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Bank closed AltCoin Exchanges fiat account
LoP Guest
lop guest
User ID: kaput
01-30-2018 07:07 AM

 



Post: #1
work Bank closed AltCoin Exchanges fiat account
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A horrible (but probably NZs largest) AltCoin Exchange "Cryptopia" has had their bank close their fiat account, so now no more can you fund your account via bank transfer. CC deposits/withdrawals was never an option.

This exchange has to be the most horrible on the planet, so I'm not crying too much, but this may be what all global exchanges may face..

Here is the email I got 30 min ago :
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LoP Guest
lop guest
User ID: 1337
01-30-2018 07:08 AM

 



Post: #2
RE: Bank closed AltCoin Exchanges fiat account
Email: Dear Valued Customer,

Unfortunately, our current bank has notified us that they intend to close our NZDT account on 9 February. Due to this, we are announcing an immediate halt to NZDT deposits from COB today and we are asking all customers to cease sending NZD deposits to our NZDT account.

We will continue to send withdrawals up until the 9th of February if you wish to withdraw your NZDT balance. We will also place a significant sell wall on the BTC/NZDT market at a very competitive market rate to enable any users currently holding NZDT to be able to convert this to BTC at the best rates available in NZ.

Due to the extremely short notice from the bank (and little opportunity to present our case and provide compliance documentation to demonstrate our commitment to the applicable regulations), we believe this is the best course of action to protect our users.
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LoP Guest
lop guest
User ID: 1337
01-30-2018 07:08 AM

 



Post: #3
RE: Bank closed AltCoin Exchanges fiat account
While we are working hard to secure alternative banking services, we have to prepare for the possibility that there may be a period of time between this closure and being able to provide these services again in future.

Rest assured, Cryptopia is committed to ensuring our users remain the top priority and have access to their funds at all times. This notice is a precautionary measure and we remain hopeful that we will be able to resolve this prior to the 9th February deadline with either an extension from our current bank, or an alternative solution to ensure you can continue to trade using NZDT.

We are focused on securing lasting and open relationships with bank providers so that this will not happen again in future. Whilst some exchanges choose to operate by opening bank accounts without being transparent (and running these until they get shut down), we believe this exposes us and our customers to greater risk and uncertainty.

We do apologise for any inconvenience this causes you whilst we work hard to resolve this challenge.

Best wishes The Cryptopia Team
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