October 30, 2018 – Banks Can Not Stop Innovation

Try as they might – https://cryptohustle.com/the-struggle-between-banks-and-crypto-exchanges

Summary:

Over the years we’ve seen a trend of banks deciding to stonewall exchanges by freezing accountsor by blocking the movement of funds worldwideor they ban purchases of cryptocurrencies with bank cards.

They’ve also claimed that the big six banks in Canada have been stonewalling crypto exchangesmaking it increasingly difficult to find banking partners.

In Bulgariaa blanket-sweep from their top banks “Terminated accounts held by the country’s cryptocurrency exchanges.” Supposedlythe risk of dealing with fiat-bitcoin transactions was just too greatso the banks coordinated efforts “To block accounts held by Bulgarian crypto exchanges” And the banks did this without government decision on appropriate measures for regulation.

In December 2017Australian crypto exchange Coinspot had to temporarily suspend AUD deposits due to ongoing friction with local banks.

The hostility of some banks towards crypto exchanges shows that they may be threatened by the technology.

 

5:32pm Update – As I was saying…

Brazilian Bitcoin Exchange Wins Standoff as Bank Reopens Account to Avoid Fines