| submitted by /u/Suberg
Reports on social media indicate that banks in India are threatening customers that deal in Bitcoin and other cryptocurrencies with the closure of their …
Google Alert – bitcoin
We all here these tales of how banks and govt screw you over, so here's mine. This week the bank that I hold my business account with has been closed, had their license suspended etc. Satabank if you wanna check that. This is a bank in the EU. They broke the rules, now I can't pay my suppliers, my salary, insurance or taxes as along with many other customers I have had all services cut off and there's no access to online banking. Those that turned up at the bank this week found locked doors and emails are being replied to with a standard template of how things are out of their hands blah blah. I run a 100% legal, incorporated and tax paying business within the EU and I, along with many more customers have had access to all cash and services cut off.
This is modern business is it? This is the way forward is it? This is how we encourage business development?
It's a disgrace.
I'm absolutely devastated because my belief in blockchain is challenged by the banking system. They did not inform me before closing the account and now the customer service team is telling me that it is due to compliance reasons. FML!
EDIT: This has happened in India after the Reserve Bank issued a circular to avoid trading in virtual currencies.
Coincidence that it was days after I sold some bitcoin to a relative, and in the payment to my bank he mentioned 'bitcoin' in the comment section?
Citibank letter does the usual 'we are not obligated to provide a reason' and 'our decision is final'.
Fuck them I say, they are making themselves obsolete even faster than bitcoin would have caused it naturally.