New Zealand Bitcoin ATM Operator Runs into Issues With Banks, Shuts Down
It's generally with great excitement that a bitcoin ATM launches in new frontiers, but a New Zealand bitcoin ATM operator has announced they're shutting down operations due to interference with banks. Bitcoin Central - self-labeled as 'NZ's bitcoin ATM provider' - published a statement on their official website declaring their operations were "now closed," pointing the finger almost instantly by stating, "Its [sic] the banks." Specifically, it would appear as if the operator is unable to secure a banking partner - an issue many bitcoin start-ups have been dealing with. The statement in....
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New Zealand-based bitcoin ATM operator Bitcoin Central says it has been forced to shut its doors, the result of local banks' refusal to provide financial services. While bitcoin businesses around the world are going to great lengths to comply with new or potential digital currency regulation, they are also discovering another layer of difficulty: getting banks to supply the account services vital to the existence of any mainstream business. The heading on Bitcoin Central's homepage now reads: "We are now closed. Please read below for the why." "It's the banks. Unfortunately, despite....
The New Zealand Bitcoin exchange Bitnz has recently announced to its customers it will be closing its doors soon. The company explains the unfortunate closure is due to a New Zealand banking system that won’t allow Bitcoin operations to hold bank accounts. Bitcoin Exchange Bitnz Closes Its Doors Due to Banking Issues. Many New Zealand bitcoiners were sad....
New Zealand’s Bitcoin market is to shrink even further in April when one of its flagship exchanges bitNZ shuts down due to banking difficulties. In an explanatory note on Reddit, the exchange stated that “bank hostility” was the reason behind its ceasing operations in the near future. It requested all customers withdraw any remains funds by April 15. “Due to the refusal of NZ banks to allow bank accounts for the purpose of trading Bitcoins it is impossible for us to continue operations,” it said. bitNZ BitNZ is one of the Bitcoin ecosystem’s oldest exchanges, having run since 2011. In that....
Representatives from the central banks of New Zealand and Australia have issued their own official warnings on bitcoin, terming the currency "interesting, but risky". The banks' comments come hot on the heels of the European Banking Authority's stance today. Both comments echo the public statement issued by Chinese authorities on 5th December, which led to the price of bitcoin falling by $300 on popular exchange Mt. Gox. New Zealand. John McDermott, assistant governor at the Reserve Bank of New Zealand (RBNZ), said banks and businesses should "tread very carefully" with the digital....
BitNZ, a New Zealand bitcoin exchange, has announced it is closing due to the refusal of New Zealand banks to allow bank accounts to trade bitcoins, and has advised customers to withdraw all funds before April 15, 2017, the company announced on its website. BitNZ also announced its decision on Reddit, noting that it is impossible to continue operations. BitNZ thanked customers for their support and noted it has processed over 11,000 bank transactions since 2011. Banks Uncompetitive. BitNZ said the banks’ position is anti-competitive, raising the question of whether there is a fairness....