Banks Handcuff Bitcoin Businesses in Opening Bank Accounts
Opening a Bitcoin business is not an easy endeavor. You have to know how Bitcoin works, have a way of getting paid in bitcoin, and have a way of paying taxes for your bitcoin transactions. You have to find bitcoin consumers of your goods and services, which is not a massive pool to swim in. And you'll need banking services. This might be the toughest part of your journey to becoming a future Bitcoin business mogul. Expect to find many torches and pitchforks held in your path to mainstream legitimacy. Bitcoin Bank Account tougher than a Marijuana Bank Account. Having previously worked in....
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Despite its volatility, Bitcoin has been the best performing currency in the world for 5 of the past 6 years. The rapidly increasing value of the digital currency and its decentralized nature have led it to be considered as the global safe asset for investors and traders. For decades, Swiss bank accounts were the ideal global asset for most entrepreneurs and investors, due to its anonymity and privacy. Prior to the formation of a contract between the EU and Switzerland, anyone could open Swiss bank accounts, store funds and be free of all tax obligations. The end of the Swiss banks era.....
Startups focused on products and services based on bitcoin have never had an easy time opening bank accounts – or maintaining positive relationships with those firms. The problem? Bitcoin-related clients are frequently viewed as high-risk by banking institutions, and thus far few banks have shown an interest in going through the process of mitigating that risk. This is a long-standing issue that has sparked controversy in the past, but given the broader issue of de-risking by banks worldwide, it's perhaps unsurprising that bitcoin startups would find themselves in the crosshairs of bank....
Instabill has announced that it will offer merchant and banking accounts to companies working in the Isle of Man's digital currency industry. The news comes just one day after Capital Treasury Services, a company that connects digital currency companies to banks on the Isle of Man, moved broadly to close the accounts of clients dealing in cryptocurrency, under pressure from partner banks. Speaking to CoinDesk, Instabill founder Jason Field said his firm will be able to offer stable banking relationships to digital currency firms because it works with banks in various jurisdictions. Field....
Swiss banks have decided to turn down U.S citizens who want to open up offshore bank accounts in Switzerland. This is due to the U.S’s new foreign account regulations for banks to disclose the information of american accounts. This could be an opportunity for Americans to switch over to Bitcoin. Privacy concerns. According to Bloomberg, the U.S ambassador in Switzerland has sent numerous letters to Swiss bank executives on the challenges Americans already have when opening a bank account in an attempt to get Swiss banks to rethink their decision of not accepting American clients. Suzan....
The bitcoin payment system, Bitspend, has been forced to stop operations after its bank accounts were frozen. Bitspend is a service that acted as a bridge between those who held cash in the form of bitcoin, and merchants who did not accept bitcoin payments. According to the firm, its banks (Chase and another unnamed bank) both told it that they regarded businesses which trade in bitcoin as "too high risk". The banks allegedly did this without notice. Initially, Bitspend was told that its funds would be returned by cheque within 30 days. However, the firm reported, via Reddit that an....