UK Bitcoiners Friendly Banks Business List Localbitcoin Traders

[franky1]

so if you own a co-op account and have issues.. show them their own words and ask them for the exact reason they wish to shut the account.
http://www.co-operativebank.co.uk/aboutus/ourbusiness/ethicalpolicy/human-rights

Wish I had bought that to my Co-op session would have been great to hear the reps response
 

im looking into developing a template that mentions to UK banks a few fun things. but i will look into them in detail and see which holds weight. read these 2 links and you might understand a few subtle hints i would want bank managers to know when us bitcoiners set up accounts or get told they wish to close our accounts
http://www.bbc.co.uk/blogs/legacy/thereporters/robertpeston/2010/03/a_legal_right_to_a_bank_accoun.html
http://www.bbc.co.uk/news/business-19511542

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[supert]

Has anyone tried Coutt's?

[CryptoScotland]

Hi,

Just came across this topic.  While I have 2 business accounts for our property business and now involved in Bitcoin and doing some trading but ideally want to keep it apart from our other businesses.

I have struggled to get a business account spoke with Lloyds they said no,  Used a Digital Bank called Tide and only lasted 6 weeks.

Any experts on here whom can advise which bank to go as we are fully tax paid business and have good relationship with the banks

[gentlemand]

In all of human history there has not been one single business in the UK associated with cryptcurrencies that has obtained and maintained a British business bank account. It simply cannot be done.

That's why there are no exchanges and little or no business compared to other countries.

Your only hope might be when Fidor launches business bank accounts, but Fidor is looking increasingly useless. Their personal accounts lack giant amounts of functionality.  

I don't know how the Localbitcoins traders do it. I assume they hop from account to account.
 

[CryptoScotland]

In all of human history there has not been one single business in the UK associated with cryptcurrencies that has obtained and maintained a British business bank account. It simply cannot be done.

That's why there are no exchanges and little or no business compared to other countries.

Your only hope might be when Fidor launches business bank accounts, but Fidor is looking increasingly useless. Their personal accounts lack giant amounts of functionality.  

I don't know how the Localbitcoins traders do it. I assume they hop from account to account.
 

Fidor is useless already have it and there too slow and not BTC Friendly at all.  Not sure how the LBC Traders do it spoke to one but obviously he could not advise but said they have accountants and lawyers etc in place.

I am sure there must be a way around it or something.  Anyone had dealings with Co-Op Bank?

Thanks

[gentlemand]

Fidor is useless already have it and there too slow and not BTC Friendly at all.  Not sure how the LBC Traders do it spoke to one but obviously he could not advise but said they have accountants and lawyers etc in place.

I am sure there must be a way around it or something.  Anyone had dealings with Co-Op Bank?

Thanks

If there was a way around it Bitcoin would be flourishing in the UK. It isn't so there isn't. It's just a fact of life. Nothing's changed since this thread was started.

If you check r/bitcoinuk, pretty much the only subject is how to handle banks.

Bitpay and Coinbase do offer merchant processing but the only possible way they're doing that is by sending GBP from Europe. The only quasi realistic UK exchange is Coinfloor and they have to bank in Poland.

Nationwide sounds like the least crypto hostile. That doesn't mean they'll be open to a business account but it's worth an ask.

[CryptoScotland]

Fidor is useless already have it and there too slow and not BTC Friendly at all.  Not sure how the LBC Traders do it spoke to one but obviously he could not advise but said they have accountants and lawyers etc in place.

I am sure there must be a way around it or something.  Anyone had dealings with Co-Op Bank?

Thanks

If there was a way around it Bitcoin would be flourishing in the UK. It isn't so there isn't. It's just a fact of life. Nothing's changed since this thread was started.

If you check r/bitcoinuk, pretty much the only subject is how to handle banks.

Bitpay and Coinbase do offer merchant processing but the only possible way they're doing that is by sending GBP from Europe. The only quasi realistic UK exchange is Coinfloor and they have to bank in Poland.

Nationwide sounds like the least crypto hostile. That doesn't mean they'll be open to a business account but it's worth an ask.

Spoke with Lloyds and they were not interested,  I know Barclays are useless as was using Tide Business Account powered by Barclays and they closed down in 5 weeks for no reason nothing to do with chargeback.

Will give Nationwide a buzz and see what they say.

However disagree you mention BTC is not doing well in UK.  For the small time I traded on LBC it was busy was only trading with £5000-£8000 and was getting buy and sell orders like easily shifting 1-2 BTC but seen many people doing £50K+ a day on there?  (Confused on the trick I am missing)

[gentlemand]

I'm sure BTC itself is thriving, but BTC enterprise certainly isn't.

The big LBC traders must have some major banking secrets up their sleeves. I'd be very curious to know how they do it and some have countless thousands of trades. I guess they're not going to let their secrets slip.

[TheQuin]

Bitpay and Coinbase do offer merchant processing but the only possible way they're doing that is by sending GBP from Europe. The only quasi realistic UK exchange is Coinfloor and they have to bank in Poland.

As far as I know, this is the only way to do it in the UK. All UK banks have to comply with Bank of England supervision and that means no crypto businesses. You can trade small amounts that go unnoticed in a personal account, but for any large volume, you need to go to an offshore bank that lets you have a GBP denominated bank account. You are still going to get hit with wire fees for international transfers. I haven't checked it out but Isle of Man or the Channel Islands might be worth looking into.

[CryptoScotland]

I'm sure BTC itself is thriving, but BTC enterprise certainly isn't.

The big LBC traders must have some major banking secrets up their sleeves. I'd be very curious to know how they do it and some have countless thousands of trades. I guess they're not going to let their secrets slip.

Yes BTC Enterprise is about as messed up as it can be as Banks don't support them.  For LBC need faster payment and hence offshore etc won't work for me.

Spoke to 1-2 big traders they only gave some tips but did not spill the beans and fair dues as some of them must do 100's of trades a day as I was doing around 15-25 trades a day.

Not looking to trade small amounts as it's a full business set up and want to do it properly legally and with all compliance.

Isle Of Man or Channel Islands may not have faster payment.  Maybe someone on here know's something we dont lol

[pat4cryptoreal]

This will be a very great and nice concept but the problem you will encounter is getting government approval to run the bank. There is no harm in trying.

[CryptoScotland]

This will be a very great and nice concept but the problem you will encounter is getting government approval to run the bank. There is no harm in trying.

Think the government and even Bank Of England don't have an issue as they have done a consultation on this but it's the Bank themselves just being daft.

Well in couple of years if Crypto Take's over then the Bank go do what they want bloody idiots lol.