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Author Topic: how can an exchange operate without a bank account?  (Read 550 times)
btcKaboom
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April 19, 2014, 10:25:03 AM
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How can a bank close down an account of a bitcoin exchange?
Does that mean the bank can close my personal account if i go sell a coin to someone?
Is this only for electronic transfer or cash deposit too?

If they don't have bank account, what are they going to do with cash from atms?
Put it in a giant vault or something? I dont understand how its going to work!
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Meuh6879
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April 19, 2014, 10:31:18 AM
 #2

exchange need bank account to "receive" the SEPA or Wire transfer from client.

somes "little" exchange use the Post system money for example (bitboat) ... or limit the payment with paypal unique day single bid action (bitcoininsanity).

others like virwox use the multiple ingame value money to transfer from a virtual currency to an other one.

---

No exchange (serious) allow cash or other payment (paypal, ukash) than wire/SEPA.
That's why, bank don't want "keep" client with professionnal account that they deal bitcoin.

Because, they don't want that the "FIAT currency" goes to the black hole of bitcoin safe system...
bryant.coleman
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April 19, 2014, 10:39:27 AM
 #3

It would be better to operate without the helps of any banks. For accepting deposits, we can use Western Union, or direct cash drops. The same method can be used for withdrawals as well. I personally do not favor Western Union, due to their exploitative policies. But until an alternative can be found, this method can be used.
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April 19, 2014, 10:51:18 AM
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If OP is referring to the current Chinese issue the central bank didn't "close the accounts", they prohibited all online currency exchanges including Bitcoin
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April 19, 2014, 03:44:43 PM
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I'm afraid that I dont understand how its going to work too because its not going to work!
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April 19, 2014, 03:49:13 PM
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Wire transfers and other such payment mediums like zipzap can be used. Banks are bastards and should be avoided if possible.
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