Topic: RBC closed my commercial bank account for having Bitcoin related activities. - page 4. (Read 5867 times)

Simply by the name of my company, I suppose...

New update from Cavirtex
http://www.youtube.com/watch?v=1qETYr2EsiI#t=5

Appears this started happening with RBC in Ottawa about a year ago (http://www.businessinsider.com/canadian-banks-closing-bitcoin-businesses-2013-4; http://www.obj.ca/Local/2013-04-29/article-3229285/RBC-shuts-down-Ottawa-Bitcoin-account/1). Apparently the "Big 6" banks ( RBC, TD, BMO, CIBC, Scotiabank and National Bank) have all colluded to shutdown Bitcoin (http://globalnews.ca/news/996853/as-bitcoin-surges-canadian-banks-make-converting-to-cash-difficult/). They must feel pretty threatened.

This article by Stuart Hoegner on the state of Bitcoin in Canada lists a lot of good things happening there, other than the banks (http://www.huffingtonpost.ca/michaelcayley/bitcoin-not-legal-tender-canada_b_4673661.html) Good luck!

Now matter weather its Canada or India all those politicians/corporates will keep it in  that grey area for as long as possible, so that they can scam innocent people . we need some kinda change and one day i hope it will change. have faith in BTC

well now you have the opportunity to test the limits of bitcoin to the fullest

instead of looking for another bank, look for ways to work around the banks only using btc,  call it forced progress

or

you can spearhead a bitcoin foundation of canada and start talking to the banks, central banks, and any other national financial regulators to have btc respected if not codified


I hate the very notion of a bank looking analyzing my account outside of the numbers.  

The name of the company is Cryptolator Cryptomonnaies Physique (in english it would be: Cryptolator Physical Cryptocurrencies) so that is probably the problem and why it has been flagged.

Anyway when I registered the account they asked a lot of question on what would be the purpose of the company and what I'll be selling, I didn't want to lie and have problem later.

The account was inactive for the moment..

Out of curiosity - were you making excessive deposits by any chance? Or was the bank just account pretty much inactive, and the description was just related to being a Bitcoin business? 

The bankers are starting to see the writing on the wall. I can't wait till they all implode!!

More reason to put the banks out of business. They are a bunch of greedy fucks who are afraid of bitcoin. And they run the fucking World.

Burn em' all to the ground I say.

Just need more infrastructure so that it will be easier to live solely off bitcoins.

I'm a separatist but not the way the PQ want to do. I simply wanna have the control of our destiny and do that project with ALL of the peoples living in Quebec. I want us to be able to decide by ourself of our Laws, Treaties and collecting tax for ourself and using it on things that really matters. We'll still be friend with Canada and have a nice relation, but we'll be able to act in our own interest.  

Regarding the banks - I had the same issue. Cavirtex had an issue where RBC did not want to have bitcoin business and shut down CaVirtex's account (they now use DC Bank)

I mine Bitcoins and would sell them on localbitcoins for a premium via cash deposit into my bank. Bank shut me down, told me if I do this again they will close my account for good. I opened an account with every bank I could and did it till they made me stop. Now I sell on cavirtex and have to deal with the fees instead of making a premium.

Regarding Canada's stance on Bitcoins...

It is not considered legal tender [Suspicious link removed]j.com/canadarealtime/2014/01/16/canada-says-bitcoin-isnt-legal-tender/)

Currently FINTRAC has been very lenient, but I do not think it will last as do most people [Suspicious link removed]j.com/canadarealtime/2014/02/11/canada-regulators-look-at-ways-to-get-a-better-handle-on-bitcoin/)

Now it is clear that Bitcoins are taxable in Canada. However nothing specifically says if it falls under income or capital gains. I have been filing them under capital gains (thus only 50% of gains are taxable)
(http://www.cra-arc.gc.ca/nwsrm/fctshts/2013/m11/fs131105-eng.html)

They do say "Digital currency can also be bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer. Paragraphs 9 to 32 of Interpretation Bulletin IT-479R, Transactions in Securities, provide information that can help in determining whether transactions are income or capital in nature." but to be honest even after reading it I do not see any clear-cut regulation of it having to be one or the other.

I hate to admit I didn't put much research on the matter.

I know Vancouver has bitcoin ATM's, Tigerdirect.ca is not the size of newegg, but still very popular and accepting bitcoins.

I wouldn't think it's bad personally... All I know that has dropped to sh!t is our leadership... specially for me...
I got a retard for Quebec PM who wants to separate and offend all ethnic groups and a puppet for Canada that destroyed our reputation of piece keeping and our scientific communities in order to pollute the environment...

Sorry... I got carried away there.

It's still quite a grey area, it's legal as far as I know but since we have an oligopoly of 6 banks here, they do whatever they want and that's a real problem.

Just wanna know what is the legal stand of Canada on Bitcoins..? because this incidents appears like RBC treats bitcoins as drugs, is it a problem with a particular bank..!

Are you telling me that, if cavirtex sends me cash from bitcoins/litecoins mined... I can get my account closed ?

This would be total madness considering as someone who works full time, and deposits a steady income, has savings, mortgage and insurance with them...
My mining income is less than 5% of my work income...

It would be total madness.

The lady from RBC told me that they received instruction to close all Bitcoin related account and that TD received the same instruction this week.

Credit Unions are much better than any big banks. And they're getting more and more popular since banks are all for profits.

Yes, Royal Bank of Canada.

Haven't heard credit unions, I'll take a look !

Thanks

Canada only has a handfull of banks.

TD - Toronto Dominion (I think)
BMO - Bank of Montreal
RBC - Royal Bank of Canada
Banque National
Caisse Desjardins
Banque Laurencienne

perhaps some others, I just listed the ones that are popular in Quebec/Montreal

I personally exclussively deal with TD only and have never had an issue... granted I am one of the smallest of small fries in the bitcoin world... just direct depositing miniscule amounts of cash from cavirtex.

That's weird that Banks are handling bitcoiners like they handle drug dealers .