Barclays and Bitcoin - Is It a Good Combo?
While the UK Treasury is finding ways to include Bitcoin into the mainstream economy, one of the largest banks in the UK doesn't seem to care much about the digital currency that is catching the waves across the world. Barclays allegedly froze the account of Charles Bartlett out of the blue without offering any explanation. Earlier in February, the bank supposedly make a "commercial decision" to close his account and send him an intimation regarding the same. READ MORE: UK Plans to Apply AML Regulations to Bitcoin. It is suspected that Charles' habit of Bitcoin trading might be the reason....
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Barclays Bank received the most complaints in the first half of 2016 of all financial services firm, according to latest figures from the UK financial regulator. The Financial Conduct Authority said that between January and June Barclays complaints increased 3% from the second half of 2015, reaching 287,463. HSBC was the only other big five High Street banks to see complaints increase. HSBC’s complaints also rose 3% to 124,891. Lloyds Bank, however, saw complaints decrease 7% to 213, 163, remaining second to Barclays. Barclays has taken steps to improve customer service, the banks says,....
Barclays Bank, one of the largest banks in the world, has today issued a warning on the nascent digital currency Bitcoin arguing that it is not backed by any government or central bank and the deposits are not insured. The warning follows numerous similar warnings by Consumer Financial Protection Bureaus in the aftermath of the still mysterious downfall of MT Gox. Barclays urges its customers to beware of hackers and scammers and beware of rate fluctuations as well as general advice such as carefully read the contract and know with who you are dealing. Absent from the warning however is....
Barclays, the UK banking company, teamed up with an Israeli startup to carry out the bank’s first Blockchain-based trade transaction. This allowed Barclays to send a transaction within minutes, both cost effectively and securely, rather than using the traditional transaction process which normally takes hours or days. According to Barclays, the transaction was approximately $100,000 worth of dairy products from an Irish food company, Ornua to the Seychelles Trading Company. Baihas Baghdadi, Barclays' Global Head of Trade and Working Capital, states: "We've proved the reality of this....
Barclays is taking sterling deposits for a new bitcoin exchange, making it the only UK bank to do so currently. Banks in the UK have avoided working with bitcoin exchanges so far, but customers of new bitcoin exchange Bit121 can deposit their sterling to a Barclays account with a Canary Wharf address. The account belongs to a payment service provider called PacNet Services Ltd, which Bit121 works with. Barclays therefore does not have a direct relationship with the bitcoin exchange. When contacted, Barclays refused to comment on its policy towards working with bitcoin exchanges. Daniel....
Leading UK Bank Barclay's has denied it will accept Bitcoin later this year as reported in numerous publications including The Sunday Times and Ars Technica. The report stated Barclay's would work with an un-named Bitcoin exchange and that, at first, only charities would be able to pay bitcoins into Barclays accounts. However, CCN received an email from Barclays regarding the reports, and the bank promptly denied any such plans. "Barclays is not accepting or holding any Bitcoin as some outlets have suggested," Barclays' Candice Macdonald, Vice President of Group Media Relations, wrote. "No....