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Welcome to the world of the banks. I worked at a currency exchange for years, and this was a constant problem. I wrote software that would allow us to easily s
by dx4100 13y ago
Welcome to the world of the banks.
I worked at a currency exchange for years, and this was a constant problem. I wrote software that would allow us to easily switch banks and accounts, because it happened at times once per week.
At one point, we had spent 6 months negotiating with a bank to get a solid account that would supposedly never go away. They spent that time auditing us and assessing all risks. They gave the green light, then mysteriously one week in, they closed our account. They wouldn't tell us why immediately, but we found out later through back channels that 'someone from the government called us, and we were at risk of losing (some license, certification, whatever), so we can't do business with you'. We just accepted that we'd have banking problems indefinitely, and kept going.
The gov't and the bank don't like the competition with USD. They're under pressure from the Treasury, the Fed, and FinCEN to make difficult transactions for exotic currencies (we bought and sold the Iraqi Dinar).
I'm not surprised BTC consumers and traders are seeing this. I'm hoping that it'll help put pressure on the government to change its policies.
- ceejayoz 13y ago> we bought and sold the Iraqi Dinar I recall a lot of extremely scammy sites doing that a few years back. http://www.dfi.wa.gov/consumers/alerts/iraqi-dinar-scams.htm http://www.dfi.wa.gov/consumers/alerts/iraqi-dinar-scams.htm http://www.mint.com/blog/investing/iraqi-dinar-scam/ http://www.mint.com/blog/investing/iraqi-dinar-scam/
- oleganza 13y agoA lot of scam only proves that there is a lot of genuine demand. Instead of respecting consumers and really protecting them from scammers, government simply says them to fuck off. It's like with bad parents: child wants to ride a bike, but instead of helping him with safety, he's denied to have a bike.
- OGC 13y ago"What consumers are not told is that the Dinars can be redeemed only in Iraq, as most of the established currency exchange houses and banking institutions cannot convert the Dinar to US dollars. Since no exchange exists for the Iraqi Dinar, dealers can charge whatever they want to sell and buy back the Dinars. " So, it's not "a lot of scam", it's ALL scam.
- ceejayoz 13y ago> A lot of scam only proves that there is a lot of genuine demand. There's lots of demand for Nigerian princes' fortunes, too. Not many people wind up with one, though.
- gaadd33 13y agoWas your company a Retail Foreign Exchange Dealer or Forex Dealer Member? It seem strange/unlikely that the government is regulating self regulating bodies, since that usually results in the self regulating body giving up and any semblance of regulation going away.