Topic: 2013-04-11 Israeli banks limit money connected to bitcoin. - page 2. (Read 10918 times)
The exchanges I work with still function, namely Bitgo and Bits of Gold. I know BoG exchanges via some Euro exchange, but I don't know about Bitgo.
Wow.... they simply deny you the right to spend your money, shamelessly.
This is serious. It's the most aggressive bankster attack on Bitcoin so far. Previous attacks focused the exchanges, this is targeting individuals.
I suppose Israeli people may continue using solutions as localbitcoin to counter such attack. But I wonder how easy it would be for Israelis to use this solution to bring and send bitcoins internationally. If it's not simple, that might provoke price differences.
This is serious. It's the most aggressive bankster attack on Bitcoin so far. Previous attacks focused the exchanges, this is targeting individuals.
I suppose Israeli people may continue using solutions as localbitcoin to counter such attack. But I wonder how easy it would be for Israelis to use this solution to bring and send bitcoins internationally. If it's not simple, that might provoke price differences.
Indeed.
I haven't heard of any case in the world where individuals were formally forbidden from wiring money to Mt. Gox (please let me know if I missed anything!)
Localbitcoins is fine ... we also have a Facebook group for exchange, but it's a small market and lacks liquidity.
Some Israeli exchanges are still working somehow ... for the time being ... but they're all limited in some way and at a constant shutdown risk.
Wow.... they simply deny you the right to spend your money, shamelessly.
This is serious. It's the most aggressive bankster attack on Bitcoin so far. Previous attacks focused the exchanges, this is targeting individuals.
I suppose Israeli people may continue using solutions as localbitcoin to counter such attack. But I wonder how easy it would be for Israelis to use this solution to bring and send bitcoins internationally. If it's not simple, that might provoke price differences.
This is serious. It's the most aggressive bankster attack on Bitcoin so far. Previous attacks focused the exchanges, this is targeting individuals.
I suppose Israeli people may continue using solutions as localbitcoin to counter such attack. But I wonder how easy it would be for Israelis to use this solution to bring and send bitcoins internationally. If it's not simple, that might provoke price differences.
I guess they are scared shitless. Since it's a small market it's much easier for them to "contain" us from transferring money to Mtgox. Who knows, someday they might say we can can't transfer money to buy precious metals.....
Wow.... they simply deny you the right to spend your money, shamelessly.
This is serious. It's the most aggressive bankster attack on Bitcoin so far. Previous attacks focused the exchanges, this is targeting individuals.
I suppose Israeli people may continue using solutions as localbitcoin to counter such attack. But I wonder how easy it would be for Israelis to use this solution to bring and send bitcoins internationally. If it's not simple, that might provoke price differences.
This is serious. It's the most aggressive bankster attack on Bitcoin so far. Previous attacks focused the exchanges, this is targeting individuals.
I suppose Israeli people may continue using solutions as localbitcoin to counter such attack. But I wonder how easy it would be for Israelis to use this solution to bring and send bitcoins internationally. If it's not simple, that might provoke price differences.
Updates:
1. My bank (Mizrahi Tfahot) has refused my request from more than a month ago to wire about $7,500 to Mt. Gox. They said they would "look into whether my request is ok or not" ... and haven't gotten back to me yet.
2. Another bank (Beinleumi) has formally refused one of their clients, and wrote in a formal letter:
(Rough translation by me)
Signed by his branch (Ramat Aviv)
1. My bank (Mizrahi Tfahot) has refused my request from more than a month ago to wire about $7,500 to Mt. Gox. They said they would "look into whether my request is ok or not" ... and haven't gotten back to me yet.
2. Another bank (Beinleumi) has formally refused one of their clients, and wrote in a formal letter:
(Rough translation by me)
Quote
From a check made in the bank it seems that your account contains activity involved with virtual currency.
The activity is characterized by issuing wire transfer to a company called MTGOX, through which this currency is purchased.
Virtual currency is anonymous and unregulated. Trading them is not regulated and thus poses a high risk for the bank.
Therefore, the bank has decided not to allow such activity for our customers, until guidance/clarifications are issued by the Israel Central Bank.
You are requested to stop any such activity.
We inform you that if you do not comply, we will have to refuse any activity directly or indirectly related to this area of activity.
The activity is characterized by issuing wire transfer to a company called MTGOX, through which this currency is purchased.
Virtual currency is anonymous and unregulated. Trading them is not regulated and thus poses a high risk for the bank.
Therefore, the bank has decided not to allow such activity for our customers, until guidance/clarifications are issued by the Israel Central Bank.
You are requested to stop any such activity.
We inform you that if you do not comply, we will have to refuse any activity directly or indirectly related to this area of activity.
Signed by his branch (Ramat Aviv)
I just made a wiki page (Hebrew) that summarizes the banking issues in Israel that Bitcoil (the largest/oldest exchange) has ran into.
