Post
Topic
Board Bitcoin Discussion
Re: itBit exchange applies for banking licence
by
Amph
on 09/05/2015, 06:57:38 UTC

That's interesting. I never realized that banks would actually just close up to a organization because they were dealing with bitcoin. Are they often because of bitcoins shady uses? Or is it some government regulation? Or were they simply not following proper tax/banking practices?

The annoying part is that the bank can close your account without giving you actual reasons, at least in case of private accounts. Usually they'd freeze the funds first due to 'suspicious activity' and then, even know there wasn't anything wrong, they'd decide to close it.

it also depends on the banks, not all banks are that strict, some of them are willing to re-open your account if you explain the situation or you ask why they closed it, anyway bitcoin is here also for this reason, the control over your money is what it was needed from the beginning