To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Zuckerberg discussed "TikTok danger" during private dinner with Trump

Facebook spokesman says that Zuckerberg 'cannot remember' discussing the issue of TikTok wit...



Banks of Bulgaria block the accounts of crypto exchanges



Yesterday afternoon, several large banks in Bulgaria closed accounts at the country's cryptocurrency exchanges.



08.Dec.17 2:33 PM
By Daria Zaytseva
Photo Toinnov.com

   237

Banks of Bulgaria block the accounts of crypto exchanges

The banks are also blocking transfers to and from international exchanges of Bitcoin. The concerned exchanges of the country have temporarily suspended their services.

Crypto exchanges that offer crypto to fiat transactions are highly dependent on traditional banking services. But the anonymous nature of the cryptocurrency means that it is risky to carry out transactions, given that transactions are difficult to cancel.

This week in Bulgaria, large banks decided to eliminate this risk by force. Obviously, the rapid transition to the blocking of accounts conducted by Bulgarian crypto exchanges was a coordinated decision taken by the largest banks in Bulgaria.

This step was not connected with any explicit government decision or regulation. Banks-participants seem to be trying to mitigate the risk without making transactions in Bitcoin or other cryptocurrencies.

According to the administrator of the Bulgarian Bitcoin forum, the banks closed accounts of all companies whose activities are connected with the purchase or sale of Bitcoin. In addition to Fibank, affected companies mentioned the United Bulgarian Bank (UBB) as one of the banks blocking the accounts.

Crypto exchanges affected by repression this week include Cix.bg, Crypto.bg and Cryptobank.bg. According to their site, the latter is still open for trading, but is accepting funds only through ePay.

In addition to Bitcoin, the exchange has temporarily suspended trading in Ether due to congestion in the network caused by CryptoKitties. Bulgarians looking to purchase Bitcoin for fiat can still do this through Coinbase and LocalBitcoins.




Back to the list


Related Information: