UK Banks Strangling Bitcoin Startups -----------

[mantaxer]

I've been looking for a bank in the UK which will work with a Bitcoin business and it seems impossible.

All of the main banks have stated they don't work with Bitcoin related businesses.

What are the options? it's strangling the growth of Bitcoin in the uk

[FelixOliver]

If you're a UK Citizen you have the world at your feet.... in terms of Tax Havens etc.

Get an account opened in Jersey, there are some Private Banks there that will work with you regardless of what business you're involved in.

The Cayman Islands is another option.

In fact most, if not all, of the Crown Dependencies are VERY relaxed when it comes to Banking regulation.

You will certainly find something, you will also certainly need to board one or two flights to do so

[hilariousandco]

I've been looking for a bank in the UK which will work with a Bitcoin business and it seems impossible.

All of the main banks have stated they don't work with Bitcoin related businesses.

What are the options? it's strangling the growth of Bitcoin in the uk

What do you need to use a bank for? And you can try what FelixOliver said.

[mantaxer]

I would prefer to use a UK bank or one situated in the European union which will enable faster transfers and all the other benefits.

[FelixOliver]

I would prefer to use a UK bank or one situated in the European union which will enable faster transfers and all the other benefits.

In that case, forget about it... Not going to happen.

Watch the news much?... the EU are 100% bitcoin hostile

[mantaxer]

A few EU based exchanges have got deals with European banks in Sweden and Latvia.

[rmines]

I've been looking for a bank in the UK which will work with a Bitcoin business and it seems impossible.

All of the main banks have stated they don't work with Bitcoin related businesses.

What are the options? it's strangling the growth of Bitcoin in the uk

What do you need to use a bank for? And you can try what FelixOliver said.

I have the same question.
If you require a loan, try getting a loan here in BTC directly if you offer some collateral and use escrow.

[Justin00]

has anybody on this forum ever taken a loan and given  collateral.. ok except maybe 1 person ?

[mantaxer]

Need a bank which accepts wire transfers for a UK bitcoin business, preferably a bank in the EU due to the transfer times being instant in some cases because of SEPA.

[bennybong]

I heard Virgin Money (and Mr Branson) is pro Bitcoin....

[gentlemand]

Need a bank which accepts wire transfers for a UK bitcoin business, preferably a bank in the EU due to the transfer times being instant in some cases because of SEPA.

https://www.fidor.de

Kraken use this bank.

[hilariousandco]

I heard Virgin Money (and Mr Branson) is pro Bitcoin....

Branson might, but I'm not sure this extends to his Bank.

[bennybong]

I heard Virgin Money (and Mr Branson) is pro Bitcoin....

Branson might, but I'm not sure this extends to his Bank.

I'm sure he said Virgin Money would welcome Bitcoin. Of course the government have the power to allow it or not. That's the problem.

[hilariousandco]

I heard Virgin Money (and Mr Branson) is pro Bitcoin....

Branson might, but I'm not sure this extends to his Bank.

I'm sure he said Virgin Money would welcome Bitcoin. Of course the government have the power to allow it or not. That's the problem.

Hmm, you sure? I guess if one bank was to ok funds from Bitcoins it would be Virgin, but whether they will or not is another matter. Can you find the source at all? It would be valuable info if it was correct.

[Hawker]

I would prefer to use a UK bank or one situated in the European union which will enable faster transfers and all the other benefits.

Its not going to happen.  HSBC told me that if they found me doing bitcoin trades, I would have all my accounts shut and not be welcome to do business with them again.

To be fair, its not the bank itself that is at fault here.  They money laundering rules are set up to prevent something like Bitcoin going mainstream.  Until they change, it will be impossible to get banking services.

[hilariousandco]

I would prefer to use a UK bank or one situated in the European union which will enable faster transfers and all the other benefits.

Its not going to happen.  HSBC told me that if they found me doing bitcoin trades, I would have all my accounts shut and not be welcome to do business with them again.

To be fair, its not the bank itself that is at fault here.  They money laundering rules are set up to prevent something like Bitcoin going mainstream.  Until they change, it will be impossible to get banking services.

Just another reason why we shouldn't use them. Funny how we can launder cash quite easily though a business, yet if the funds come from a genuine Bitcoin business they don't want to know.

[mantaxer]

It's a serious issue for the Bitcoin community, if people can't buy Bitcoin with ease it will never grow to it's full potential.

[traderman]

People need to separate Bitcoin and fiat, the two do not mix. If bitcoin is to triumph it has to replace fiat, you can cut and slice it any which way, but that is the truth.

Bitcoin was created to challenge fiat, not merge with it.

It's a serious issue for the Bitcoin community, if people can't buy Bitcoin with ease it will never grow to it's full potential.

[dewdeded]

Lots of Bitcoin business use: http://www.bzwbk.pl/

Maybe try them or use a Group Santander branch in UK. (As WBK is Group Santander.)

[gentlemand]

They can buy with ease in the UK. With Zipzap etc. it's probably now the easiest place in the world. There are just some pretty hefty premiums to get over.

Whether there'll ever be banks in the UK that do proper business is another matter. There are banks elsewhere in the EU that will take your business.