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Bitcoin Friendly Banks 2018

Us Banks Closing Customer Accounts Using Bitcoin And Other Cryptocurrencies

Us Banks Closing Customer Accounts Using Bitcoin And Other Cryptocurrencies

US Banks Closing Customer Accounts Using Bitcoin and other Cryptocurrencies We have several threads discussing this topic. This is the only one I could find but I know there are others as I have responded to them, but I think they were discussions that were sparked from a different topic. Banks Closing Accounts Because People Bought BTC?!?!?!? BITCOIN Found this article, and I mean I get that BTC is their direct competition and the next step of financial evolution. But buying BTC couldnt breach TOS with the bank, right? This has been happening for a long time. One of my most recent run ins with this was when I helped save a customers account because I had access to the banks management and was able to explain to them what Bitcoin was, what Coinbase is, and how it is legal for the time being (this last part is because the governments have shown time and time again they can change their minds on a whim). It is all about education. The smaller your bank is the more likely you are able to talk with the management and do what I did above. The larger banks you really have no say and cannot do anything about it. As @peter s last Crypto on the streets showed most of the population have no clue what bitcoin is. It is because of this the bank doesnt care if they lose you as a customer. I bank with USAA which is very friendly with Coinbase/Crytpos as some of their board members are invested in BTC and because of that they formed a relationship with Coinbase. That relationship allows for me to access/view my coinbase holdings from with in my USAA accounts page. I highly recommend if you have access to USAA you use it. It is limited to who has the ability for a membership but definitely worth looking into if you have any family members who were military or yourself. Continue reading >>

4 Bitcoin Friendly Payment Platforms For Businesses In 2018.

4 Bitcoin Friendly Payment Platforms For Businesses In 2018.

Described as a complete ecosystem that provides hassle-free physical realization of your digital wealth and a risk-free investment environment to trade or exchange digital currency, UQUID is a payment platform that bridges the gap between cryptocurrency and fiat currency. It allows users to earn, save, and spend Bitcoin as well as 90 other cryptocurrencies . One of the companys most popular ways of using Bitcoin is through its Bitcoin debit card. Working just like an unlimited credit card , the Bitcoin debit card allows customers to pay for any goods or service online, over the phone, or through the mail. The card is connected to the Bitcoin system and allows cardholders to obtain the real Bitcoin market price and securely pay without any hassle. Recognized as one of the most popular Bitcoin payment platforms since 2011, BitPay allows anyone to receive payments in Bitcoin directly to your bank account. The purchaser can choose to pay with Bitcoin and they pay the BitPay invoice at the locked-in exchange rate. BitPay then converts the Bitcoin to either US dollars, euros, Great British pounds, Mexican pesos, Australian dollars, New Zealand dollars, or South African Rands. This is then deposited directly into your bank account, avoiding any volatility risk. BitPay is available in 33 countries and adds two-factor authentication, invoicing in 40 languages, and ledger payment tracking. You can even use the application to provide Bitcoin refunds and manage under or overpaid invoices. If youre a business looking to accept payments in the form of Bitcoin, Coingate can help you reach your goal. The application allows businesses to accept Bitcoin or receive payments converted into US dollars or Euros. Essentially, the business owner sets the value of the product or service and Co Continue reading >>

