Bitspend ceases trading due to frozen accounts
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....
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