Update 04 November 2011:
We now have gained access to our HSBC records from last week. Missing deposits will be credited this weekend. A change in the format of the records means there is a slight delay in us important the statements. Accounts should be credited on Sunday. Withdrawals are still delayed, but the backlog should start and finish next week. Apologies for any delay.HSBC problemsOne week ago
our HSBC account was shut down suddenly without warning overnight. According to HSBC's own Terms & Conditions
: "7.1 If we wish to close your account, we will give you at least 2 months’ prior notice in writing unless there are circumstances in which we can justify ending our relationship earlier."
It is very rare for a bank account to be terminated out of the blue. The normal procedure is to give at least 30 days notification before terminating accounts. Many of the banks in the UK (Lloyds, Barclays, Natwest) state this in their T&C. Our lawyer is looking into this as HSBC has damaged our reputation and trust which we work hard to maintain. As a side effect, deposits from last week made into our HSBC account will be delayed until we are able to obtain the records (which HSBC has not handed us yet).Lloyds TSB new account
Earlier this year, we were banking with Lloyds TSB before being asked to take our business elsewhere. We have been in contact with Lloyds TSB who have assigned us a personal account manager who is also the manager of the bank branch. It turned out the previous account manager was ill equipped to handle the scale of our volume and is a person in a call centre in Birmingham, and sees 300+ accounts a day. This time around we've been assigned a manager who handles 30 accounts a month due to the complicated nature of our operations and the scale of our turnover.
Lloyds TSB were very keen to have our operations back, and a formal complaint has been launched by the bank staff at the way we were dealt with. We were told that our treatment was totally unacceptable as we're a high value customer.
We are accepting deposits again with Lloyds TSB (details can be found on the GBP accounts page). Deposits may be a little slower than usual (possibly up to a week) as registration for their online service is underway. Once that's done, we'll be processing deposits immediately. Withdrawals may take longer as we are in the midst of transitioning out of HSBC into Lloyds. We are also in talks with a few other banks who have shown a sudden interest in our business.Iceberg and GTC/FOK/IOC orders
We have added iceberg orders to the site. Iceberg orders allow someone to place an order without indicating the true volume of that order. Placing an order of 100 BTC with an iceberg value of 10 BTC, means only 10 BTC will ever show of that 100 BTC at a time. As the order is fulfilled, the iceberg amount will remain refilled until the remaining order amount drops under 10 BTC.
We have added two new order types (FOK and IOC).
Good Til Cancelled is your normal order type. Remains on the orderbook until it has been cancelled.
Fill Or Kill will only fill an order if a corresponding order can completely cover it.
Instant Or Cancel will place an order the orderbook much like GTC, trying to fullfill it as much as possible. It then immediately expires and the remaining order is cancelled.Site changes
Various changes have been made throughout the site to improve the style and usability. There are more coming in the next few weeks.
Our company information has been added to the About us
page. Detailed information on our fees can be found on our fees
Questions or suggestions can be directed to email@example.com
. We're also available on Freenode IRC #bitcoinconsultancy (look for genjix or phantomcircuit). Business proposals should be sent to our Director, Donald Norman (firstname.lastname@example.org
We also encourage people to register for the European Bitcoin Conference
which is being held in cooperation with us, and for developers to have a look at some of our community projects such as libbitcoin