Circle Blocks User Funds And Blacklists Bank Accounts

It will only be a matter of time until centralized Bitcoin services will feel the wrath of the traditional financial ecosystem as we know it.  Several Bitcoin exchanges have been struggling to find reliable banking partners in recent years and certain banks started halting all transfers involving Bitcoin.  But when Bitcoin service providers start freezing funds and banning bank accounts themselves, things are starting to look very worrying.

Circle – Buying and Selling Bitcoin With Traditional PaymentsCircle Small

Various Circle users have been reporting strange behaviour by the company in recent weeks.  Several payments have been held by Circle for multiple days without so much as an explanation, whereas other users have issued with using their bank accounts for both withdrawals and deposits.  Apparently Circle has started to blacklist several bank accounts.

While these are all unconfirmed reports at this time, the trend is worrying, especially when you consider how Circle prides itself upon sending and receiving money in an instantaneous and free manner.  However, by creating a centralized payment system on top of Bitcoin, Circle is doing exactly the opposite of what Bitcoin set out to do.

The biggest concern is how service

Read more ... source: CryptoArticles