In spite of opting for blockchain technology, the hypocrisy of banking sector towards bitcoin is becoming more and more visible these days. It is believed that two of the leading German banking institutions Commerzbank and Deutsche Bank have implemented anti-bitcoin policies making it hard for the Bitcoin companies as well as its customers to conduct regular and perfectly legal transactions.
These allegations have surfaced after a Reddit user posted a communication allegedly from BitStamp asking him to use a different bank account to withdraw his funds from the platform. According to the post, the user’s withdrawal request from BitStamp was rejected and the exchange mentioned the anti-bitcoin policies of both Commerzbank and Deutsche Bank to be responsible for the failure.
The complete message from BitStamp as mentioned on Reddit is as follows:
We regret to inform you that your withdrawal request has been rejected.
Reason: Bitstamp has learned that two EUR intermediary bank’s Commerzbank and Deutsche bank have adopted an internal policy regarding Bitcoin-related transfer. These two intermediary banks no longer allow transfers related to Bitcoin. We have therefore cancelled your withdrawal transfer. Please request your future bank withdrawals to an alternate bank account held in your name with a SEPA member bank or in a different currency.
If you have any questions regarding Bitstamp exchange service please read our FAQ or use our support form >(https://www.bitstamp.net/support/). Our support staff will be more than happy to assist you.
However, this doesn’t seem to be a one-off issue as many people have corroborated the incident by sharing their own experiences with these two banking partners. One of the users mentions that Deutsche Bank closed his account, even though he was a good customer with a healthy account and the only possible reason for the account closure is linked to his bitcoin trading practice.
With these banks having a free hand to decide which business to support and which one to ignore is of grave concern. Also, BitStamp is a recognized financial services platform in the European Union as it recently received relevant licenses from the Ministry of Finance in Luxembourg. The financial services license is recognized and accepted by most EU nations. It is to be seen whether these banks will honor the license, which will be effective from July 1 or not.