The Metropolitan Bank has suddenly decided to stop all international wire transfers related to cryptocurrencies.
Apparently this is because a particular fraud incident with one of the customers of the bank. They say that they took decision of stopping all international bank wires, both outgoing and incoming because they are not able to verify the compliance of this kind of transactions.
This is very worrying because it sets a precedent for other banks in the US and worldwide to stop all crypto related bank transfers, which will mean that, not only we will not be able to send money to the exchanges to buy bitcoins, but we will also not be able to cash out our bitcoins into FIAT, which we still have to do until cryptos are accepted widely as a method of payment.
I don't want to spread FUD but to me this is a big problem. Right now the need for banks and exchanges are the weak link in cryptos, how can we get around this issue?
Please send your opinions in the comments below...
Source: http://fortune.com/2018/01/14/metropolitan-bank-cryptocurrency-wires/