Cryptocurrency companies still can’t open bank accounts

[bonker]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

I expected this because this problem still continue to happen between the banks and the cryptocurrency uses but it definitely need to be changed in the future it is the healthy process for our economy to make some good development in the society.

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[marcbitcoins]

Here in my country. The banks did not offer account for crypto currencies but there are in support and with partnership of our local exchanges in which we could use the banks withdrawal facilities everytime we converted our crypto to fiat. I guess crypto accounts in banks are possible only in a country that crypto currency can be use fully in direct spending as money laundering is not an issue as long as there is regulation in which the governments and the banks can fully monitored the transaction of every individual.

[andriarto]

Here in my country. The banks did not offer account for crypto currencies but there are in support and with partnership of our local exchanges in which we could use the banks withdrawal facilities everytime we converted our crypto to fiat. I guess crypto accounts in banks are possible only in a country that crypto currency can be use fully in direct spending as money laundering is not an issue as long as there is regulation in which the governments and the banks can fully monitored the transaction of every individual.

like in my country too. where a local exchanger is a company that must obtain permission from a government agency. and it is he who facilitates crypto currency exchange to bank accounts or vice versa. so the bank has no interest in cryptocurrency

[davinchi]

I think that this is not just about opening ordinary bank accounts, but accounts in cryptocurrency. Banks clearly work on instructions that are approved by the government. If they do not have the appropriate rules for how to act in one way or another, they will not do that at all. Money always loves clarity. The analogy does not apply here at all. Banks will not act at your own risk. They do not need it, because it threatens them with heavy fines.

But despite the fact they are strict with all these their policies, crypto companies are still using banks to operate cryptocurrency, if not, where are local exchanges getting money they use to pay their users? For a local exchange to function well, they must have cash in a bank account and anytime we request for withdrawal from an exchange, they have never failed in failing us.

They operate this right under the nose of these traditional banks. Now, they ought to see that the reason why people just need regulation and for them to legalize crypto is for them to just go by the rule of government and not because they can operate cryptocurrency without them knowing.

[SirLancelot]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

You should know that the banks are very scared of crypto because they know that it would be a very big treat to them when we begin to experience an economic crisis in the world, this is why they are doing everything possible within their power to make sure that they frustrate crypto companies by stopping them from creating an account so that transactions won't take place smoothly, I believe this is a battle and crypto is going to come out victorious.

[milliondollarforum]

In some countrys like poland, it is now forbidden for companys to accept Bitcoin and other coins and send them to the own banking account.
So even for a normal restaurant or something like that it's not allowed annymore to accept bitcoin, as long they use a bank account in their home country. 

[UNOE]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

I think that anty-money laundering is only excuse to stop crypto from their natural growth. It is easy to manipulate with people with fear that someone could use cryptos to finance whatever they want, but what was happening without cryptos, before cryptos. Fiat money was largerst, and allways will be number one for all criminal doings, because of fact that Bitcoin is actually more transparent than Fiat currencies. Everyone could track every transaction on blockchain, so there is no real reason to avoid accepting Bitcoin into economy.

Fact!
They are fully aware that fiat system is already been used since the beginning of time when we do talk about money laundering and other related criminality which
do involved with fiat.It is really just an excuse for them to exclude or prohibit on adopting crypto since they do reside with the government then its clear that cryptocurrencies
volatility,anonymity/decentralized/in-taxable thing is clearly the reason.

I do not think that volatility should be an problem... Volatility is here only because of fact that this market is still in early stages, and pretty small compared to other assets. High volatility is actually invalid argument, it is something like if you say that something can not be large because it is small. There are many stocks with higher volatility than Bitcoin, but that is not problem for them to have an bank account for example.
Check most volatile stocks -> https://www.tradingview.com/markets/stocks-usa/market-movers-most-volatile/
And yes, we need Bitcoin index and Altcoin index, because of differences in price on exchanges. It wouldn't be right to say that price for example on Coinbase is "real" price. We need an index with average price from 10 most popular exchanges for example. And that index could be traded too.
Two days ago, when someone dumped 7k BTC on Bitstamp with market order, we could see how much efficient is this market, because of bots which are are working non stop on arbitrage, and correcting price on all major exchanges pretty fast.

[guoyu78]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

If you're referring to companies direct, then you're wrong cause there are lots of exchanges these days and all of them functions with banks. No cryptocurrency exchange can function without having a bank account, if there is one, the mention it! None. And if you mean in terms of crypto companies providing bank services to individuals, then you're also wrong cause there are lots of wallets that serves for the same purpose as of banks. You can send money through crypto wallet and you can also receive. Then there are some offers debits cards as well, the only difference is that crypto users are meant to stay anonymous.

