Chicago judge freezes assets belonging to Mt. Gox American affiliate
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Despite UK law having no issue with cryptocurrencies, the financial industry seems to be setting its own rules.
Several people have reported having their account frozen after using an exchange. Others have experienced the same after connecting their debit card. Several UK banks have now banned using credit cards to buy Bitcoin. They cite customers borrowing more than they can afford to repay as the cause. Four major Australian banks have also blocked transfers to major exchanges.
Reports suggest only a fraction of the people using exchanges have had their accounts frozen. No UK bank has provided a public explanation yet. However, there are two main possible explanations.
From that and a message in the first mined block, its evident Satoshi designed it to replace them. Simple technical problems could explain the random nature of the account freezes.
Large deposits can raise alarms anyway which could explain account freezes following withdrawals. Even in the crypto-friendly Netherlands, at least one person has had issues. The fact that the bank resolved it when they complained indicates it could be technical.
Account freezes have, for some, only strengthened their enthusiasm for cryptocurrencies. Without justification, they can leave customers without access to their us freezes bitcoin.
If this is intentional, banks are underestimating something us freezes bitcoin They make Us freezes bitcoin E Coyote look like a quitter. Events like this are a challenge, not a dead end.
There us freezes bitcoin a few options. You could open a separate account for buying Bitcoin. If that gets frozen, you still have access to your main account. You could switch altogether to a bank not known for having issues with crypto. But the available options are cumbersome for those who trade often.
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The question is, have banks shot themselves in the foot by turning us freezes bitcoin customers? How can you avoid getting your account frozen for buying Bitcoin? Community Attention All Affiliates!