Editor’s Note, 1-21-2015: This article netagio bitcoin value been modified to fix a reporting inaccuracy. Previously, we stated that Netagio temporarily shut down due to Capital International Group ceasing banking relations with all Bitcoin businesses in the UK.
We corrected the article, which now states that Netagio secured a new banking relationship 10 days after a two week notice was issued by CIG. Jacob Farber, a Perkins Coie lawyer in Washington D. There is not a well-established risk profile to say the least. It’s taking banks a while to get comfortable with it, and it’s not making it any easier with the media coverage Bitcoin gets. They hear about Bitcoin being used to buy drugs on Silk Road and not about the 10,000 merchants signing on to accept Bitcoin for non-illegitimate purposes. All around the world, it is very difficult for Bitcoin businesses to get a bank account, due to a lack of regulation and volatile value. Mulligan Mint, a precious metal seller, lost their bank account after simply selling metal medallions representing a physical Bitcoin.
Unisend, an Argentine Bitcoin exchange, lost its bank accounts without being given a reason. It is no different in Europe. In fact, English Bitcoin businesses experienced a banking scare. In September, Capital International Group, a treasury service, cut ties with the digital currency industry in England after announcing there was just too much pressure from the financial industry.
One of the businesses affected by this termination avoided a shutdown by establishing an alternative banking relationship shortly after the English termination occurred. Thus, the exchange was able to transition to a different banking service without ceasing operations. Their banking relationships have continued to increase as the company has focused on improving its reputation in the banking industry. In September, Netagio subjected itself to an audit. Its banking relationships have continued to increase, as seen with the acceptance of credit and debit cards for international customers.
The company will now allow customers to buy Bitcoin in seconds, instead of the slower options of bank wire transfers. Our customers will always be our number one priority. The US and Europe are the largest markets for Bitcoin trading, after China, and as such present a great opportunity for retail and institutional investors wishing to access these markets. The new banking partnership is a huge boost for the exchange’s international customers who won’t need to deposit British Sterling Pounds into the exchange first when buying Bitcoin. Customers can simply purchase coins using their debit or credit cards.
This news comes on top of the several advances the exchange has already made. Netagio was one of the first exchanges to make gold an option for buying and selling Bitcoin. More recently, the exchange added order books for EUR and USD. The new banking relationship with the Isle Of Man banking entity is latest evidence that finding a bank account for English Bitcoin companies has come a long ways from just a few months ago. This latest recognition reinforces our commitment to growing our secure, peer-to-peer exchange platform on which to trade Bitcoin, gold and sterling, and is a stepping stone towards maturity in the community of companies operating in the Bitcoin space. For updates and exclusive offers enter your email below. Bitcoin Bitcoin Price Analysis: Is It Over?
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