[2015-01-26] CD: UK Bank Closes Safello Accounts 6 Weeks

[LiteCoinGuy]

UK Bank Closes Safello Accounts 6 Weeks After Entering Partnership

Six weeks after Swedish-based bitcoin exchange Safello announced rapid 'Faster Payments' deposits for UK customers, its banking partner has withdrawn its services and will close its accounts as of tomorrow.

http://www.coindesk.com/uk-bank-closes-safello-accounts-6-weeks-entering-partnership/

[hilariousandco]

Weird. I wonder how Bittylicious operates safely as they're a UK exchange and make their transactions via Faster Payments through any UK bank accounts (and even some European ones I believe) though the money goes straight from buyer to seller and not passed to/through Bitty.

[gigatux]

Weird. I wonder how Bittylicious operates safely as they're a UK exchange and make their transactions via Faster Payments through any UK bank accounts (and even some European ones I believe) though the money goes straight from buyer to seller and not passed to/through Bitty.

That's exactly how - payments are made directly to Bittylicious sellers and thus Bittylicious doesn't have to rely on any UK bank accounts.

It's also easier because customer money isn't really held by anyone - these are simple "I buy, you send" type purchases rather than deposits.

[BitCoinNutJob]

UK Bank Closes Safello Accounts 6 Weeks After Entering Partnership

Six weeks after Swedish-based bitcoin exchange Safello announced rapid 'Faster Payments' deposits for UK customers, its banking partner has withdrawn its services and will close its accounts as of tomorrow.

http://www.coindesk.com/uk-bank-closes-safello-accounts-6-weeks-entering-partnership/

Not surprised at all, never mention anything to UK banks that isnt straight forward "legit" making making business or you risk being out the door.

[pawel7777]

That's just plain sick. All this bullshit talk about regulations and customer safety, and yet banks are able to close your account without giving you any reason.
This wouldn't be a problem, but (although not officially enforced) you need to have a bank account. No employer in UK will pay you cash in hand, and you cannot cash-out the cheque anymore (they'd only let you transfer money to your bank account).

So what happens if you're not wanted by any bank? Maybe regulators should focus on that...

[BitCoinNutJob]

That's just plain sick. All this bullshit talk about regulations and customer safety, and yet banks are able to close your account without giving you any reason.
This wouldn't be a problem, but (although not officially enforced) you need to have a bank account. No employer in UK will pay you cash in hand, and you cannot cash-out the cheque anymore (they'd only let you transfer money to your bank account).

Yep thats the scam they are running and if the regulators were genuinely honest they'd shut the banks down for running ponzi schemes.