Deutsche Bank And Commerzbank Reject Bitcoin Transfers
It is known that banks refuse to deal with bitcoin transfers when a customer wants to buy cryptocurrency. This is not the first time something like this is happening. However, it is rare that banks refuse to process the bitcoin transfers. Deutsche Bank and Commerzbank have exactly done this for unknown reasons.
One bitcoin user mentioned in Reddit, how Deutsche Bank and Commerzbank rejected his bitstamp withdrawal due to an updated internal policy within the banks. This means, they will no longer process bitcoin related transactions, both incoming and outgoing transactions. This causes a lot of problems for the existing bitcoin users.
So what does this mean for European Bitstamp users? This essentially means their bitstamp transactions may be rejected by these banks until the bank amends its internal policy on bitstamp/bitcoin transactions. It is not very likely that Deutsche Bank and Commerzbank will amend their internal policy in favor of bitstamp customers. So, the only option for bitstamp customers is to transact their bitcoins with a different bank. This is also the solution that bitstamp can offer their customers whose transactions are rejected.
This is not a favorable position for Deutsche Bank as they have been scrutinized of late by financial experts. There is also no clear reason or explanation given for not processing bitcoin/bitstamp transactions. The situation is quite peculiar and confusing as the bank does not gain anything in blocking such transactions.
Customers have faced difficulty of having their outgoing bitcoin transactions blocked in the past. Adding to this inconvenience, banks have now started blocking the incoming fiat currency transfers and this is a matter of concern for bitcoin customers. Customers also need to sign up with new banks other than Deutsche Bank and Commerzbank to transact using bitcoins.
It is quite surprising that only bitstamp users are affected by Deutsche Bank and Commerzbank’s decisions as of now. Bitstamp has successfully obtained their European license and are fully complaint with regulations. In spite of that, both the banks have blocked bitstamp transactions. This is quite confusing and only the banks can clear the confusion by explaining the reason for their decision to block bitstamp transactions.