Exchanges Freezing US Deposits Amidst Constant Banking Issues | dinbits


Bitfinex and OKCoin have both frozen US wire transfers over the last few days. This coming after continue banking issues with the United States.

Earlier this month Bitfinex withdrew a lawsuit it had against Well Fargo for not completing outbound wire transfers and OKCoin has asked it's users in the US to stop making deposits from United States based bank accounts.

United States Banks

United States banks continue to exaggerate US regulation using it as an excuse to turn away business they feel is in the slightest way a risk to their bottom line. Which is fair enough, it's a free country and they can refuse service to anyone they feel like. However at least call apples, apples and just flat out state "NO DIGITAL ASSET BUSINESS ALLOWED". What's so damn hard about that? 

Oh yeah, they can't. They want some business, just not others, so they just keep letting businesses and consumers walk into a potential mousetrap where funds expected to arrive on the same day end up frozen in transition. 

It's just another example of why bitcoin exists in the first place. Banks used to just shrug off bitcoin and it's been declared dead about 150 times, primarily by financial or competing entities. These days, not as much, it's a blip on their radar they are cognizant of despite the seemingly tranquil position commonly presented. 

The international exchanges are not alone, Kraken, Coinbase (GDAX), Gemini, itBit and many others have had issues with banks and/or their users have had problems despite their regulated and licensed status.    

Neither Bitfinex or OKcoin have given a time frame in which wires will be restored if ever and United States resident users already cannot participate in other Bitfinex functionality.




Article by dinbits
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