It is not the first time banks refuse to deal with Bitcoin transfers when a customer is looking to buy cryptocurrency. But it is very rare a bank refuses to process a bank withdrawal from a Bitcoin exchange. For some reason, that is exactly what Commerzbank and Deutsche Bank are doing.
Deutsche Bank And Commerzbank Reject Bitcoin Transfers
One user on Reddit made a mention of how his Bitstamp withdrawal was rejected, as Commerzbank and Deutsche Bank have updated their internal policy. As a result of this change, they will no longer allow Bitcoin-related transfers to pass through these two financial institutions, which causes quite a lot of problems for users.
Unfortunately for European Bitstamp users, this means any of their transfers may be rejected until the exchange comes up with a solution. However, the company advises customers of either bank to sign up for an account with a different institution and use that solution in the future. After all, it is very unlikely both Deutsche Bank and Commerzbank will change their stance on Bitcoin.
This news does not bode well for Deutsche Bank in general, as the institution has come under scrutiny by financial experts as of late. Moreover, there is no clear reason as to why they would block incoming EUR transfers from Bitcoin companies as they have nothing to gain in doing so.
In the past, various banks have blocked outgoing transactions from users looking to purchase Bitcoin. As annoying as that situation was, the fact that banks now block incoming fiat currency transfers is very concerning. Deutsche Bank is one of the largest banks in the world, which makes it difficult for consumers to find a new bank not dealing with them or Commerzbank at some stage.
Surprisingly enough, it seems only Bitstamp users are affected by the decisions made by Deutsche Bank and Commerzbank for now. This comes as quite a surprise, considering they have recently obtained their European license and are fully compliant with all regulatory guidelines. A most peculiar turn of events indeed.
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