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In the long-running tradition of banking institutions despising bitcoin and digital currency, German bank Sparkasse has made the decision to block all bitcoin-related transfers.
Bram Ceelen, who works with the Anycoin Direct coin exchange in the Netherlands, has commented that the company is now unable to process any incoming our outgoing bitcoin orders, and that the decision is being met with massive complaints and disappointment from users.
Ceelen states:
“We are running an honest company but the bank just blocks transactions without contacting us or the customer, very frustrating. This is exactly why we need Bitcoin! The bank abuses his power without any good reason or explanation.”
The bank has been approaching the issue in an odd fashion. Thus far, they are issuing refunds for all transfers that they think might have anything to do with cryptocurrency. While customers are claiming that they have managed to get a few transfers through by phone, this is a seemingly rare case, and for the most part, the results are failed transfers and refunds.
Anycoin Direct took to Reddit to give the following explanation regarding the bank’s behavior:
“At this moment we only experience problems with Sparkasse, other banks like Fidor cooperate in a normal way.”
What do you guys think? Is Sparkasse making a mistake through its refusal to process bitcoin? Let us know your thoughts below.
Abc123 
Harvey Simmons 
jimbit 
Is Sparkasse making a mistake? Or are they breaking the law?
Bitcoin is a form of property. (Specifically, it is a digital commodity.)
Can a bank legally disallow one of their customers to transfer funds when the customer is attempting to buy or sell property?
On the other hand, if Sparkasse is refusing to *cancel* a payment (aka chargeback) after the bitcoins were sent to the buyer, then the bank is acting appropriately. (In this case, Sparkasse is just stopping scammers from buying bitcoins and then getting a refund for the bitcoins that they bought and possess.)
No UK based banks are currently engaged in providing services to any business providing digital currency. They are using the anti money laundering rules as their reason however it is obvious they are attempting to cripple digital business by veto. My UK exchange, Coinfloor, have more stringent customer verification than the UK banks yet they are having to use a Polish bank meaning 3 to 5 day delays getting FIAT onto my account and vice versa.
what was the saying?….. first the laugh at you, then they fight you, then you win.. we are in step 2.