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As is well known many Bitcoin businesses and in particular exchanges have had a lot of trouble working with banks. Are there any banks that are explicitly Bitcoin-friendly?
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As is well known many Bitcoin businesses and in particular exchanges have had a lot of trouble working with banks. Are there any banks that are explicitly Bitcoin-friendly?
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Despite the popular consensus on the matter, banks probably aren't specifically Bitcoin-unfriendly. The repeated bank problems for exchanges probably come down to three main things:
TL;DR: Bitcoin per se doesn't have as much to do with it as many people think, and in most cases all three of these issues will apply equally at any financial institution regardless of their personal biases, or (more likely) ignorance regarding Bitcoin itself. So in the sense that you're asking, there may not be such a thing as a Bitcoin-friendly bank.
not true. Bitcoin business per se is rejected by Wells Fargo. The Money Services Business Control Center also stated that large banks in general do not accept cryptocurrency business at this time. The service representative went on to say that smaller, local banks are a better bet for finding bitcoin-friendly banks. – zylstra – 2014-02-07T22:00:04.937
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The answer to the question also depends on the country. In Germany a new cooperation between the German Bitcoin exchange bitcoin.de and Fidor bank just started (read about it in this blog post). Apparently Fidor bank even plans to display a Euro and a Bitcoin account balance. That's as Bitcoin friendly as a bank can get I'd say.
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There are not enough banks that have to deal with Bitcoin exchanges so you really don't have enough data yet for them to be able to say they are bitcoin friendly. What we can definitely do is do some sort of consensus of looking or questioning different banks to look into the issue, and then give their opinions on the matter.
I don't think individuals have to worry very much, it is the BTC businesses that are drawing large amounts of BTC that have a lot to worry about. Or the ones particularly that are an exchange.
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In the US, I've read of two banks that have had involvement with Bitcoin exchanges - IAFCU and Silicon Valley Bank.
Though, there have been some recent reported issues - http://www.coindesk.com/tradehill-halts-trading-due-to-iafcu-operational-and-regulatory-issues/
Is anyone aware of any other US banks that are Bitcoin friendly?
CoinBase and mtGox seem to work OK with banks – RentFree – 2013-04-30T11:46:00.680
With which banks? – Kinnard Hockenhull – 2013-04-30T15:52:31.457
I think they can wire most banks when doing exchanges either way – RentFree – 2013-04-30T17:28:26.237
1Wells Fargo shut down my brand new unused company bank account because the company name had "bitcoin" in it. Banks are explicitly searching their data bases for "bitcoin" in the company name and desc to close them. – None – 2014-03-17T11:10:44.443