Bulgarian Banks Block Accounts of Crypto Exchanges

[wilberthh]

Yesterday afternoon several major banks in Bulgaria terminated accounts held by the country’s cryptocurrency exchanges. The banks are also blocking transfers to and from international Bitcoin exchanges. The country’s affected exchanges have temporarily suspended their services.

Crypto exchanges that offer crypto to fiat transactions very much rely on traditional fiat banking. But the anonymous nature of cryptocurrency means that it is riskier to transact in, given that transactions are difficult to reverse.

This week in Bulgaria major banks decided to do away with this risk by force. The swift move to block accounts held by Bulgarian crypto exchanges was evidently a coordinated decision made by Bulgaria’s top banks.

The move was unrelated to any explicit government decision or regulation. Participating banks appear to be trying to mitigate risk by not transacting in Bitcoin or other cryptocurrencies.

Crypt exchanges affected by this week’s crackdown include Cix.bg, Crypto.bg, and Cryptobank.bg. According to their site, the latter is still open for trading but is accepting funds only via ePay.

Plus, in addition to Bitcoin, the exchange as has temporarily suspended trading in Ether due to overloads on the network caused by CryptoKitties.

Bulgarians looking to purchase Bitcoin for fiat can still do so via Coinbase and LocalBitcoins.

 

Another bad news   Read full article here : https://cointelegraph.com/news/bulgarian-banks-block-accounts-of-crypto-exchanges

[Ymerej]

Those banks did'nt see the potential of cryto. They should have an Cryto adviser or something that can explain to the bank the new world

[Shitcoin]

i know they're not gonna hit on bitcoin since its really high now, most of crypto currency needs to be phase out cause they dont value that much anymore

[wilberthh]

1 hour ago, Han2x said:

It will not affect bitcoin for sure. Not a big problem. More good news for bitcoin compare to bad news. 

The bulgarian bank has over 200.000 bitcoins with them.. it might affect bitcoin if they really want to.

 

1 hour ago, SuddenlyBroke said:

Wow this is really bad. Why do banking have to keep interfering with Crypto. 

Did they confiscate funds as well or just terminate the account? 

I can imagine in this day and age, most busineses can get a bank account some place else, even if it's overseas. 

As long as they don't need lending facilities, but just need a way of transferring funds etc. 

Still very bad news for Bulgaria. They say bitcoin needs regulating, what about banks that regulate however they like against decent honest businesses?

Hahahaha maybe the see bitcoin as a threat

 

15 minutes ago, Ymerej said:

Those banks did'nt see the potential of cryto. They should have an Cryto adviser or something that can explain to the bank the new world

I bet they realize the potential of crypto.. I just think they don't really like it since bitcoin is decentralized

[Ymerej]

Just now, wilberthh said:

I bet they realize the potential of crypto.. I just think they don't really like it since bitcoin is decentralized

In my own opinion they dont like cryto coz they can't hold it with there own hands   hehehe kidding