HSBC and Barclays Block Company’s Accounts After Owner Traded Bitcoin

[kreslik.news]

UK banks HSBC and Barclays froze the accounts of a company after its owner transacted on a cryptocurrency trading platform with his personal account.

“Entirely transparent and above board”

The company is called 50cycles. It has been selling electric bicycles since 2003, and now has showrooms in London, Loughborough, and Shoreham-by-Sea.

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CEO Scott Snaith told iNews that after conducting some large Bitcoin transactions with Finnish Bitcoin exchange LocalBitcoins, he found that he could no longer access his accounts at the two banks. This was despite the fact that the people ... (read more)