EU Banks Forced to Report Bitcoin-Linked Accounts Transacting Over €1,000
An anonymous Dutch bank employee has revealed that major banks in the EU are applying new rules forcing banks to report, monitor or investigate accounts receiving or sending over €1,000 connected to bitcoin. Taking to /r/DarkNetMatters, the anonymous user identifies himself as a bank employee within the Dutch banking system. Referencing a memo seen in the bank offices, the user describes how accounts receiving more than €1,000 from known bitcoin-linked accounts should be subject to increased scrutiny, and reported. Additionally, the whistle-blower writes that the bank also must “flag....
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The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial institutions to identify and close accounts of cryptocurrency transacting entities. The directive, which took immediate effect, threatens “severe regulatory sanctions” to financial institutions that fail to comply. Banks Taking Immediate Action Immediately following the letter’s publication, some banks and other financial service providers began complying with the directive. The CEO of Binance, Changpeng Zhao, tweeted that his company had received word from its Nigerian partners....
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.....
Personal accounts with large multi-day inflow and outflow are being tracked at the behest of the country’s central bank. In Nigeria, commercial banks have begun monitoring accounts that appear to be utilized for cryptocurrency trading. The action is in response to an order from the Central Bank of Nigeria (CBN) demanding all commercial banks freeze accounts belonging to at least two individuals engaged in cryptocurrency trading.According to a report by local publication Leadership, an internal memo in one of the banks instructed employees to start monitoring accounts with significant....
As the popularity of bitcoin increased, it started appearing as a threat to the conventional banking industry. The threat combined with a lack of clarity regarding bitcoin regulations has got many banks across the world refusing their services to bitcoin based businesses and bitcoin users. As the bitcoin adoption has still not crossed the threshold, people are forced to use traditional banking services to complement their bitcoin transactions. There have been many instances in the past where banks have frozen their customers' bank accounts for dealing with bitcoin. Even many bitcoin....
Wechat, the Chinese messaging app, has reportedly suspended accounts that are linked to non-fungible tokens (NFTs). The objective of the crackdown is to stop the use of the affected accounts in promoting NFTs.
The Widening Crackdown on Digital Assets
The Chinese messaging app Wechat recently acknowledged it had suspended some accounts which are said to be linked to non-fungible tokens (NFTs). The suspension of the accounts, according to a BBC report, is aimed at stopping such blacklisted accounts from engaging in NFT market promotional activities that help to drive up....