Dutch Bank Not Serving Blockchain Firms Over Anti Money Laundering Concerns

Photo credit: moneycontrol.com

Dutch banks are not only refusing to provide their services to cryptocurrency trading platforms, but they are also refusing to provide services to “blockchain consultancies” or for that matter, any firm using the terms “crypto” or “blockchain” in business filings.

The thought of money being laundered through their services is scaring banks away from allowing any affiliation with the firms, and rightfully so. They are seeing what is happening to the banks in their neighboring countries as large scale money laundering cases are in process against some of the biggest European banks.

According to Nextens Report, “An inventory was made in the Cryptocast program of BNR Nieuwsradio. When a company description contains the words ‘crypto’ or ‘blockchain’, it is not possible to open a bank account.”

Many of the firms worldwide over the past couple of years have been making complaints for not receiving services from banks due to money laundering concerns. At the same time, those firms have been turning a blind eye to much of the money laundering that has occurred and is continuing to occur.

Recently in America a man named Sky Justin Gornik was convicted of trafficking the deadly narcotic Fentanyl. Authorities seized accounts held by Gornik at Bittrex and Poloniex, two American crypto trading platforms based in America.

As long as we have such issues related to crypto or bitcoin currency, most of the banks, if not all, will continue to reject providing services to firms in that sector. It takes a lot of resources for banks to review new and existing accounts for risk, especially if a crypto firm is involved for new accounts.

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