Cryptocurrency companies still can’t open bank accounts

[niteroy]

It is quite natural that companies that work with cryptocurrency find it difficult to obtain permission to interact with the banking sector, because cryptocurrency has not received a certain legal status, is still not included in the legislative field and is not regulated by state financial regulators.

[1713241026]

1713241026

[1713241026]

1713241026

[1713241026]

1713241026

[therhslv]

Not sure what you guys talking about , there is plenty of projects that have bank accounts associated with crypto , like Coinbase , crypto dot com ( Monaco ) , Belugapay all the exchanges with FIAT deposits and withdrawals . Maybe kickstarter projects struggling to make parterships with banks , but projects that are out there for 1-2 years , have bank accounts .

[Pattart]

It is quite natural that companies that work with cryptocurrency find it difficult to obtain permission to interact with the banking sector, because cryptocurrency has not received a certain legal status, is still not included in the legislative field and is not regulated by state financial regulators.

I don't think it will be that difficult? we don't cooperate with each other. the bank gets a new customer from your company, why does he reject it. except if we work with a bank on certain matters, he can reject it if it is not in accordance with the rules, while we only create an account with the name we want. its not a problem I think

[munareal]

Cryptocurrency is not fully understood and accepted by mainstream society. Cryptocurrency companies should for now be independent and find ways they can service and get new customers without the traditional banks. Bankers know that cryptocurrency with push them out of business

[deisik]

Not sure what you guys talking about , there is plenty of projects that have bank accounts associated with crypto , like Coinbase , crypto dot com ( Monaco ) , Belugapay all the exchanges with FIAT deposits and withdrawals . Maybe kickstarter projects struggling to make parterships with banks , but projects that are out there for 1-2 years , have bank accounts

It largely depends on specific jurisdiction

It kinda goes without saying that if the authorities consider crypto outright illegal (there are quite a few such countries), you wouldn't really expect a lot of crypto related companies and businesses to have bank accounts to support their cryptocurrency operations. Truth be told, you wouldn't even expect these companies to be open about their operations involving cryptocurrencies in the first place

The bottom line is that the devil is in paying precious attention to specific details as legality of crypto varies greatly among different jurisdictions across the world. And things get even more complicated and convoluted with businesses operating on a global scale

[playboy654]

The main reason is the banks will not accept cryptocurrency like a normal currency that's why they become users and Bitcoin companies are struggling to merge with banks and make it possible to make connection so it will be like we need to take some time for the possibility.

[Netnox]

First we need to realize that banks regard Bitcoin as an existential threat. So it is not surprising to see all that hostile reactions coming from them. And honestly, we should be looking for alternative options rather than begging in front of the banks.

[Btchunter3333]

So bad that banks don't accept, let crypto owners to open bank account to withdraw cripto, they should take some measure and can check if that crypto is not from money laundering.

[Marry Finch]

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.

[Vektrum]

It is because a bank can easily freeze a personal account of a person or a company account that I like decentralized cryptocurrencies and I wait for them to become more common and start to be used in many countries, companies, organizations. Because if large firms at least partially used for example Bitcoin, then they could have avoided the difficulties caused by blocking a bank account.

[basyang]

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

     Well, I think until its still under discussion of many business man today. Maybe in some selected countries you can open an account especially to those country that bitcoin is legal and bank is one of their partners when it comes to transactions. Their are an issue that Bitcoin and Banks is rival but its good to see if they will combine for a better and convienient transaction.

[Vishnu.Reang]

Rather than the fear of getting involved in money laundering activities, it is the lack of clear regulations regarding crypto-currency which is limiting the role played by the banks. So in most cases, the cryptocurrency companies have to depend on third parties for the fiat cash transfer, which is a very risky move (as seen from the latest Bitfinex scandal).

[Findingnemo]

Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.

[JeffBrad12]

Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.

The centralized institution and the decentralized network and both things are contradictory from one to each other. It's natural but those centralized companies have been doing a lot of efforts to press the spread of the decentralized network among the common person.

The political power will not work when it comes to the people power. Remember the decentralized network used the people power to keep its existence.

Anything will be doing by them will be useless and the only choice to adopt it.

[peter0425]

Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.

Obviously, banks treat anyone who involves himself in crypto threat so it will be very hard to open a bank account because I'm sure those questions will be ask during the initial interview. Maybe it's not fair, but we need to accept that fact at this point though.

[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.

[Findingnemo]

Its just quite natural that supressing enemies from all the sides as much as they can,so they have better political power so they can do anything to stop decentralization from more people.

The centralized institution and the decentralized network and both things are contradictory from one to each other. It's natural but those centralized companies have been doing a lot of efforts to press the spread of the decentralized network among the common person.

The political power will not work when it comes to the people power. Remember the decentralized network used the people power to keep its existence.

Anything will be doing by them will be useless and the only choice to adopt it.

But people still not aware of the having decentralization and these centralized networks made bitcoin look like a bad thing to hold so having support from the people side is less.

[uneng]

It's a good opportunity for smaller banks to take the crypto currency users as customers, as the big banks are the ones denying business with such currencies. It's already time for new banks to appear and improve the services being offered in the market.
The traditional banks acts in cartel, offering very similar, low quality, abusively expensive services. But as the system becomes more decentralized, there is nothing they can do, unless accepting the changes.

[Spaffin]

It is because a bank can easily freeze a personal account of a person or a company account that I like decentralized cryptocurrencies and I wait for them to become more common and start to be used in many countries, companies, organizations. Because if large firms at least partially used for example Bitcoin, then they could have avoided the difficulties caused by blocking a bank account.

How can large firms use Bitcoin for their transactions if their accounts are not serviced by banks? What documents will these firms use to confirm the correct payment of taxes to tax authorities? This is not as simple as it seems. Banks, in fact, will refuse to open and maintain accounts in a cryptocurrency until they receive a clear explanation from their government in the form of a specific regulatory document on how to act in each particular case. And this is not done quickly.

[Oilacris]

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.