Banks now targeting Litecoin as well

[dballing]

So I'm a bit of a serial entrepreneur and I tend to open up new bank accounts for ventures in the US and different countries. A few years back the process for opening a business bank account was pretty standard. However, after the Bitcoin rally in 2013 banks started asking in their forms (and sometimes verbally) if I would be buying and selling Bitcoin with the account. I would then reply, "no, but what the heck is a bitCORN???" as a joke and in fear of them not opening the account. I thought it was crazy to think that they would be proactively targeting businesses dealing in Bitcoin.

BUT GUESS WHAT FELLAS? I opened two business bank accounts this year (in different countries) and both banks in written and verbal form asked me if I would be dealing in either Bitcoin or Litecoin... This is insane! I never thought banks would be asking about Litecoin since Bitcoin seems to get all the press. I'm not sure what to make of this... its good that they fear it and respect it, yet I'm worried because I have a buddy who had his bank account banned for using Bitcoin. Apparently, these banks run keyword filters against the transactions on your account and if one of these keywords comes up it goes under human review.

Be aware of this and please let me know your thoughts!

[NorrisK]

This confirms to me that litecoin is far from dead and is going to have a large impact as bitcoins little brother in the future.. Better stock up on some extra litecoins

[unusualfacts30]

Which bank is that if you don't mind me asking?

[smooth]

please let me know your thoughts!

My thoughts are this is post is probably an attempt to pump Litecoin (which is very much supported by the large number of Litecoin pumping posts in your history).

Post a picture of the written forms that asked about Litecoin with your personal information covered up.

both banks in written and verbal form

[ApexEvo]

LOL I dont believe this post. In banks I was in, no one was talking about crypto and I cant imagine client workers asking about litecoin average joes, that is ridiculous. Also, why would they ask it, like is there special service or banking product for people who deal with cryptos, in banks portfolio???
Ofcourse not.

[Za1n]

I highly doubt the explicit mention of both Bitcoin and Litecoin in any official documentation as well. I could maybe see the specific mention of Bitcoin originally, but if the banks are now broadening their definitions they wouldn't just add one more coin to the verbiage of the contract, but would phrase it something like "Do you plan on dealing in cryptocurrencies, i.e. Bitcoin?".

Banks and other financial institutions have a staff of lawyers who are experts at making sure all legal loopholes are covered. They wouldn't open themselves up to liability by covering only two cryptocurrencies, and later down the road have someone claim "you never said anything about dogecoin" or any of the multitude of other cryptocurrencies.

[shanem]

I am interested to know which bank are you referring to. It is hard to believe that banks accept Litecoin when none of them accepts Bitcoin.