Thursday, April 10, 2014

National Australia Bank Closing Bitcoin Accounts

The National Australia Bank is severing ties to digital currencies, saying they are too risky, reports The Guardian.

NAB has sent letters to business customers who primarily trade in bitcoin and similar cryptocurrencies saying their accounts would be closed on 2 May.

The letters say an internal review concluded that ties with digital currency providers pose an unacceptable level of risk to NAB's business and reputation.

Confirming the move, a spokesman said: “NAB continually reviews its risk profile and the businesses we bank, ensuring NAB's activities are in the best interest of our customers and our shareholders.”

The decision comes after recent moves by the Bank of Ireland and the Bank of Montreal to distance themselves from customers who trade in digital currencies, reports The Guardian.

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