'bitcoin Bank' Metropolitan Halts Crypto Wire Transfers - Bitsonline

'bitcoin Bank' Metropolitan Halts Crypto Wire Transfers - Bitsonline

Bitcoin Bank Metropolitan Halts Crypto Wire Transfers Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates: Metropolitan Bank Bitcoin Accounts Now in Doubt The news is particularly significant as Metropolitan had a reputation for being bitcoin-friendly, even earning the nickname The Bitcoin Bank. Fortune reported that the operator of an investment firm received notice from Metropolitan Bank last Thursday that it was ceasing all international crypto-related wire transfers to and from the bank, effective immediately. The move, Fortune said, was due to an international fraud incident involving one of its clients presumed to also be crypto-related, though the bank did not say explicitly. The freeze highlights a problem legacy financial institutions have in dealing with bitcoin and digital assets, while following strict international compliance regulations. Its a problem for cryptocurrency companies too IdentityMinds Neal Reiter said in a recent podcast interview that Coinbase was dealing with 20 times the fraud of PayPal. This is why exchanges need to prevent fraudulent activity on their platforms. Bitfinex'ed ? Crypto Blockchain (@Bitfinexed) January 14, 2018 The Bitcoin Bank Usually Doesnt Have a Problem With Cryptos Coinbase uses Metropolitan, among other banks, for transfers to and from the exchange, and its Shift bitcoin debit card. The benefit wasnt all one-way some commentators said the recent rise in bitcoin and cryptocurrency popularity was fueling Metropolitans success. Much of that was likely coming via Coinbase, the most popular crypto exchange and payments platform in the U.S. and the rest of the world. So the banks sudden move to shut out crypto-related transfers wasnt a problem with its corporate culture. More Continue reading >>

Cryptocurrency Regulation In 2018: Where The World Stands Right Now

Cryptocurrency Regulation In 2018: Where The World Stands Right Now

Cryptocurrency Regulation in 2018: Where the World Stands Right Now If 2017 was the year of the ICO, it seems as if 2018 is destined to become the year of regulatory reckoning. Things have already begun to heat up as countries around the world grapple with cryptocurrencies and try to determine how they are going to treat them. Some are welcoming, others are cautious. And some countries are downright antagonistic. Here is a brief overview of how 15 countries/unions from various regions are treating cryptocurrency regulations. The United States, at the time of this writing, has no coherent direction on its cryptocurrency regulation other than that there will be some soon . The Securities and Exchange Commission (SEC) has warned investors of cryptocurrency investing risks, halted several ICOs and hinted at the need for greater cryptocurrency regulation. The Commodity Futures Trading Commission (CFTC) became the first U.S. regulator to allow for cryptocurrency derivatives to trade publicly, then organized meetings to talk about possibly changing the rules for cryptocurrency derivatives clearing (one of the meetings was postponed due to the federal government shutdown). Secretary of the Treasury Steve Mnuchin has indicated a preference for minted fiat currency over cryptocurrency. Speaking on January 12, 2018, at the Economic Club in Washington, D.C., Secretary Mnuchin warned those in attendance that he and other regulators were looking into the possibility that cryptocurrency could be used in money-laundering activities. The secretary then announced to the group that the Financial Stability Oversight Council (FSOC) had formed a working group to explore the cryptocurrency marketplace and that he hoped to work with the G20 to prevent bitcoin from becoming a digital equivalen Continue reading >>

Bitcoin Atm Banking How To Find A Bitcoin Friendly Bank

Bitcoin Atm Banking How To Find A Bitcoin Friendly Bank

Bitcoin ATM Banking How To Find a Bitcoin Friendly Bank Bitcoin ATM , Bitcoin ATM Regulation , Operating bitcoin ATM operating bitcoin ATM CoinATMRadar In this article we look at one of the most important problems bitcoin ATM operators have finding bank relationships and opening a bank account. At the end of the post there is a company mentioned that provides services as intermediary and connects bitcoin ATM operators directly with bitcoin friendly banks also providing additional services on the way. Disclaimer: We are not affiliated with this company, please do your own due diligence before entering in relations. The material is posted and contacts are provided because in our opinion it brings a value for many operators who potentially need banking relationships, but struggle to find it. Traditional banking industry non-friendliness towards bitcoin ATM operators As Bitcoin continues to increase in popularity, the installation and use of bitcoin ATMs has surged in recent months with 5-7 popping up every day on average . Unsurprisingly, banks are not happy about being made obsolete and are trying to clamp down on cryptocurrencies after initially dismissing them out of hand. US banks now openly retaliate against the decentralization of the financial system by refusing services to cryptocurrency related businesses and many large banks have banned their customers from purchasing cryptocurrencies using their credit cards or even directly to wire funds to exchange. The combination of the increased demand by consumers and denial of banking services for cryptocurrency businesses presents a complex problem that bitcoin ATM operators must solve in order to expand operations accordingly. One recent example is finish company Prasos, who also runs largest bitcoin ATM network in Fin Continue reading >>

Central Banks Will Hold Bitcoin And Ether In 2018: Blockchain Ceo

Central Banks Will Hold Bitcoin And Ether In 2018: Blockchain Ceo

2018 will be the year that central banks hold digital currencies: Blockchain CEO Global central banks will start holding digital currencies in the next year, the chief executive of a cyrptocurrency wallet platform told CNBC Monday. "I think this year will be the first year we start to see central banks start to hold digital currencies as part of their balance sheet," Peter Smith, CEO of Blockchain, told CNBC. Smith said that central banks would likely buy bitcoin and Ethereum as part of their reserves. Central banks hold gold and foreign currency reserves to allow them to act if there are any market shocks. The rise of bitcoin as an asset could mean some monetary authorities will have to begin holding it. "Bitcoin is already a top 30 currency by supply, and this trend, and pressure to hold digital currency as part of reserves will only accelerate as the price rises," Smith said. There is a growing chorus of voices suggesting that cryptocurrencies could be bought by central banks. In an opinion article on Coindesk , Eugene Etsebeth, a former central banker with the South African Reserve Bank, said that cryptocurrencies will fulfill a new requirement as "digital gold." "In 2018, G-7 central banks will witness bitcoin and other cryptocurrencies becoming the biggest international currency by market capitalization," Etsebeth wrote. "This event, together with the global nature of cryptocurrencies with 24/7 trading access, will make it intuitive to own cryptocurrencies as they become a de-facto investment as part of a central bank's investment tranche." He added that cryptocurrencies would be used in international trade. Blockchain's Smith, who spends time speaking to regulators, took it a step further and said central banks could start to issue their own "digital assets" nex Continue reading >>

Bank Of America, Citigroup Reviewing The Use Of Credit Cards To Buy Bitcoin

Bank Of America, Citigroup Reviewing The Use Of Credit Cards To Buy Bitcoin

Bank of America, Citigroup reviewing the use of credit cards to buy bitcoin Bank of America is reviewing policies that allow customers to buy bitcoin with credit cards. Citigroup is also reviewing its policy, just as Capital One Financial earlier this month decided to prohibit cryptocurrency purchases. J.P. Morgan Chase is still allowing customers to buy cryptocurrencies with their Chase credit cards, the bank told CNBC. The bank did not respond to a question about potential changes to that policy. A woman touches an ATM machine for digital currency Bitcoin in Hong Kong on December 18, 2017. Friction is increasing between some credit card companies and customers who want to use the cards to buy cryptocurrencies. Bank of America and Citigroup are reviewing policies that allow customers to buy bitcoin with credit cards. The reviews follow news about two weeks ago that Capital One Financial has decided to prohibit cryptocurrency purchases. Toronto-Dominion Bank subsidiary TD Bank also confirmed to CNBC that some bitcoin transactions aren't being processed, as a result of security measures. Discover Financial Services has effectively prohibited cryptocurrency purchases with its credit cards since 2015. The Wall Street Journal first reported news of Bank of America's cryptocurrency review Thursday. Money laundering appears to be a factor in the financial firms' concerns about dealing with cryptocurrencies. Discover CEO David Nelms said in a Bloomberg report Wednesday that financing purchases of cryptocurrencies creates headaches for banks that are required to monitor transactions for money laundering. J.P. Morgan Chase is still allowing customers to buy cryptocurrencies with their Chase credit cards, the bank told CNBC. Chase did not respond to a question about potential ch Continue reading >>

