on May 28, 2019, 09:58:57 AM
Banks aren't willing to play ball unless they are getting a large cut of the action.  Money talks and they aren't going to risk dealing with small companies.  They will take the risk if they are pulling in big profits because then it is worth their time.
right, big companies will also attract big businesses. and I think that has become a formula. besides what you explained, of course banks cannot crash rules, if the government has not legalized cryptocurrency
They are just hypocrites, they cannot crash rules, but they are backing XRP, If they fully donít see the functions or benefits of cryptocurrency to them, how come they are seriously using x without government regulation or legalization. Governments or banks, none of these two is capable of throwing bitcoin into the trash can as the usage has become too deep and almost beyond control.

Very soon, which we are already having, cryptocurrency banks will become so much that traditional banks will start becoming less useful to the economy and by that time, maybe government will consider crypto when they see the amount of money being generated to their country through the crypto banks.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: omone1 on May 28, 2019, 10:19:05 AM
Banks want to be the major player, as anything that threatens them is an enemy that must be hunted dead or alive. This time, they couldn't deal with the bitcoin, they may build their own system of bitcoin transfer and remittance so as to be collecting commissions, instead of not been part of the overall gain.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: lovesybitz on May 28, 2019, 11:15:31 AM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

Do you think most banks or all banks in the entire world they like crypto currency? If there are few banks are connecting or adopting the system of blockchain technology, it is because they saw that someday it will be hard for the bank to defeat it, it is a matter of Decentralization vs. Centralization, I hope you get my point.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: omonuyak on May 28, 2019, 04:34:07 PM
Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts
There is no currency that is immune to "illicit activities" and it is true that governments will not like the used of bitcoin at this moment and as such will like to demonize it. But time is coming and it is very close now when all this will be a thing of the past and by then bank will start accepting cryptocurrencies account opening.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: creativeleading on August 13, 2019, 03:38:24 AM
Has anyone heard of Selfkey yet? They'll be releasing a bank accounts marketplace probably this week already. It lets wallet users open a real bank account in many jurisdictions. I hope this goes well though. If it does, this may be the world's fastest application for a bank account.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: carter34 on August 13, 2019, 06:17:31 PM
It's the fact that we should accept. For the banks, cryptocurrency is a complicated thing if they'll gonna accept  it. Though I don't see any problem about it. I considered btc as a digital currency thus, can also save it in our banks rather than in our online wallets. But I've read the link and they have reasonable statements as to why don't they agree yet on opening crypto bank accts. The value of btc now is not a joke. Hence, still building a good reputation in the eyes of the banks.

The crypto bank stuff is an issue really and I think is because of regulation and acceptance that is lacking. I think I read of a project like that on ICO sometime last year, that project is still struggling but is a good project that is waiting to be recognized in the future.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Chaki #diarize on August 15, 2019, 08:28:18 AM
Most of us worries why our banks in our country do not allowed you open account wherein you can put your coins for safety.

They had their reason, they had their bank policy and agreement approved and allowed by the government before they are even allowed to operate.
If banks will make their own decision about having "Crypto Coins" on their safe (let say online safe) with out any approval from the government,  their is possibility that it will be close or shut down due to bridging of contract and not allowed to operate anymore.

So we need also to understand them.

That's why we have a lot of applications we can use to link them so we can buy crypto online and withdraw them and turn it into cash, or deposit it to your bank account. (You just have to find a way).

Hope this help.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Vishnu.Reang on August 15, 2019, 02:49:20 PM
Here in India, earlier the local exchanges could open bank accounts. But then Raghuram Rajan (the then governor of Reserve Bank of India) prohibited banks from dealing with crypto-exchanges and all such bank accounts were closed down. Even now, none of the cryptocurrency related ventures could open a bank account in India. And even worse, there are no local exchanges remaining in operation.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: The Pharmacist on August 15, 2019, 03:11:15 PM
Jesus Christ, that article keeps repeating the same thing over and over in order to pad it to whatever length they need.  Makes me want to pull my hair out by the roots.

The "cryptocurrency companies" they mentioned were exchanges and other crypto financial businesses, so that's no surprise that banks want nothing to do with them.  There's too much risk and too much competition.  It does drive me nuts when crypto keeps getting painted with the old brush that it's only used for illicit activities.  Obviously there's some truth to that, but take any $20 bill out of your wallet and you'll probably find traces of cocaine on it--cash has been used for the exact same criminal activities since the government started making paper money (and even before that).

What comforts me is that merchants who can't arrange a bank-based payment processor can always take bitcoin as payment with no issues whatsoever, and it also has the added benefit of semi-anonymity.  I'm not talking about dark market stuff, either.  Try buying kratom with a credit card (I don't advise it, it's just an example) and you'll run into all sorts of problems.  There are many other examples of this, too. 

