Irish banks close the accounts of cryptocurrency companies

June 22

Even the company recognized as the best business start-up in the country was denied in the services provision.

The representatives of the several companies of the country told the Irish newspaper The Irish Times that they were forced either to stop work or open accounts in foreign banks after the financial institutions refused to work with them.

The Bitcove cryptoexchange founded as early as 2014 suffered. «Particularly disappointing was Bank of Ireland, − one of the founders of the company Peter Nagle said. − We were participants on the Ignite start-up program, which is backed by the bank. Our business and its progress were reviewed monthly by a panel which included Bank of Ireland representatives. At the end of the incubator Bitcove won the award, but then just a few months later our accounts were frozen and eventually closed». Now Bitcove uses the services of one of the European banks which Peter Nagle called «a more progressive banking partner».

One of the oldest bitcoin brokers in Ireland Eircoin closed in April and its co-founder Dave Fleming said that the new company that provides consulting services also had been refused to provide banking services. Some crypto-companies, the media tells, did not even manage to open accounts in Irish banks.

Bank of Ireland explained to The Irish Times that they would not provide services to cryptocurrency platforms but they do not limit private customers who make the deals with digital money.

AIB bank denies any suspicions of «refusing banking to companies offering crypto services» adding that they are guided by the principles of combating money laundering. The Federation of the Banks of Ireland that unites 70 financial institutions said that it did not know anything about the practice of closing the accounts and denial of the service to such companies, noting: «Lenders were obliged to take reasonable and proportionate measures to lessen the risk of facilitating financial crimes which are enabled by cryptocurrencies». adds: «The negative attitude of the legacy financial institutions towards crypto businesses sharply contrasts with the view of Ireland. Recently, it was reported that a new government-backed Blockchain Ireland platform will promote the country as a hub for developers of applications based on the technology behind cryptocurrencies. The agency promoting foreign investment in the country, IDA Ireland, has also backed blockchain and crypto projects».

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