Wirex Is Launching Crypto-friendly Banking Services

Wirex Is Launching Crypto-friendly Banking Services

Wirex is launching crypto-friendly banking services Wirex is launching crypto-friendly banking services The Wirex blog posted a message stating that all users of the app will get personal bank accounts. The new service will be launched before the end of the month; physical debit cards will be linked to the accounts. Wirex is an online banking system using cryptocurrency. It is registered in Britain. In December and January, the company stopped servicing prepaid debit cards for digital currency due to the sanctions from Visa Europe. But it continued to look for other ways to realize its goal: give every cryptocurrency owner a convenient tool for paying for any goods and services. The last message of the company blog says that soon, all users of the service will have access to a personal bank account. It will be registered in England, but available from anywhere in the world. The account will also have to be registered with the UK Financial Conduct Authority; after that, it will be possible to receive transfers across the country and from abroad. Each number will have a linked debit card, with the balance equal to one of the account. As promised by Wirex, owners of these cards will get extended limits for the purchase of cryptocurrency. There are no detailed explanations on the functioning of the card and its connection to the cryptocurrency account, but authors of the blog declare that they are working on "solving financial and legal barriers" in the field of cryptocurrency. Subscribe to the news of Blockchain & Bitcoin Conference Gibraltar on Facebook and Telegram ! Continue reading >>

Bitcoin Friendly Bank

Bitcoin Friendly Bank

Bitcoin, being the first decentralized digital currency as well as thepayment system, has trully revolutionized the way people operate their finances. Being created in far 2009, this token hasrisen in value from mere $0.03 to more than $19000per one. The number ofcryptocurrency enthusiasts increases rapidly, and, needless to say, all they want to manage their funds in a secure, trustedbitcoin-friendly banking environment.This makes the topic of bitcoin-friendly banking services kind of a corner-stone today. Fortunately, advances in the world of fintech have produced a number of banking projects that are working toward providing crypto-friendly services for the entire community.Such projects include, but not limited to: Fidor Bank, a digital bank based in Germany, which promises to enable users to transfer money via email or mobile phone, providing a host for such banking options as saving bonds and crowdfunding investments; Bankera, UK based Bitcoin exchange, which is aiming to build a fully comprehensive digital bank providing payment accounts with personal IBAN, debit cards, interbank foreign exchange rates and payment processing; Monaize, a mobile e-banking platform, that seeks to cater to freelancers, entrepreneurs, and small enterprises in France and the UK by providing various needed business facilities; and others. It should be noted, that despite Bitcoins rising popularity and ever increasing adoption, quite a large number of institutional banks (as well as governments as a whole) refuse to operate it. There might be several reasons for this. First, it is extremely volatile nature of the cryptocurrency, of course. Then, the fact that Bitcoin is considered by many to be a bubble, which will definitely burst in the near future. Security and scalability-connected Continue reading >>

Digital Currency Group Invests In Bitcoin-friendly Silvergate Bank

Digital Currency Group Invests In Bitcoin-friendly Silvergate Bank

Digital Currency Group Invests in Bitcoin-Friendly Silvergate Bank Feb 27, 2018 at 10:00 UTC|UpdatedFeb 27, 2018 at 10:04 UTC Cryptocurrency venture capital firm Digital Currency Group (DCG) has confirmed an investment in Silvergate Capital Corporation, the holding company of the bitcoin startup-friendly Silvergate Bank. According to an announcement from Silvergate, the firm said Monday that it sold 9.5 million shares through a private placement generating $114 million in total - funds that will be used to further support the bank's fintech deposit initiatives. Although the announcement did not disclosed any investors, Barry Silbert, founder of DCG, confirmed the firm's participation in the sale via an email to CoinDesk, following an official tweet. We are thrilled to welcome Silvergate Bank to the DCG family of companies DigitalCurrencyGroup (@DCGco) February 26, 2018 While the amount of investment remains unknown, the move by DCG is notable given Silvergate's known stance in supporting cryptocurrency startups. As early as in 2014, the cryptocurrency industry has encountered challenges in receiving banking services from traditional financial institutions, with many banks refusing to open accounts for crypto firms, or abruptly closing accounts without explanation. Silvergate Bank, however, offered bank accounts to bitcoin startups, even while others shied away from bitcoin-related clients due to risk concerns. According to a previous CoinDesk article , Silvergate Bank was supporting 15 cryptocurrency startups as of May 2016. Disclosure:CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Silvergate Bank. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set Continue reading >>

