Quote from: julz on April 05, 2013, 02:02:32 AM

Some of my acquaintances have bought using Bitinnovate - and one mentioned that the bank teller was curious about it and said that they had seen a few deposits to 'bitinnovate' in the past day.
That's just one branch - so they must be doing a fair volume of trade!

I've now sold a few times using this service and had no problems.

I do hope that Bitinnovate has good relations with their bank manager(s) and is doing all the right things as far as AML laws... It'd be a shame to see this service get unwanted attention from regulators due to the sheer demand for the service!

Bitinnovate - do you hold some capital in reserve in a separate bank account so that if your main trading account is frozen, you can still return whatever was in-flight during the freeze (or at least a good proportion of it)?

We have our funds distributed between a number of banks. Just like our BTC is held in a number of wallets. We will never keep everything in just one place. Having single points of failure is something we wish to avoid.

One of the major reason we don't accept EFT is not because fraud will leave us out of pocket but because it will tarnish our relationship with our banks and this is very important for us to maintain. We have just seen another Bitcoin company Bitfloor shut its doors for this very reason. https://bitfloor.com/