OKCOIN also having problems with USD deposits

Sundark

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Quote from: bitjoin on April 23, 2017, 10:25:37 AM

The USA banks only want to deal with USA exchanges. Others exchanges are having problems but bitfinex is the big exchange so they get hit the worse. Crypto needs to be used direct peer to peer trade like intended then we have no problems.

Good luck with that, there is no way to use bitcoin as intend without vast network of merchants/services/businesses accepting direct bitcoin payment.
If I was able to use only my Bitcoin holdings and no fiat I would starve to death long time ago - no convenience store (at least in my vicinity) accepts BTC.

Quote from: bitjoin on April 23, 2017, 10:25:37 AM

The USA banks only want to deal with USA exchanges. Others exchanges are having problems but bitfinex is the big exchange so they get hit the worse. Crypto needs to be used direct peer to peer trade like intended then we have no problems.

Or maybe this is something bigger, an organized action aimed to discredit and harm reputation of bitcoin.
Banks are not exactly fond of decentralized cryptocurrency, it is their direct competition.

shinratensei_

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Quote from: talkbitcoin on April 23, 2017, 06:29:45 AM

so is this an epidemic or what!

it seems like banks are targeting all the bitcoin exchanges, and they don't seem to be able to fix it for the time being.

As long as the exchange will not follow his instruction, And it will still get blocked by the bank.

Quote from: talkbitcoin on April 23, 2017, 06:29:45 AM

do you think it is because of regulations, and the fact that they are not regulated? or is there more to this that meets the eye?

Some exchanges are not meet his requirement. This about the regulation.

Quote from: talkbitcoin on April 23, 2017, 06:29:45 AM

maybe this time, we start thinking more seriously about some better exchanges to use for trading bitcoin and other cryptocurrencies.

Nope, Did you not understand if the people try to throw his money to the trading place through the bank itself.
In this time bank just like a gate between the digital currencies and real usage.

bitjoin

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The USA banks only want to deal with USA exchanges. Others exchanges are having problems but bitfinex is the big exchange so they get hit the worse. Crypto needs to be used direct peer to peer trade like intended then we have no problems.

talkbitcoin

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All I know is that I know nothing.

so is this an epidemic or what!

it seems like banks are targeting all the bitcoin exchanges, and they don't seem to be able to fix it for the time being.
do you think it is because of regulations, and the fact that they are not regulated? or is there more to this that meets the eye?

maybe this time, we start thinking more seriously about some better exchanges to use for trading bitcoin and other cryptocurrencies.

Hazir

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Quote from: alyssa85 on April 19, 2017, 12:20:54 PM

I think Bitfinex have now withdrawn their Wells Fargo suit. See

http://www.coindesk.com/bitcoin-exchange-bitfinex-withdraws-lawsuit-wells-fargo/

I wonder what happened to change their minds.

Nothing really happened. Bitfinex had no ground to bring any serious charge against Wells Fargo.
Banks are private institutions in the USA and they have the rights to do refuse with whom they want to make business.
Bitfinex would lose this law suit before it would even begin.

pinkflower

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Quote from: aTriz on April 19, 2017, 12:28:18 PM

Quote from: alyssa85 on April 19, 2017, 12:20:54 PM

Quote from: FlamingFingers on April 19, 2017, 12:09:11 PM

Also, BTC-e had problems with USD Wire transfers – they tweeted on April 14th, and I quote:

Quote

"Due to change banking account we don't accept USD wire transfers till the end of month #btce."

Bitfinex is now suing Wells Fargo for the USD wire transfers issue, you can read more about it here: https://news.bitcoin.com/bitfinex-sues-wells-fargo-over-wire-transfer-suspension/

I think Bitfinex have now withdrawn their Wells Fargo suit. See

http://www.coindesk.com/bitcoin-exchange-bitfinex-withdraws-lawsuit-wells-fargo/

I wonder what happened to change their minds.

Interesting info about BTC-E - I wonder if this is about US regulators cracking down on funds denominated in dollars sent to unregulated exchanges.