What Banks Do Accept Bitcoin? - Updated 2017

What Banks Do Accept Bitcoin? - Updated 2017

Get a free valuation to better understand your business's value & position yourself for acquisition. Wow! I can see why there are so many answers that are probably not answering the question in the way in which you asked. I can see how there can many interpretations as to the way that you worded it. Are you really trying to find out which banks are Bitcoin friendly? First of all, you all that have answered so far gave some really good insight on Bitcoin, but that does not answer the authors question (If I am understanding the question correctly). I know that this is an old post, but I am sure that someone else will still have this same question. In that case, I will give my best attempt to answer the question that was asked. I think that the people that have so far answered your question didnt realize at the time of posting their answers didnt realize that banks are actually allergic to Bitcoin. What do I mean by that? Well Before you do any kind of serious trading or transactions with Bitcoin, you must first have some things in place. For instance, you must have an anti money laundering agreement in place. People think that profits from Bitcoin is tax free. The IRS doesnt see it that way. Bitcoin profits are taxed as capital gains. So if youre going to do any kind of significant volume using a bank as a middle man, you have to have things in order, or else, they will shut your account down and you may even see a negative balance. Bank of America is notorious for shutting down accounts! To get a good idea about which banks are most Bitcoin friendly, I suggest that you visit Bitcoin News, Blockchain News, Prices, Charts & Analysis - CoinDesk and inquire within the community. I also recommend Paxful and their website is: Buy bitcoin instantly where there are over 300 way Continue reading >>

The Best Bitcoin Exchange Of 2018

The Best Bitcoin Exchange Of 2018

Its all about reputation, currency support and transaction fees A Bitcoin exchange is a digital marketplace for users to buy and sell Bitcoins using different currencies. The Bitcoin can be exchanged for either fiat money (legal tender) or other alternative cryptocurrencies such as Ethereum. The exchange serves as the middleman for traders of the cryptocurrency. Being able to purchase Bitcoin is the initial step to trading in it. Just like trading a stock, Bitcoin exchanges charge transaction fees, which range from 0 to 1%. In order to trade Bitcoin on an exchange, the user needs to have an account, and go through a series of steps to be verified. Remember that Bitcoin and alternative cryptocurrencies are a completely digital currency, and there are no physical Bitcoins. However, before plunging in with both feet, users should be aware of what to look for in choosing a Bitcoin exchange for their cryptocurrency transactions. This is analogous to the issues and potential pitfalls in making a choice of where to do your banking, or open an online brokerage account. Furthermore, bear in mind that unlike banks and stock trading, Bitcoin trading is largely unregulated by most countries, although this is changing as its popularity increases. A good place to start is to look at the virtual coins which are supported by an exchange. With over 4,000 cryptocurrencies, and additional ones being added all the time, it is key to figure out which currencies you want to trade in, and then match the exchange that deals in those. For example, Ethereum mining has recently become more popular, but not all Bitcoin exchanges support this alternative cryptocurrency. Bitcoin vs distributed ledger vs Ethereum vs blockchain explained Next look at the country that is hosting the Bitcoin exchange. Continue reading >>

