Quote from: loanexpress on April 28, 2013, 11:50:42 PM

I think the interim solution is going to be something like the Bitcoin ATM, or physical kiosks and shops selling BTC *for cash*. No dramas about bank accounts or lots of deposits and payments.

Just work in cash. It's how people for example buy prepaid phone credit. The infrastructure already exists - you just need to make a good business case to these shops (typical 7/11 etc).

+1

use local bitcoins or ATMs that have a $1000/euro1000/£850 daily limit and you never need to worry about FSA fincen shutting them down. thats what makes me laugh about these "official" exchanges that exceed the amounts and never follow the regulations to realise what needs to be avoided. and then they cry when the regulators come knocking.

as for tranferwise.

they should develop a relationship with their bank better. their own statement

Quote

Financial firms make choices on the basis of clear rules. Without them, things like Bitcoin fall into the hands of those who use it for illegal activities. This leaves businesses like ours that meet their obligation to anti-money laundering and Know Your Customer procedures unable to deal with it.

well if transfer wise has ID on the customer and ID on the bitcoin exchange then the money trail does not end with transferwise so banks wont worry about transferwise as they are following regulations.

the problem yet again is the exchanges. that dont keep logs of the money trail above the limits to keep the banks sweet. so the banks advise middle men to stop dealing with exchanges.

exchanges need to up their games, pure and simple