Shinsei Bank Blocking Bitcoin Related Bank Wires

The Shinsei Bank, located in Japan, has been refusing and block international wire transfers that they find to be related towards cryptocurrencies and in general the Bitcoin. They will not allow their customers to use their banking service to transfer money for buying and selling Bitcoins.

“The decision, which has been effective since February, is based on our comprehensive judgment as a bank,” A Shinsei Bank spokeswoman reported to the Wall Street Journal and added “We have not determined yet whether we will lift the ban in the future.”, declining to tell to the public why they have made the decision in the first place.

One of the main speculations towards why the bank has made the decision to block Bitcoin related transactions goes on the recent Mt.Gox scandal, where thousands of users lost both funds and their Bitcoins, after the company had mismanaged their business. Another reason could be due to the SilkRoad controversy, where users could buy illegal drugs and other illegal services through Bitcoins.

Shinsei Bank is the only bank in Japan that has made a ban on Bitcoin related bank wires so far, but it could be a sign of more to come in the future.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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