[Cherylstar86]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

If you're referring to companies direct, then you're wrong cause there are lots of exchanges these days and all of them functions with banks. No cryptocurrency exchange can function without having a bank account, if there is one, the mention it! None. And if you mean in terms of crypto companies providing bank services to individuals, then you're also wrong cause there are lots of wallets that serves for the same purpose as of banks. You can send money through crypto wallet and you can also receive. Then there are some offers debits cards as well, the only difference is that crypto users are meant to stay anonymous.

 I think there were selected online wallet services available in a specific country, that offered direct bank transfers using crypto towards fiat savings. Hopefully all countries who has no conflict with this type of systematic approach, will acquire desired plans for the future. Precisely were all bounded to look forward in terms of adoption drive through so banks will soon be accessible of crypto transactions.

[nur rochid]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

If you're referring to companies direct, then you're wrong cause there are lots of exchanges these days and all of them functions with banks. No cryptocurrency exchange can function without having a bank account, if there is one, the mention it! None. And if you mean in terms of crypto companies providing bank services to individuals, then you're also wrong cause there are lots of wallets that serves for the same purpose as of banks. You can send money through crypto wallet and you can also receive. Then there are some offers debits cards as well, the only difference is that crypto users are meant to stay anonymous.

 I think there were selected online wallet services available in a specific country, that offered direct bank transfers using crypto towards fiat savings. Hopefully all countries who has no conflict with this type of systematic approach, will acquire desired plans for the future. Precisely were all bounded to look forward in terms of adoption drive through so banks will soon be accessible of crypto transactions.

if indeed, as you explained, it means that in that country legalized bitcoin, so that the bank can transfer the crypto currency directly. but unfortunately there are still a few such countries. of course there is a government role in it

[micalith]

Of course, banks have to work according to the legal regulations in their own countries. Unfortunately, crypto exchanges cannot work with all banks. I know that many crypto investors in my country have problems with their bank accounts due to the swift transfers sent from the crypto exchange.

[desticy]

Cryptocurrency is not regulated, almost not tracked and is not taxed. This is an excellent opportunity for money laundering, which means no bank will allow crypto companies to open accounts without appropriate regulation.

[Akpuv]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

This is very true. Because of the anonymous nature of cryptocurrencies, people can easily transfer it to settle illegal deals. This is one of the reasons most governments don't want to allow it and as such the central banks will likely continue to kick against it.

[calya]

Cryptocurrency is not regulated, almost not tracked and is not taxed. This is an excellent opportunity for money laundering, which means no bank will allow crypto companies to open accounts without appropriate regulation.

crypto companies blocked by regulation if they open acccount on the bank.and i think this is not neccessary for them to open account.they only need wallet to operate their projects.and if they need cash money it could use common account.

[BitBustah]

Banks aren't willing to play ball unless they are getting a large cut of the action.  Money talks and they aren't going to risk dealing with small companies.  They will take the risk if they are pulling in big profits because then it is worth their time.

[Argoo]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

In order for banks to serve cryptocurrency enterprises and open accounts for them, banks' desire alone is not enough. They work hard on instructions from the government and relevant government agencies, and if the instructions do not clearly indicate what to do if someone wants to open a cryptocurrency account, they will not do it because their initiative will result in major penalties for them . Therefore, the issue is primarily in the legalization of cryptocurrency states and the adoption of relevant laws and regulations.

[fauzan Ichsan]

Banks aren't willing to play ball unless they are getting a large cut of the action.  Money talks and they aren't going to risk dealing with small companies.  They will take the risk if they are pulling in big profits because then it is worth their time.

right, big companies will also attract big businesses. and I think that has become a formula. besides what you explained, of course banks cannot crash rules, if the government has not legalized cryptocurrency

[asriloni]

Banks aren't willing to play ball unless they are getting a large cut of the action.  Money talks and they aren't going to risk dealing with small companies.  They will take the risk if they are pulling in big profits because then it is worth their time.

Not all of them but I can agree with you if some non-financial institution is doing it especially the authorities this can become the best example https://www.coindesk.com/sec-negotiations-have-cost-kik-5-million-says-ceo
But can you explain about those early exchange sites that could have opened an account in the bank when it was started? Most of those crypto exchange companies have started with low liquidity and they can't be considered as big companies.

[XFlowZion]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

Then why they don't just investigate those accounts one by one? If only they had their brains working then they would start with those account that is ranging from $10m and above. Money laundering mostly involves large sum of money so they better be checking those accounts sto those people who are innocent on their crypto profits will not be involved.

[binhvo1505]

Despite the increasing legitimate cryptocurrency uses, its continued association with illicit activities and anti-money laundering compliance costs makes banking for cryptocurrency companies hard.

Read more here: https://www.unblock.news/news/cryptocurrency-companies-cant-open-bank-accounts

Most businesses in crypto often use their money to reinvest in other areas in other financial markets. they are like us. will directly convert to fiat money to invest like us. Banks will certainly not support them because the government will investigate the truth.
In fact, crypto businesses often do not want to open bank accounts.