I hope that at least BTC-E won't encounter such a problems, but it is an interesting thing, because it looks like exchanges, one by one are disabling wire deposits/withdrawals.
First was Bitfinex, now we see that OKCoin has the same problem. Who is going to have their bank accounts frozen next?

I would be very worried if the goverments would try to block all bank accounts of the unregulated cryptocurrency exchanges, it is still possible because they might consider these projects as a money laundering operation.

That is why I prefer to sell my bitcoins peer-to-peer, or to the local exchange where I wont encounter such a issue.

What do you mean by local exchange? Do you mean Localbitcoins? As far as I know theyre now requiring their users to upload their identification and proof of where they live. That means theyre doing KYC procedures required by law if the nature of your business involves money exchanging and processing. Which also means they know that one day the government will be coming after them next.

aTriz

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Quote from: alyssa85 on April 19, 2017, 12:20:54 PM

Quote from: FlamingFingers on April 19, 2017, 12:09:11 PM

Also, BTC-e had problems with USD Wire transfers – they tweeted on April 14th, and I quote:

Quote

"Due to change banking account we don't accept USD wire transfers till the end of month #btce."

Bitfinex is now suing Wells Fargo for the USD wire transfers issue, you can read more about it here: https://news.bitcoin.com/bitfinex-sues-wells-fargo-over-wire-transfer-suspension/

I think Bitfinex have now withdrawn their Wells Fargo suit. See

http://www.coindesk.com/bitcoin-exchange-bitfinex-withdraws-lawsuit-wells-fargo/

I wonder what happened to change their minds.

Interesting info about BTC-E - I wonder if this is about US regulators cracking down on funds denominated in dollars sent to unregulated exchanges.

I hope that at least BTC-E won't encounter such a problems, but it is an interesting thing, because it looks like exchanges, one by one are disabling wire deposits/withdrawals.
First was Bitfinex, now we see that OKCoin has the same problem. Who is going to have their bank accounts frozen next?

I would be very worried if the goverments would try to block all bank accounts of the unregulated cryptocurrency exchanges, it is still possible because they might consider these projects as a money laundering operation.

That is why I prefer to sell my bitcoins peer-to-peer, or to the local exchange where I wont encounter such a issue.

amacar2

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I think you can continue this discussion in another thread on same topic here https://bitcointalksearch.org/topic/okcoin-bank-blocked-all-their-deposits-1876884

Read this : https://medium.com/@whalecalls/taiwan-aml-reforms-usd-crypto-drama-15417cbcdf7b
This is how all this drama started.

alyssa85

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Quote from: FlamingFingers on April 19, 2017, 12:09:11 PM

Also, BTC-e had problems with USD Wire transfers – they tweeted on April 14th, and I quote:

Quote

"Due to change banking account we don't accept USD wire transfers till the end of month #btce."

Bitfinex is now suing Wells Fargo for the USD wire transfers issue, you can read more about it here: https://news.bitcoin.com/bitfinex-sues-wells-fargo-over-wire-transfer-suspension/

I think Bitfinex have now withdrawn their Wells Fargo suit. See

http://www.coindesk.com/bitcoin-exchange-bitfinex-withdraws-lawsuit-wells-fargo/

I wonder what happened to change their minds.

Interesting info about BTC-E - I wonder if this is about US regulators cracking down on funds denominated in dollars sent to unregulated exchanges.

FlamingFingers

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Also, BTC-e had problems with USD Wire transfers – they tweeted on April 14th, and I quote:

Quote

"Due to change banking account we don't accept USD wire transfers till the end of month #btce."

Bitfinex is now suing Wells Fargo for the USD wire transfers issue, you can read more about it here: https://news.bitcoin.com/bitfinex-sues-wells-fargo-over-wire-transfer-suspension/

alyssa85

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This is from the following Reddit thread:

https://www.reddit.com/r/Bitcoin/comments/666s9e/okcoin_is_also_having_usd_transfers_disrupted_are/

So the Far East banks appear to be struggling to move USD, because Bitfinex (based in Taiwan) is having the same problem. Some sort of clampdown on capital flows?

Topic: OKCOIN also having problems with USD deposits (Read 625 times)