{"id":73687,"date":"2019-03-12T19:00:45","date_gmt":"2019-03-12T13:30:45","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=73687"},"modified":"2019-03-12T19:00:45","modified_gmt":"2019-03-12T13:30:45","slug":"why-are-banks-reluctant-to-bank-crypto","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-are-banks-reluctant-to-bank-crypto\/","title":{"rendered":"Why are Banks reluctant to Bank Crypto?"},"content":{"rendered":"

We\u2019ve long seen the reports that crypto entrepreneurs and business owners have faced some pretty significant problems trying to access even the most basic of banking facilities.
\nSince the early days of the crypto industry, we\u2019ve seen the banking sector regard it with wary apprehension, which was certainly understandable in the early days.
\nBut now? Not so much, although views aren\u2019t changing quite as quickly as some would like.
\nAvoiding banks altogether<\/strong>
\nSpeaking to Bloomberg<\/a>, CEO of Hong Kong-based crypto derivatives exchange CoinFLEX, Mark Lamb, claims that the trouble he\u2019s had with banks in the past has led him to go down the road of \u201cwashing my hands of them and now avoiding banking altogether.\u201d<\/em>
\nLamb now claims that he pays staff, accountants, and lawyers who provide services to his company in crypto or stable coins such as Tether.
\nPayment processor BitPay has faced similar issues despite having a former SEC chairman on their board of advisors.
\nChief Commercial Officer Sonny Singh claims that traditional banking institutions have \u201cvery rigid\u201d<\/em> know-your-customer and anti-money laddering policies in place that simply \u201cdon\u2019t adjust to working with crypto companies.\u201d<\/em>
\nUp until recently the divide between a crypto startup and a traditional bank was well defined, but those days are slowly changing.
\nBridging the gap<\/strong>
\nStartups are popping up that are looking to bridge that gap between traditional banking and access to cryptocurrency on a more mainstream level, bringing customers the best of both worlds.
\nPlatforms such as Dubai-based ATRONOCOM<\/a> can help the modern businessman who finds himself traveling internationally for both business and pleasure.
\nFor many individuals in this position, there are problems when dealing with different currencies, fees that traditional banks place on foreign transactions and so on.
\nCompanies like ATRONOCOM are offering a solution to this problem, and at the same time making it easier for individuals to keep track of their crypto assets without the need for multiple apps.
\nA multi-currency card that operates with five different currencies, including GBP, EUR, and USD among others, will make the lives of those who find themselves frequently traveling for business a whole lot easier.
\nWe\u2019ve long heard about the standoff between crypto finance companies and traditional banks, but perhaps the answer is a hybrid model. After all, the best of both worlds is the primary aim, isn\u2019t it?<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019ve long seen the reports that crypto entrepreneurs and business owners have faced some pretty significant problems trying to access even the most basic of banking facilities. Since the early days of the crypto industry, we\u2019ve seen the banking sector regard it with wary apprehension, which was certainly understandable in the early days. But now?Continue reading “Why are Banks reluctant to Bank Crypto?”<\/span><\/a><\/p>\n","protected":false},"author":13,"featured_media":73715,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[7,18,2,21],"tags":[],"class_list":["post-73687","post","type-post","status-publish","format-standard","has-post-thumbnail","category-guest-post","category-hide-cryptopanic","category-press-release","category-spn-news"],"acf":[],"yoast_head":"\nWhy are Banks reluctant to Bank Crypto? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"We\u2019ve long seen the reports that crypto entrepreneurs and business owners have faced some pretty significant problems trying to access even the most basic of banking facilities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/why-are-banks-reluctant-to-bank-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why are Banks reluctant to Bank Crypto? 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