[2017-10-23] British Banks Are Shunning Bitcoin Companies

[tyz]

British Banks Are Shunning Bitcoin Companies

Companies that handle digital currencies are being forced to open bank accounts elsewhere as British banks continue to shun them.
Investor interest in digital currencies has surged this year with bitcoin’s price rising to a record high of $6,200 over the weekend, pushing its market cap to $102.8 billion. Yet, despite this traditional banks remain weary of the market. The Financial Times reports that there are fears it’s riddled with criminals and fraudsters. As a result, cryptocurrency companies are turning to Poland, Bulgaria and Gibraltar to open bank accounts.

https://www.cryptocoinsnews.com/british-banks-shunning-bitcoin-companies/

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[jjacob]

British Banks Are Shunning Bitcoin Companies

Companies that handle digital currencies are being forced to open bank accounts elsewhere as British banks continue to shun them.
Investor interest in digital currencies has surged this year with bitcoin’s price rising to a record high of $6,200 over the weekend, pushing its market cap to $102.8 billion. Yet, despite this traditional banks remain weary of the market. The Financial Times reports that there are fears it’s riddled with criminals and fraudsters. As a result, cryptocurrency companies are turning to Poland, Bulgaria and Gibraltar to open bank accounts.

https://www.cryptocoinsnews.com/british-banks-shunning-bitcoin-companies/

Banks shunning bitcoin companies is not surprising. Why would they want to give a leg up to their rivals? Their stated reason of course won't be that - it will be because criminals and money launderers use bitcoin.