NEWSBTC: Banks may be forcing Bitcoin companies out of the UK
The price of Bitcoin surged over the weekend, climbing past $6,000 and moving closer to $6,200 on Saturday before falling below $5,800 on Sunday. So let’s take a closer look. Earlier this month, the daily trading volume of Bitcoin peaked at $4.5 billion, overtaking Apple, the most liquid stock in the world. The price of Bitcoin fell just below $4,300 on October 1st, since then it continued to climb surpassing $5,000 on October 12th. It continued to hit record highs before falling below $5,300 on October 18th. Today it is under $6,000. Bitcoin’s market cap remains under $100 billion.
According to ABC news, the Parliament in Australia is expected to vote this week on an anti- money laundering law, which could give the financial intelligence regulator AUSTRAC more power to regulate digital currency exchanges. Moving over to Asia, there have been some rumors circulating that China could reverse its recent bitcoin ban.
Now let’s take a look at what’s happening in the UK. Apparently many cryptocurrency related companies are now being forced out of the UK and they have to open an account elsewhere such as Poland, Bulgaria and Gibraltar. Michael Hudson, chief executive of the bitcoin investment firm Bitstocks, said told the Financial Times, that “It is almost an impossibility to get a UK bank account. We bank in Gibraltar and Poland — the two jurisdictions that are most stable. We had an account in Bulgaria but that didn’t last long.” – Source: NEWSBTC