Canadian bank drops BTC exchange
Yet another bitcoin exchange has had the plug pulled on its bank account. Unlike Bitfloor, which went off-line last week, however, Canadian exchange Virtex is still operational - and its founder told us how. Two-year-old, Calgary-based Virtex was contacted by the Royal Bank of Canada on April 5 and told that its bank accounts would no longer be operating, according to Virtex's founder, Joseph David, Virtex's founder. He said he wasn't told why. However, he thinks it was because Virtex did not yet have the right documentation. "The problem that the banks have with us isn't the bitcoin,"....
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A number of Canadian bitcoin exchanges are running into regulatory challenges, as the country's big banks move to close their accounts, in many cases without explanation. Earlier this month, the Royal Bank of Canada closed the accounts of Calgary-based VirtEx as well as Canadian Bitcoins, an Ottawa-based bitcoin exchange. Canadian Bitcoins has also had its TD Bank account cancelled. "They shut down our account without any reason," said VirtEx owner Joseph David told the Financial Post. "They just said we have the right to refuse service to whomever we wish." James Grant, the owner of....
Canadian government officials may not think that bitcoin is legal tender, but thanks to a new startup, you can still pay your taxes in it - along with a lot of other bills. Canadian firm Bylls has become one of the first to offer bill payment in bitcoins. The service, only available in Canada at present, enables users to pay around 6,000 Canadian organisations - including the government - in bitcoins, by handling the fiat conversion for you. Started by Eric Spano, Bylls was incubated at the Bitcoin Embassy, a bitcoin education and advocacy group in a 14,000 square-foot building in....
San Francisco-based Coinbase, a leading Bitcoin exchange offering numerous services and products, has informed its Canadian users they must liquidate their CAD holdings by July 29th. “As of August 1, Coinbase’s Canadian payments provider, Vogogo, will be shutting down its payment processing business,” Coinbase stated in an email to users seen by Bitcoin Magazine. “When this occurs, Coinbase will no longer be able to support Canadian EFT transfers, Interac transfers or the storage of customer CAD on Coinbase.” Canadian dollars stored at Coinbase must be withdrawn off the site or converted....
There's been a whole lot of innovation in the world of bitcoin going on in Canada. Just this morning we reported of CoinTap's business coming to life in a Canadian pub. Wednesday, we reported that another bitcoin ATM in Canada would start operating in Ottawa Thursday. All through the the Canadian government has been relatively silent. Until now, that is. The Wall Street Journal is reporting that a government official in the country has said that bitcoin is not recognized as legal tender within their borders. "Only Canadian bank notes and coins are recognized as legal tender in Canada.....
New York-based bitcoin exchange Celery has integrated the products of Vogogo risk management and bank/payment verification platform to enable Canadian residents to exchange between bitcoin and fiat currencies. Celery was founded in 2013 and has been funded by Draper Associates and BoostVC. Celery supports more than 10,000 users in the United States and has processed more than $2 million in volume since its launch in early 2015. Due to its success in the U. S., the company has decided to launch its services in Canada with the integration of Vogogo's bank verification API and risk-management....