UK Banks Refused 6 Million Citizens Accounts, Bitcoin Doesn’t Refuse Anyone
Over the past two years, 6 million residents of the United Kingdom have been denied bank accounts. According to a study conducted by competing banking service Pockit, since 2014 one in eight adults have been rejected by banks. Additionally, the study found that six out of 10 of their customers thought that banks did not care to accommodate the needs of low-income workers. Exclusion from valuable financial services hits the most vulnerable. Strict banking rules largely affect low-income workers and old-age pensioners. As a consequence, they are excluded from using valuable services such as....
Related News
Finding a bank that makes it easy to buy and sell bitcoin continues to be a challenge. The problem doesn’t come as a surprise to CCN readers, given that some major banks have questioned the need for bitcoin. (Some of these same institutions have touted the benefits of blockchain technology, which strikes many observers as paradoxical.) Bitcoin users have reported problems with buying and selling bitcoin using their bank accounts for some time, and based on a recent Merkle blog, the problem continues, notably in the United Kingdom. The blog doesn’t name any banks that are creating the problems.
Swiss banks have decided to turn down U.S citizens who want to open up offshore bank accounts in Switzerland. This is due to the U.S’s new foreign account regulations for banks to disclose the information of american accounts. This could be an opportunity for Americans to switch over to Bitcoin. Privacy concerns. According to Bloomberg, the U.S ambassador in Switzerland has sent numerous letters to Swiss bank executives on the challenges Americans already have when opening a bank account in an attempt to get Swiss banks to rethink their decision of not accepting American clients. Suzan....
For the past few years, there has been a war occurring between bitcoin and traditional banking institutions. For the most part, bitcoin has always managed to stay alive and hold its ground despite some major opposition, but often the banks come in with their executives and power and win battles without much effort. The war has now escalated, and another win must be chalked up for the banks. Polish bitcoin exchange BitMarket.pl had its bank accounts suspended just a few days ago on January 26th by Bank BPH due to what the bank says are rising debts and a lack of credentials. However,....
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....
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....