Banks Cut Ties With Isle of Man's Bitcoin Industry
Capital Treasury Services (CTS), the company that links bitcoin businesses to banks in the Isle of Man, is to cut ties with the digital currency sector as of next month. CTS, which is a subsidiary of Capital International Group, currently works with a number of digital currency companies in the Isle of Man, acting as their banking solution. The company is not a bank, but a treasury service, which holds funds for a number of companies across a variety of sectors. It works with banking partners in order to clear customer funds. Pressure from these banking partners has forced CTS to withdraw....
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A new report from bitcoin news website CoinDesk indicates that Capital Treasury Services (CTS) - a subsidiary of Capital International Group - is planning to sever ties with businesses operating in the digital currency space next month on the Isle of Man. Capital Treasury Services serves as, well, a treasury service for a large number of businesses. Working with large banks like HSBC, the service clears customer funds, but increased pressure from its banking partners have introduced some issues for these businesses that work in the cryptocurrency space. Quoted from CoinDesk, the following....
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The second country that we will take a closer look at is the Isle of Man. The Isle of Man is nestled between Ireland, England,Wales and Scotland. It has been a haven for online gambling companies for a couple of years now. However The Isle of Man is looking toward the future like an open minded country should. There has been quite a storm about the Isle of Man’s decision to become a “pro digital currency”. Some have condemned this choice, while others applaud the innovative aspect and calling this step a “historical” one for digital currencies and Bitcoin in particular. To celebrate and....
CTS decided to halt its cooperation with several cryptocurrency companies in the Isle of Man. The reason is negative support from large banking corporations. As of next month, Capital Treasury Services (CTS) will cease to work with the digital currency business in the Isle of Man. An unexpected statement considering the strong support for cryptocurrencies that was given by Isle of Man's government. Unfortunately, there seem to be more requirements for a thriving cryptocurrency environment. CTS was active in the Isle of Man as a banking solution for several digital currency companies. As a....