This is one of the first major steps taken by a government against Bitcoin. It's too bad Israelis can't buy directly from Gox. However, they can for now at least buy Bitcoins at BIPS which is in Denmark. We also sell directly for ILS.
1. Who says the steps are taken by governments?
2. Who says Israelis can't buy directly on Gox? We've been buying on Gox for 2 years now ... it's just slow and complicated (at least 2-3 days to wire money, verifications, forms to fill out etc.).
How hard is it to withdraw fiat from MtGox?
I'm curious how the exchange works for you guys there. What about local exchange? does this affect them greatly?
It appears I didn't take enough time to read it problem . The banks are taking action, not the government - yet.
This is one of the first major steps taken by a government against Bitcoin. It's too bad Israelis can't buy directly from Gox. However, they can for now at least buy Bitcoins at BIPS which is in Denmark. We also sell directly for ILS.
link?
found it: https://bips.me/ but those prices are crazy it seems.
This is one of the first major steps taken by a government against Bitcoin. It's too bad Israelis can't buy directly from Gox. However, they can for now at least buy Bitcoins at BIPS which is in Denmark. We also sell directly for ILS.
1. Who says the steps are taken by governments?
2. Who says Israelis can't buy directly on Gox? We've been buying on Gox for 2 years now ... it's just slow and complicated (at least 2-3 days to wire money, verifications, forms to fill out etc.).
This is one of the first major steps taken by a government against Bitcoin. It's too bad Israelis can't buy directly from Gox. However, they can for now at least buy Bitcoins at BIPS which is in Denmark. We also sell directly for ILS.
IIRC, there were 5+ bitcoin exchanges in Israel.
I think the number is closer to 10.
Sorry, had to remove the post for the time being, but I will definitely update later.
Please be patient for a little bit more
IIRC, there were 5+ bitcoin exchanges in Israel.
Whats new with this? Germans that want to trade bitcoins at bitcoin.de (sending money directly to other customers and receiving directly to bank account) know already that these activities will lead fast to a closed bank account. The only solution nowadays is to use a bank account with a polish bank that doesnt bother about bitcoins. In fact they will make quite some bucks because everyone goes to them.
But using your normal bank account for bitcoin business is a high risk and you have a good chance to lose your account. The reason is that the banks fear money laundering. They could ask back but they dont want to because it makes work. So they close, dont tell a reason, and dont have work with it. There are enough other customers that dont make trouble.
So in my opinion... israeli banks disallow it... but at least they dont close the account and cause you much trouble.
But using your normal bank account for bitcoin business is a high risk and you have a good chance to lose your account. The reason is that the banks fear money laundering. They could ask back but they dont want to because it makes work. So they close, dont tell a reason, and dont have work with it. There are enough other customers that dont make trouble.
So in my opinion... israeli banks disallow it... but at least they dont close the account and cause you much trouble.
Welcome to the UK. This has been the case here for years.
Huh? AFAIK UK residents are authorized to transfer or receive dollars from Japan.
If anyone is interested - we translated the article here http://forexmagnates.com/israel-banks-limiting-bitcoin-buying-waiting-for-regulatory-decisions/
Also, for what its worth, one of my contacts was recently able to make a transfer to a non-Japanese exchange
Also, for what its worth, one of my contacts was recently able to make a transfer to a non-Japanese exchange
Thank you.
My guess is that they will come out with some variant on the FinCEN guidance. Copying US precedent sems like the easiest route for bureaucrats to cover their rears.
If anyone is interested - we translated the article here http://forexmagnates.com/israel-banks-limiting-bitcoin-buying-waiting-for-regulatory-decisions/
Also, for what its worth, one of my contacts was recently able to make a transfer to a non-Japanese exchange
Also, for what its worth, one of my contacts was recently able to make a transfer to a non-Japanese exchange
I'm not sure that broadcast has all its facts right.
Things are in a bit of disarray and I only have first-hand knowledge of some of the events.
I think "banning transfers to Mtgox" is the exception rather than the rule (and that banning transfers to Japan in general is a fib). The rule is imposing limitations on local Bitcoin exchange services due to a concern about AML compliance.
The whole thing is currently being explored with several government agencies.
Things are in a bit of disarray and I only have first-hand knowledge of some of the events.
I think "banning transfers to Mtgox" is the exception rather than the rule (and that banning transfers to Japan in general is a fib). The rule is imposing limitations on local Bitcoin exchange services due to a concern about AML compliance.
The whole thing is currently being explored with several government agencies.
Yeah, this is not very clear, and I'm not even sure it's true.
I opened a topic in Hebrew section, perhaps someone in loco will have something to say.
I opened a topic in Hebrew section, perhaps someone in loco will have something to say.
That's not what I understood from OP. It seems that banks are forbidding people to send money to MtGox.
So when they say 'Bitcoin dealers' what they really mean is anyone in Israel? Can OP please confirm who is restricted from doing what.
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