Safello's UK Bank Account Shut Down, Faster Payments Disabled

Sweden-based Bitcoin exchange Safello has informed its clients that its UK-based bank account has been shut down.

The account was used for its Faster Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term program, which allowed UK customers to make deposits more quickly and easily into the exchange. The program has now been disabled. UK customers will only be able to make deposits via wire transfer until a new banking partner is found.

The program has only been in place for just over a month when two weeks ago, the exchange received notice of the closure, effective today.

In the company's blog, CEO Frank Schuil says that the company was clear in its communication with the bank prior to having its accounts approved. "There was no base for the decision to shut our accounts down in relation to Safello’s operation," he says. The exchange says to have gone beyond the letter of the law in its anti-money laundering activities.

It is possible that the bank chose to err on the side of caution, seeing that formal Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term has yet to be ironed out for virtual currencies and what it stands to lose should it be accused of non-compliance. He hopes that the current "Call for Information" will bring regulation closer, and banks will be more accommodating once clarity is achieved.

In order to preserve their relationship with the banks, Schuil did not disclose the bank's identity, nor did he delve into further details of the closure. In the bank's defence, "It is hard to take a stance as a smaller bank with the dependency on clearing partners," he added.