Liechtenstein Bank Opens Up Cryptocurrency Investment For Clients

Liechtenstein Bank Opens Up Cryptocurrency Investment For Clients

Liechtenstein Bank Opens Up Cryptocurrency Investment for Clients Mar 2, 2018 at 16:00 UTC|UpdatedMar 2, 2018 at 16:01 UTC A Liechtenstein-based family bank has become one of the first banks in the world that allows clients to directly invest in cryptocurrencies. Making the announcement earlier this week, Bank Frick said that the first batch of cryptocurrencies to be available for trading will include bitcoin, bitcoin cash, litecoin, Ripple and ether. The bank said it is targeting institutional and high-value private clients, who can buy in with euros, U.S. dollars and Swiss francs. The crypto assets under the bank's custody, the announcement says, will be stored in cold wallets - a security measure that keeps private keys to the cryptocurrencies offline and away from potential hackers. Trading activities through the bank's platform will also be carried out in compliance with know-your-customer procedures required under Liechtenstein and European (EU/EEA) law. "Clients can only invest in cryptocurrencies once they have been fully identified and verified. The verification and identification process also involves checking the origin of the money used to invest in them,"according to the announcement. "Our services are in demand from companies across the whole of Europe," said Hubert Bchel, chief client officer at the bank. "We aim to place crypto-banking on at least the same level of quality as traditional banking." The move marks the latest effort among financial institutions in the region to move to support the growth of cryptocurrency and blockchain development. As reported by CoinDesk, Falcon Group, a Swiss private bank, has also started offering a bitcoin purchasing service through clients' traditional accounts in partnership with the bitcoin brokerage firmBitcoin Su Continue reading >>

Banks Using Bitcoin | Bankline

Banks Using Bitcoin | Bankline

How are banks using Bitcoin in 2018? The answer is complicated. As governments double down on their efforts to regulate Bitcoin, banks are caught in the cross hairs. Increasing demand presents a lucrative opportunity for banks to work with Bitcoin business, support initial coin offerings (ICOs), and innovate using blockchain technology. An uncertain compliance landscape, however, is holding back many financial institutions. The relationship between the central banking system and Bitcoin is confusing and often misinterpreted. If Bitcoin was truly used as a currency, then it would make more sense for the central banking system to regulate it as such. This is because currencies traditionally fall under the purview of the banking system. Bitcoin, however, is not exactly used in the typical manner of currency. Only a small fraction of Bitcoin transactions involve exchange of coins for retail goods and it behaves more like a ledger system than a currency. The innovations of blockchain technology and the cryptocurrencies that use it are a more likely substitute for corporations and legal systems than they are for currencies. Given the nature of Bitcoin, it doesnt make sense for the central banking system to actively regulate and control the cryptocurrency. Furthermore, the rapid evolution of Bitcoin and its contemporaries are showing us time and time again that the future is yet to be determined. As Bitcoin becomes increasingly mainstream and more Bitcoin-related businesses pop up, we will see the fluid industry begin to solidify. Since cryptocurrencies do not pose a systematic risk for national economies, its best to let the digital currency market work itself out rather than intervene at this early date. In the United States and United Kingdom, banks are banning the use of Continue reading >>

01-13-2018: Metropolitan Bank Holding Corp Halted All Cryptocurrency Wire Transfers

01-13-2018: Metropolitan Bank Holding Corp Halted All Cryptocurrency Wire Transfers

Over the past 24 hours, the Ethereum blockchain helped transfer just over $23bn. This is almost as much as Bitcoin, BitcoinCash, Litecoin, Dash, BTG, and ETC combined. Ethereums value transfer doesnt pertain just to ETH transactions, it also includes all of the ERC20 tokens issued on the blockchain ( newsbtc ). Kraken, the fifth-largest cryptocurrency exchange, has resumed service after scheduled maintenance that was supposed to take two hours but instead took two days. The unexpectedly long downtime agitated many users, since not only trading but also withdrawals were unavailable for the period, during which coin prices dropped on bearish news coming out of South Korea. The San Francisco based exchange will be waiving trading fees for all its clients through the end of the month, it said in a blog post published Saturday. However, the waiver does not apply to non-margin trades. In the blog post, the company reassured clients that their funds were kept safe during the incident stating: We apologize for the uncertainty our downtime has caused. The scheduled downtime was to replace our old trading engine with a brand new trading engine an improvement that customers have long asked for and that we have long been working hard on ( coindesk ). Bitcoin investors in the UK have reportedly been facing issues with acquiring mortgages with their profits, as Banks refuse or are unsure how to deal with funds derived from cryptocurrency. It appears as though investors could potentially have trouble when it comes to securing a mortgage with their Bitcoin money. Some banks in the UK appear to be showing a reluctance to deal with Bitcoin profits, especially when it comes to providing audit trails. Another complicating factor appears to be a lack of understanding of cryptocurrency in t Continue reading >>

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