Banks Still Closing Accounts Over Bitcoin Activity

Banks Still Closing Accounts Over Bitcoin Activity

Finding a bank that makes it easy to buy and sell bitcoin continues to be a challenge. The problem doesn’t come as a surprise to CCN readers, given that some major banks have questioned the need for bitcoin. (Some of these same institutions have touted the benefits of blockchain technology, which strikes many observers as paradoxical.)

Bitcoin users have reported problems with buying and selling bitcoin using their bank accounts for some time, and based on a recent Merkle blog, the problem continues, notably in the United Kingdom. The blog doesn’t name any banks that are creating the problems.

Banks Act Without  Warning

Banks can close accounts with little notice, the blog noted, and moving the funds out of a closed account can be challenging.
The banks are reportedly taking these actions when the customer buys or sells bitcoin using their bank account. A transaction with a message field that includes the word “bitcoin” can alert the bank to take action.

Banks can also become alarmed when a customer adds a debit card linked to

Read more ... source: TheBitcoinNews

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