15 Jul '13, 1pm

Bitcoin

Brewster Kahle walks into the San Francisco offices of the Internet Archive. Photo: Ariel Zambelich/Wired Recently, Kinnard Hockenhull got a call from his bank saying that they’d decided to shut down his account. For Hockenhull, this was potentially fatal news to his business. He’d been working on getting a venture-funded Bitcoin exchange off the ground, and without a U.S. bank account, he’d have no way to pay out customers in dollars. The bank, Comerica, gave “no reason” for the closure, Hockenhull said in an email interview. “When I asked if anything was wrong, they insisted nothing was wrong.” The way he sees it, even though his company, BitBox, was in a legitimate line of business, Comerica — like other U.S. banks — seems to have developed cold feet about doing business with Bitcoin businesses lately, for fear that they will run afoul of U.S. financial regulators. Come...

Full article: http://www.wired.com/wiredenterprise/2013/07/iafcu/

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