The bank Capital One allowed itself to close the account of one of its customers because of a strange reason – a simple mention of bitcoin crypto currency.
Mulligan Mint was a longtime customer of the bank. The profile of the company is manufacture of pendants and medallions. Among the current collection were several examples of bitcoins – coins from silver and copper of different design, size and style. As the CEO of the company, Rob Gray, says that no one from the bank has warned them of the closing of the account and still no logical reasons have been named. The official answer considered the idea that the Mulligan Mint has dealt with bitcoins and used them to receive payments from customers. This fact cannot be proofed as it is not true. On the other hand a logical question can be voiced – can use of a crypto currency be a reason for terminating the work of a bank account? Which acts or norms do not allow cooperating and providing service to users of bitcoins?
The only connection with the crypto currency looks like two coins with the symbol of it on one side laid over a circuit board. Both pendants have etchings with words about liberty and freedom. One of them also represents a QR code that leads to the homepage of the producer.
This situation as some others make the activists of the community of bitcoins and other crypto currencies think that there is an unofficial policy in banks and other governmental and financial institutions saying not to cooperate with users and promoters of the new digital approach to money. Another terrible thing is that this companies and institutions are not ready for a dialog and seem to be very inattentive. A detailed research would take off the assault from Mulligan Mint producing merchandise.
Currently the company had to switch to PayPal to continue their work, but would like to know the reasons. The bank rejects any contact and does not reply to any massage – paper or electronic. Of course it is done to prevent the spreading of a new branch of economics. But as no one can deny the positive perspective of this development expert would like to understand the position of the economic institutions – they will not participate at all or try to take the sphere under their own single control.
Similar trouble happened to the exchange service Tradehill. Its account was also postponed and stopped. Their bank was the IAFCU or the Internet Archive Federal Credit Union. Experts understand the anxiety of risks and governmental issues. The situation seems different in the European Union and other countries. Many US companies find partners and financial institution support there. The biggest questions remains – when will the US institutions understand the perspectives of crypto currencies in general and bitcoin as a single example and change their attitude? It would be worth an experienced adult company to give at least answers and reasons for their deeds to keep a good face on the market featuring great concurrence.