19 Apr '13, 7pm

Bitcoin Exchange Halts, Citing Risk, As Bank Closes Its Account

Possibly viewing Bitfloor, a popular Bitcoin exchange, as a risky money transmitting business, Capital One Financial Corp. has closed the exchange's bank account, prompting Bitfloor to halt operations. The incident may portend a growing wariness of businesses that handle virtual currencies. Bitcoin, an anonymous digital currency, developed a following among consumers and businesses that were dissatisfied with the restrictions imposed on regulated banks and money transmitters. Even with the proper licensing, Bitcoin businesses still have a reputation as risky companies and are frequent targets of hackers. "Retail banks are risk averse and geared toward a different set of clients than what is typically asked for from an exchange," says Roman Shtylman, founder of Bitfloor. "This would happen to any business which the bank decided was not part of its retail strategy and not wo...

Full article: http://www.paymentssource.com/news/bitcoin-exchange-halts...

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