Advertisement
AD

Main navigation

Irish Banks Refuse Services to Cryptocurrency Firms

Advertisement
Wed, 13/05/2020 - 14:28
Irish Banks Refuse Services to Cryptocurrency Firms
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents
Advertisement

Ireland-based cryptocurrency firms are being denied banking services by local banks, according to The Irish Times.     

As a result, they are forced to turn to foreign banking partners despite the country’s positive stance towards blockchain.    

Related
Investor Mike Novogratz: 'Future Will Include Cryptocurrencies, Digital Assets, and Blockchain-Based Systems'

Irish banks slam their doors 

Bitcoin ATM provider Boinnex is among a slew of affected companies after it was cut off by ‘Big Four’ commercial bank AIB back in October. 

Bryan Tierney, the founder of Boinnex, says that they now have to deal with ‘exorbitant’ fees’ that are charged by foreign banks:  

We’ve been forced to get a banking partner abroad. A lot of companies in the space are in a similar situation. Some of these foreign banks charge exorbitant fees as they know they’re the only show in town.    

Bitcove, another Irish crypto ATM company, has so far had no luck finding a local banking partner either.   

Related
ConsenSys CEO Reveals Major Staff Expansion Plans in Dublin

Blame politics 

The crux of the problem appears to be regulatory uncertainty around the novel asset class in Ireland.

The fifth anti-money laundering directive (5MLD) didn’t come into force in early January. 

Ireland's ruling Fine Gael party has so far failed to form a new government, which led to the delay.      

AIB claims that it didn’t impose a blanket ban on all cryptocurrency industry players but it can prevent certain companies from opening an account if they don’t comply with AML regulations

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD