19 Jul '13, 8pm

@BankoftheWest is shutting down our bank account for accepting bitcoins. Shame on them! #bitcoin

I am a banker and a Bitcoin Foundation lifetime member, so let me explain what is the issue here. While your business, as best I can tell, looks to be retail in nature, my guess is that you are having to "convert" Bitcoins to cash in some manor, so that you can buy more product. High volume of one way transactions or large dollar transactions, especially via wires, trigger all sorts of AML/BSA flags that financial institutions are required to scrutinize and report (that is not your fault, but it is what banks are required to to). Depending on your outflows and methods of purchase, your business may look very much like a money servicing business and thus require "you" to register and perform all of the burdensome compliance. You might be better, based on what I can surmise your volume is, to actually run your own auction or exchange and run a MSB legitimately as a sub-corpo...

Full article: http://www.reddit.com/r/Bitcoin/comments/1inixa/bank_of_t...

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