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Topic: Bitinstant- Paxum Temporarily Suspended - page 3. (Read 13542 times)
What we don't know is, whoever is behind this new 'bank regulations' is attacking Bitcoin or related.
This would be quite newsworthy information.
...and I was just yesterday thinking about signing up to paxum. Glad I didn't!!
Go get 'em, Charlie!
Unfortunately we find a lot of potential payment providers do misunderstand our business repeatedly, even after having months of communication with us.
Even though a quick visit to our website will show we only transfer USD around, we still get this common misunderstanding and it has caused us a whole pile of problems.
Even though a quick visit to our website will show we only transfer USD around, we still get this common misunderstanding and it has caused us a whole pile of problems.
It's totally, utterly ridiculous! I suppose they don't even know how to read!
Unfortunately we find a lot of potential payment providers do misunderstand our business repeatedly, even after having months of communication with us.
Even though a quick visit to our website will show we only transfer USD around, we still get this common misunderstanding and it has caused us a whole pile of problems.
Even though a quick visit to our website will show we only transfer USD around, we still get this common misunderstanding and it has caused us a whole pile of problems.
Charlie I hope you can get to the bottom of this. Your business should not be affected since you don't handle any bitcoins. You strictly move USD around and have a licensed partner to do so.
Although once you get your account reinstated, I don't know why you would need it, because all the exchanges that you would link to won't be with Paxum anymore :/
Although once you get your account reinstated, I don't know why you would need it, because all the exchanges that you would link to won't be with Paxum anymore :/
I know, thats what pisses me off the most.
People really don't know how to read and it astonishes me how some incompetent fools can be in such high positions.
They assume 'bitinstant' means bitcoin.
Never the less, I will get to the bottom of this.
I wish you all the luck in the world man. This is totally bogus! But even if the exchanges won't deal with Paxum anymore that doesn't mean you have to eliminate it from your business model. You are merely a go between that allows funds to get into the exchanges. The funds go from Paxum to BitInstant and then to MtGox, etc. I see no reason, that if you wanted to, you couldn't have 100 different payment options for people to fund their exchange accounts even if they are not supported by that exchange. I mean, you even offer cash deposits! Am I correct in my logic here?
All Best,
Michael
Charlie I hope you can get to the bottom of this. Your business should not be affected since you don't handle any bitcoins. You strictly move USD around and have a licensed partner to do so.
Although once you get your account reinstated, I don't know why you would need it, because all the exchanges that you would link to won't be with Paxum anymore :/
Although once you get your account reinstated, I don't know why you would need it, because all the exchanges that you would link to won't be with Paxum anymore :/
I know, thats what pisses me off the most.
People really don't know how to read and it astonishes me how some incompetent fools can be in such high positions.
They assume 'bitinstant' means bitcoin.
Never the less, I will get to the bottom of this.
Charlie I hope you can get to the bottom of this. Your business should not be affected since you don't handle any bitcoins. You strictly move USD around and have a licensed partner to do so.
Although once you get your account reinstated, I don't know why you would need it, because all the exchanges that you would link to won't be with Paxum anymore :/
Although once you get your account reinstated, I don't know why you would need it, because all the exchanges that you would link to won't be with Paxum anymore :/
Yesterday evening we received the email below.
tl;dr Paxum suspended our account at moments notice.
EDIT: From this post it seems like any accounts Bitcoin related are being closed https://bitcointalksearch.org/topic/no-more-paxum-with-any-bitcoin-project-63431
We're working with Paxum to get this up asap.
EDIT 2:
I wanted to point out one more thing:
An executive at Paxum has been working with me since this happend. They have been more surprised at this than we were. Not only that, but they have been super responsive and extremely helpful in this matter.
I harbor no bad feelings toward them. Licensing takes years to obtain but can take minutes to lose.
More and more information is coming to light and although I cannot go into details *yet* alot of what has been said above is not accurate.
Paxum and I have a few conference calls with their partners set up for this week and if all goes well, we can have this resolved and back online in 1-2 weeks
-Charlie
---------- Forwarded message ----------
From: Removed
Date: Fri, Feb 10, 2012 at 6:21 PM
Subject: Bitcoin termination
To: [email protected]
Dear client,
Effective immediately; Paxum Inc can no longer accept any accounts related to Bitcoin or Bitcoin Exchange. All current Bitcoin accounts have been closed and may no longer perform any transaction. Account holders will be able to withdraw their funds via wire transfer.
Best regards,
www.paxum.com
---------- End of message ----------
Notice how the "Subject: Bitcoin termination" and not 'Bitinstant Termination'
A few more emails went back and forth and Paxum told us ".....suspend your account due to new bank regulations."
They also said "We wish to impress upon you the fact that we are constrained to act in this manner, and we will do everything in our power to reinstate your account as soon as soon as it will be possible to do so."
I just booked a flight to Paxum HQ in Canada for next week, and I hope to have it reinstated in the coming weeks.
What we don't know is, whoever is behind this new 'bank regulations' is attacking Bitcoin or related.
-Charlie
tl;dr Paxum suspended our account at moments notice.
EDIT: From this post it seems like any accounts Bitcoin related are being closed https://bitcointalksearch.org/topic/no-more-paxum-with-any-bitcoin-project-63431
We're working with Paxum to get this up asap.
EDIT 2:
I wanted to point out one more thing:
An executive at Paxum has been working with me since this happend. They have been more surprised at this than we were. Not only that, but they have been super responsive and extremely helpful in this matter.
I harbor no bad feelings toward them. Licensing takes years to obtain but can take minutes to lose.
More and more information is coming to light and although I cannot go into details *yet* alot of what has been said above is not accurate.
Paxum and I have a few conference calls with their partners set up for this week and if all goes well, we can have this resolved and back online in 1-2 weeks
-Charlie
---------- Forwarded message ----------
From: Removed
Date: Fri, Feb 10, 2012 at 6:21 PM
Subject: Bitcoin termination
To: [email protected]
Dear client,
Effective immediately; Paxum Inc can no longer accept any accounts related to Bitcoin or Bitcoin Exchange. All current Bitcoin accounts have been closed and may no longer perform any transaction. Account holders will be able to withdraw their funds via wire transfer.
Best regards,
www.paxum.com
---------- End of message ----------
Notice how the "Subject: Bitcoin termination" and not 'Bitinstant Termination'
A few more emails went back and forth and Paxum told us ".....suspend your account due to new bank regulations."
They also said "We wish to impress upon you the fact that we are constrained to act in this manner, and we will do everything in our power to reinstate your account as soon as soon as it will be possible to do so."
I just booked a flight to Paxum HQ in Canada for next week, and I hope to have it reinstated in the coming weeks.
What we don't know is, whoever is behind this new 'bank regulations' is attacking Bitcoin or related.
-Charlie
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