Oh well. Never mind. Lots to learn from this failure to launch. Go back to square one. Learn to learn.
Not failed, we're not trying to launch for another two months. We have two months to raise that money.
We have all of the banking sorted, and progress has started on the software side of things.
EDIT: Actually thats a lie, we currently only have a wire transfer partner for EURO. We would like a SEPA partner too.
There are bank accounts in the Isle of Man that are classed as UK banks yet there are no Bitcoin Exchange rules. They are fair game as much as they care, look in to that.
I am well aware, however all of the banks are basically owned by Lloyds so its no easier than opening an account with Lloyds. Regardless our UK bank is already sorted, and there are no rules in the entirety of the UK.
Yeah, there are no rules anywhere technically, but banks do not like Bitcoin. Look how fast Intersango was fucked. Are they even still around? I remember they went private but I just decided to leave them then.
I just mean an Isle of Man account aren't going to decide to give you a hard time out of nowhere. Llyods may own them but if you contact them they'll basically tell you, you are just like any other business while if you try that with Barclays/Natwest you're not getting such a hassle free time but if you have it sorted then great. Just be careful with them if you start becoming a huge volume exchange
RBS Isle of Man if you ever need a back up plan
Functionally speaking Isle of Man operates as Lloyds, you get through to the same customer support people etc.
As for volume, thats not a concern for two reasons. The first being the bank know what we're doing, and now know the rules. The second being if our volume gets high enough, we have another bank that will take us based on the volume. (Assuming we have at least £1m in the account at all times).
That should be doable, especially as we could include other currencies and as bitcoin grows, the fiat balance grows too.
(Yes, I know Lloyds don't own the only IoM bank. However we have spoken to the others and they have the same policy.
