U.S. Banks blocking bitcoin wire transfers - let's report to FTC

Gator-hex

hero member

Activity: 490

Merit: 500

The S.E.C. seem to think they regulate Bitcoin so have a word with them.

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.Un-nYiejN3U

As the IRS taxes barter trades I don't see how the US can get out of supporting Bitcoin legally.

http://money.howstuffworks.com/bartering4.htm

I don't know who regulates competition in the US but in Europe these people break up cartels, even US ones!

http://ec.europa.eu/competition/index_en.html

sushi

full member

Activity: 238

Merit: 100

ASIC Myth Buster

You can complain but the American Government is supporting that! MtGox is in hot water with the american government and they seized the bank accounts citing the financial regulation violations under unregistered financial exchange service. Paypal, Ebay credit card companies and many banks are operating under that guidelines.

It's matter of time, the major banks will figure out the oversea bank routing and account numbers for the Bitcoin Exchange/Market and deny more incoming and outgoing international wires. Until the government decide what to do with bitcoin, it could get harder to withdraw/exchange bitcoin into cash.

I could be wrong but this credit union openly stated they are supporting the Bitcoin or at least they don't interfere with Bitcoin related transactions.

https://internetcreditunion.org/

godislove

member

Activity: 74

Merit: 10

Devout Atheist

Is anyone else having a problem with their bank blocking any wire transfer when they find out it is for bitcoins? At first I tried bitstamp, but since it's Slovenia, they claimed OFAC regulations required a complete description of what the money was to be used for. I am told Slovenia is not an OFAC-listed country, so they may have committed fraud against me in trying to get me to disclose personal information to them. When I gave an explanation, they said their own "anti-money-laundering policy" would not allow me to do a wire transfer ANYWHERE if my purpose was to buy bitcoin (like to MtGox).

Since bitcoin is an economic threat to bank fees, there is a serious argument to be made that banks are doing this to block out a competitor. I believe this is a clear violation of FTC regulations, so I am filing a complaint to the FTC at the link below.

https://www.ftccomplaintassistant.gov/

Topic: U.S. Banks blocking bitcoin wire transfers - let's report to FTC (Read 869 times)