Polish Bank ‘Bank BPH’ Suspends BitMarket’s Business Account

A promising Polish Bitcoin exchange sees bank account suspension

Until recently, the Polish banking system went against the trend by offering support to digital currency businesses, and the future looked bright for many start-ups in this sector.

Other major European banks, too, were similarly supportive in providing bank accounts to bridge the fiat-related operations. Unfortunately, this has stopped, now that Bank BPH has suspended the bank account of popular bitcoin exchange BitMarket.pl.

The disappointing news follows closely behind the suspension by Handelsbanken of the bank account of Stockholm-based exchange Safello, who only recently had introduced a faster deposit and withdrawal method for UK customers.

This is worrying news for exchanges still needing the support of the traditional banking system for users to fund and withdraw their accounts with fiat to purchase bitcoins.

Until now, many European countries have been willing to work with bitcoin businesses; months down the line, however, these same businesses have had their bank accounts suspended with little to no notice. The suspicion is that, behind the scenes, government officials having been exerting undue influence.

Polish exchange BitMarket discovered its business account had been suspended on 26 January, but initial reports from the bank pointed towards a technical glitch.

BitMarket founder Michal Pleban recently told CoinDesk that BPH’s closure of the bank was sparked by an alleged fraudulent transaction flagged up at the local district attorney’s office.

By not providing proper notification to BitMarket regarding the closure of the account, the bank failed to follow normal procedure. This has raised doubts about whether the bank was closed for legitimate reasons, such as breaking the terms and conditions, or whether government officials are working behind the scenes to cripple the bitcoin industry.

The immediate closure of the account also caused deposit and withdrawal problems for BitMarket’s customers, as the technical section which communicates with the bank was never turned off, even though the account was closed.

I hope the recent spate of closures is not a sign of bigger things to come in Europe. According to an industry insider, if the closure was not to the result of a glitch, other exchanges such as CoinFloor, another exchange based in the UK which secured a Polish bank account with Polish PKO Bank, may be on the verge of no longer having a bank account.

‘I am currently on a quest to find a bitcoin-friendly bank in Poland,’ said Michal.

Corruption in the Polish banking system is well documented, and many smaller banks are run by the mafia operating on the fringes.

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Leaked T-Mobile email suggests possible Bitcoin introduction

French and German owned telecommunications company, T-Mobile could well be driving the next Bitcoin price rise as they allegedly review the Bitcoin cryptocurrency as a payment method.

The exciting news was sparked after redditor Ryan Kinder sent a direct message to T-Mobile’s Chief Executive Officer, John Legere, who to his surprise personally responded saying that the cryptocurrency was:

“Under Review!”.

Within John’s reply, the Chief Marketing Officer Mike Sievert, Executive Vice President David Carey and Executive Vice President, Chief Financial Officer and Treasurer Braxton Carter were all subsequently CC’d into the response which suggests that the decision makers at T-Mobile are now well aware of cryptocurrency developments and taking them seriously.

bitcoin t-mobile

T-Mobile is currently the 4th largest mobile operator in the US and represents a massive 13.2% of the total smartphone sales. It’s recent rapid 4G network upgrade has now made the company a real contender in the US telecoms industry.

No doubt the future looks bright as they continue to consistently follow consumer trends and place themselves at the forefront of new technology. Only today have they announced “Mobile Money”, a debit card which can be managed with a smartphone app in partnership with Bancorp Bank.

If T-Mobile are seriously considering Bitcoin payments, to date they would be the largest telecommunications company in the world to accept the cryptocurrency. The news would be a mammoth step forward for the community and would add tremendous value and growth to the whole ecosystem, making it an excellent alternative to current fiat currencies.

This is great news for Bitcoin fans and comes as a pleasant surprise, especially when considering UK telecommunications company, Virgin Media recently suggested they will not be delving into the Bitcoin market.

Since accepting Bitcoin, another prominent US business, Overstock, has seen a massive $500,000 flow through the coffers, with everyday items from bed sheets to men’s shoes being purchased by customers using the cryptocurrency.

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