Banks and crypto don't mix right now.  I'm not sure if I want that to change, to be honest.  The whole point of cryptocurrency is to be bankless.  I think if the banks ever get their grubby little fingers into the crypto pie, it'll ruin the whole thing.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: jostorres on August 15, 2019, 04:43:32 PM
You do not need approval from any government branch for your individual decision, if governments decide that crypto currency is something legal like a tender than any bank can do it however they are not really feeling safe because of the volatility which is the reason why it is not published everywhere right now.

If government taxes crypto to begin with (like USA) that means its not illegal to use it, look at china, they are not taxing crypto itself (though tax the income miners make but they banned miners so they won't even do that now) and that means you can't really operate a bank in china with crypto involved. USA ones however have taxing so why not put them in and that way people would have easier time to actually store their currencies because it would be near impossible to hack banks.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: shield132 on August 15, 2019, 06:09:37 PM
In reality crypto wasn't created in order to integrate with banks, no, it was created to change that decentralized system and give more freedom to people.
But on another hand can't understanf what's happening, every country's opinion is so different around crypto. In some countries banks try their best to offer crypto services and in some countries it's very hard for banks. To sum up governments must want it to have more control but idk


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Mahanton on August 15, 2019, 08:38:54 PM
Banks and crypto don't mix right now.  I'm not sure if I want that to change, to be honest.  The whole point of cryptocurrency is to be bankless.  I think if the banks ever get their grubby little fingers into the crypto pie, it'll ruin the whole thing.
Good line and people should really put up on mind on why crypto is being created on the first place just for this sole purpose.-To get rid of banks/3rd parties.
People do love to tie up things which mustn't done. These issues aren't really new and as said this had been discussed and lots of debates/issues towards this.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: adzino on August 15, 2019, 09:01:10 PM
Ok, one thing I don't understand is why would they need a bank account? If they are using crypto currencies, why would they want to open a bank account? Isn't a wallet equivalent to a bank account? I thought bank accounts were for fiat currencies. I get it, people needs fiat money, but then again  i don't see any valid reason for a bank to deny a company to create an account as long as they follow all the rules and regulation.
Banks and crypto currencies don't go with each other. In fact, crypto currencies were made to get rid of bank accounts and bring financial freedom along with privacy.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Ayiranorea on August 15, 2019, 11:01:40 PM
Ok, one thing I don't understand is why would they need a bank account? If they are using crypto currencies, why would they want to open a bank account? Isn't a wallet equivalent to a bank account? I thought bank accounts were for fiat currencies. I get it, people needs fiat money, but then again  i don't see any valid reason for a bank to deny a company to create an account as long as they follow all the rules and regulation.
Banks and crypto currencies don't go with each other. In fact, crypto currencies were made to get rid of bank accounts and bring financial freedom along with privacy.
Your questions were right, but just think in a very simple way. You need to buy Bitcoin for the first time you'll need a bank account which has got your funds and the same account will be connected to the debit/credit cards. Using those you can make the purchase, and you can do it without a bank on direct face to face dealing of fiat provided in hand. When a new exchange is developed or some service related to bitcoin begins it needs bank account to make buying and selling as common people were the users. To this there were more restrictions from the banking industry as crypto industry takes their profits.


Title: Re: Cryptocurrency companies still canít open bank accounts
Post by: Chaki #diarize on August 16, 2019, 07:30:55 AM
Jesus Christ, that article keeps repeating the same thing over and over in order to pad it to whatever length they need.  Makes me want to pull my hair out by the roots.

The "cryptocurrency companies" they mentioned were exchanges and other crypto financial businesses, so that's no surprise that banks want nothing to do with them.  There's too much risk and too much competition.  It does drive me nuts when crypto keeps getting painted with the old brush that it's only used for illicit activities.  Obviously there's some truth to that, but take any $20 bill out of your wallet and you'll probably find traces of cocaine on it--cash has been used for the exact same criminal activities since the government started making paper money (and even before that).

What comforts me is that merchants who can't arrange a bank-based payment processor can always take bitcoin as payment with no issues whatsoever, and it also has the added benefit of semi-anonymity.  I'm not talking about dark market stuff, either.  Try buying kratom with a credit card (I don't advise it, it's just an example) and you'll run into all sorts of problems.  There are many other examples of this, too. 

Banks and crypto don't mix right now.  I'm not sure if I want that to change, to be honest.  The whole point of cryptocurrency is to be bankless.  I think if the banks ever get their grubby little fingers into the crypto pie, it'll ruin the whole thing.

Period. I think this summarize it all--- I guess. By the way pull your hair, half of it,