Read a great story about your favorite cryptocurrency? Post it on CoinUpVote and we might write about it on CCN.LA ! DNB, Norway’s largest bank, has dismissed Norges Bitcoinforening, a recently-formed, non-profit bitcoin association, over concerns about terrorist financing and money laundering, according to e24.no , a Norwegian news site. Norges Bitcoinforening has since decided to take its business elsewhere. The association opened a bank account in August to receive dues and donations which can be made in bitcoin. DNB advised the association within three weeks that they were no longer a customer. The notice said, “DNB can not be confident about the association’s money has no connection with money laundering or terrorist.” Association Wants Answers The association asked the bank what rules it broke, but it has not received a response, according to association leader Stephan Nilsson. The association has 832 million crowns in its account, mostly in bitcoin through the association’s bitcoin wallet. The association accepts bitcoin through Stripe, the U.S.-based payment service. The bank asked Nilsson on September 5 what the account will be used for and for confirmation that dues can be paid in bitcoin. The next day, the bank said its relationship with the association would expire after 14 days and that the funds had to be withdrawn. In an email, the bank asked Nilsson to clarify some safeguards, such as how it ensures member identity and what procedures prevent money derived from terrorism and money laundering. Why The Bank Is Wary The bank noted in an email that bitcoin has characteristics that indicate it can be used for money laundering and terrorist financing. Stripe , the payment service the association uses, operates in 25 countries and is used by well-known service and enterprise providers such as Twitter. Stripe is supported by traditional payment […]
