25 Apr '13, 7pm

Bitcoin Dealers Are Running Into Problems In Canada

Bitcoin Dealers Are Running Into Problems In Canada

Two Canadian businessmen recently got some bad news from their banks. James Grant, owner of Canadian Bitcoins, got a letter. Melvin Ng, proprietor of CADBitcoin, got a phone call. Both men run online exchanges where you can purchase Bitcoins for Canadian dollars. And both were informed their businesses' accounts frozen by Canada's largest banks. "It's a weird situation," Ng told us by phone recently. "We're a normal Canadian business, we're registered with the government, and a Canadian bank can just block it off." Grant was more blunt: "They just don't like Bitcoins." As the price of Bitcoin has steadily increased and purchases with the digital currency become more commonplace , large institutions were bound to begin paying more attention to — and cracking down on — places who traffic in the currency. Royal Bank of Canada , which shut down the accounts, sent us a statemen...

Full article: http://www.businessinsider.com/canadian-banks-closing-bit...

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