One of the founders of the Irish Bitcoin broker house Eircoin had claimed that the Banking and Payments Federation of Ireland is discriminating crypto companies’s when issuing bank accounts.
Eircoin as the only Bitcoin broker in Ireland was closed in April. The company’s co-founder Dave Fleming had stated at the time that they are shutting operations because of “shuttered due to negligent and defensive banking system”. According to him the banks had also refused to give their services even to secondary consulting businesses.
Banking and financial institutions shouldn’t be involved in the prosecution of illegal activities associated with crypto trading so in that regard they have no authority to deny a company that deals with cryptocurrencies and continues:
“If any of the Bitcoin seller in Ireland were involved in terrorist financing I’m sure it wouldn’t be a bank discussing it with us, it would be the law.”
On the other side the banks in Ireland have denied all of the discrimination accusations stated against them refusing to work with crypto related companies.
One of the biggest banks in the country AIB, had also denied these accusations and it stated that the bank:
“doesn’t discriminate in relation to providing banking services to cryprocurrency companies nor has it been systematically exiting such companies.”
But the bank had also pointed out that every company has to adhere to AML and KYC regulatory requirements in order to get the approval to operate a bank account. According to the bank many companies have not being able to comply with these rules.