how to sell bitcoin to bank account

request for comment. Complete the form and click submit. The Bitcoin banking casualty list is a long one: popular Bitcoin USD exchanges Bitfloor and BitInstant, in New York; Tradehill, in California; and Bitbox, in Michigan, have been euro bitcoin rate out of commission for months. (The FBI plans to sell them after judicial proceedings are over.) Guidance from the IRS, Department of Treasury, and SEC has all established that Bitcoins are legal, and that those dealing with them must simply follow existing tax and anti-money-laundering regulation, yet banks remain wary.

Regulators are worried they wont be able to protect consumers, that the systems arent trust worthy, and that they cant prevent money-laundering, says Adam Shapiro, a regulatory expert at Promontory Financial Group, LLC. In March, the Department of Treasury's FinCEN said that businesses doing Bitcoin exchanges were classified as "money services businesses meaning they need to be registered as such and conduct due diligence to know who their customers are and prevent money laundering. We do not delay, we fund your perfect money accounts instantly. Read More Welcome to Exchangeindeed, global leader in Exchange market in Nigeria since 2009. Ive been kicked out of every major bank in New York, says Charlie Shrem, the CEO of Bitinstant. They tried to force me to take a cashiers check but I refused, said Shore who worried he wouldnt be able to deposit it elsewhere. BUY, sELL, perfect Money Bitcoin.

how to sell bitcoin to bank account

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Second Market, which sold Facebook shares before the company went public, now has an investment fund for the 4-billion Bitcoin market. Veteran entrepreneur Jeremy Allaire, the founder of bitcoin raid news new Bitcoin company Circle, which has 9 million in funding, told me he does have a bank account but is contractually obligated not to say who his bank. Capital One even shut down the merchant account for Mulligan Mint, a commemorative coin maker, when it started making physical Bitcoin silver coins; the business was not in fact dealing with Bitcoins, just making fake models of them. Shore is one of the many Bitcoin entrepreneurs sent packing in the last few months. Some major Bitcoin businesses have managed to land banking relationships including San Franciscos Coinbase, which has 300,000 people using its Bitcoin wallets to buy, sell, and store Bitcoin; and Atlanta BitPay, the PayPal of Bitcoin, which has set up over 10,000 merchants to take Bitcoin. We currently work with a couple bitcoin companies, providing deposit accounts, says spokesperson Carrie Merritt.

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