Flagship New Zealand Exchange bitNZ Refused Banking, Shuts Down
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....
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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....
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....
New Zealand's bitNZ will be shutting down after its banking partner declined to open bank accounts for the platform. Bitcoin is the most popular cryptocurrency of all times. Since its inception, the use of Bitcoin has skyrocketed, and people from all corners of the world now utilize it for trading and making transactions. However, the adoption lacks uniformity and then there are various regulations and dependencies that make it hard for Bitcoin-related businesses to sustain themselves. A New Zealand based cryptocurrency portal has become the prime example of such challenges faced by....
After the demise of one of its flagship exchanges, New Zealand has this week welcomed the launch of a new service, BitPrime. The move comes just six weeks after bitNZ, an exchange operating in New Zealand since 2011, was forced to close after its bank refused to serve it any longer. “Bitcoin is a fairly new concept for most people, so we want to make it an accessible form of investment for everyday New Zealanders,” BitPrime CEO Geoffery Palmer said in an accompanying press release Tuesday. “With interest rates being so low investors are looking for better returns in different asset....
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....