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Author Topic: 2013-07-24 Bitcoin Examiner - Bank of the West closes Amagi Metals' account  (Read 1065 times)
Ephebus
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July 25, 2013, 08:59:22 AM
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Bank of the West closes Amagi Metals' account due to Bitcoin payments

http://bitcoinexaminer.org/bank-of-the-west-closes-amagi-metals-account-due-to-bitcoin-payments
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July 25, 2013, 09:18:14 AM
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Amagi Metals, the precious metals furnisher, recently revealed that their current bank account with the San Francisco-based Bank of the West (BotW) is going to be closed in the middle of August. Why? Well… Because they accept Bitcoin as a payment method and the institution sees that as a risk.

“We have worked with BotW since 2011. In the last month they began requesting information about our business and claiming that we were a Money Service Business (MSB). However, we only accept Bitcoins as a payment method, we do not sell Bitcoins, nor do we exchange or ‘deal’ Bitcoins. In addition, we are compliant with AML/KYC and other regulations“, explained Amagi Metals in a public statement.

That makes absolutely no sense. If they don't sell Bitcoins, they expose them self to absolutely no risk.

As a matter of fact every other payment method they accept is far more risky.

I don't see this as real hostility from the bank though. This is probably just the work of some "desk hero" that just goggled Bitcoin saw the resent news and decided Bitcoin is bad.

We will see more of this soon.  Sad

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July 25, 2013, 09:26:43 AM
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That seems a bit ridiculous

So does anyone know a bitcoin friendly bank in the USA

http://www.reddit.com/r/Bitcoin/comments/1inixa/bank_of_the_west_is_shutting_down_our_bank/

Surprised the market is panicking on the SEC news but not on this stuff Cheesy
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July 25, 2013, 10:26:25 AM
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Maybe we could do with a stickied list of Bitcoin friendly banks, there's a list of unfriendly ones here:
https://bitcointalk.org/index.php?topic=189917.0

The internet credit union looks good:
https://iafcu.org/
Silicon valley bank also gets good reports.

I agree although the thread is in economics seems like it could be an ongoing press article ha-ha
zeroday
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July 25, 2013, 11:50:19 AM
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Entire global bank system is doomed because banks are managed by such idiots. I've had experience with many banks around the world for over 8 years and I know what i say. Instead of thinking about generating profit to their bank, those "desk heros" think how to avoid any "risks" which may potentially harm their position. They don't see risk stupidly investing billions into dead bonds, but they see a lot of risk in their regular clients who run successful business.

This is why I'm stick to precious metals and bitcoin.

LiteCoinGuy
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July 25, 2013, 12:38:53 PM
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Maybe we could do with a stickied list of Bitcoin friendly banks, there's a list of unfriendly ones here:
https://bitcointalk.org/index.php?topic=189917.0

The internet credit union looks good:
https://iafcu.org/
Silicon valley bank also gets good reports.


i like the idea, would be helpfull

aigeezer
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July 25, 2013, 12:43:46 PM
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Maybe we could do with a stickied list of Bitcoin friendly banks, there's a list of unfriendly ones here:
https://bitcointalk.org/index.php?topic=189917.0

The internet credit union looks good:
https://iafcu.org/
Silicon valley bank also gets good reports.

Yes, the Internet Archive Credit Union looks perfect for Amagi, according to this earlier Press Section thread: https://bitcointalk.org/index.php?topic=257047.0

I hope things work out along those lines. Mumble dinosaurs tar pits BotW mumble.

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July 25, 2013, 08:52:17 PM
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Entire global bank system is doomed because banks are managed by such idiots. I've had experience with many banks around the world for over 8 years and I know what i say. Instead of thinking about generating profit to their bank, those "desk heros" think how to avoid any "risks" which may potentially harm their position. They don't see risk stupidly investing billions into dead bonds, but they see a lot of risk in their regular clients who run successful business.

This is why I'm stick to precious metals and bitcoin.


Well I can't blame you zeroday Laikiebank messed with you hardcore
https://bitcointalk.org/index.php?topic=160292.0;topicseen

Heck this might be the time for the real growth of Credit Unions
Incorporating a Credit Union for Bitcoin might be possible
One office the bitcoins from all over XD
http://bitcoinexaminer.org/why-are-credit-union-executives-so-excited-about-bitcoin/
https://en.wikipedia.org/wiki/Credit_union
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