Did Barclays Just Declare War on Bitcoin Users?

UK bank Barclays has suspended the account of local cryptocurrency news resource Coinjournalwithout warning or explanation, it emerged today.

Also read:BitPay Offers Financial Services to RT Following Bank Account Freeze

In a tweet earlier Thursday, journalist Kyle Torpey stated it seemed the bank had suspended Coinjournals account for using and being associated with [Bitcoin].

The move follows similar complaints about Barclays blocking transactions related to Bitcoin trading this week. The bank is already known for its sporadic shutdowns of accounts associated with entitiesdealing in Bitcoin.

Speaking to Bitcoin.com, Coinjournal founder Oliver Carding said the decision had taken the business by surprise.

Considering the size of or business and the amount of money involved, we are surprised that weve been considered high risk, he said, adding that Barclays gaveno warning of the impending block.

When asked for more information about which rule wed broken they would not give us explicit information and referred us to their terms and conditions, he explained.

Its not just businesses which Barclays hasstung withits latest move. One Localbitcoins trader told Bitcoin.com that transactions from their private account to users settling trades had been disrupted since the beginning of the week.

Having received a message via the banks online banking service stating transactions were being delayed, a telephone conversation sawBarclays avoid direct comment.

They did not even mentioned fraud or anything; the last representative I spoke to didnt give a proper answer, the user said. They just said that the account that Im trying to send money too has been blocked and that there are issues with Barclays.

Elsewhere, Barclays has given mixed messages regardingits stance on blockchain technology. In contrast to its seemingly suspicious treatment of Bitcoin, the bank has joined many other legacy institutions in championing blockchainspotential.

In February, Head of Open Innovation Arian Lewis even went as far as to question whether Barclays was really a tech company. On the topic of Blockchain innovation in Africa, Lewis added that the technology could be the most significant social and political innovation to impact Africa in 100 years.

However, such evangelism provides little meaning for the banks marooned account holders.

Its a very familiar tale unfortunately and its a huge hindrance for adoption worldwide, not just in the U.K, Carding concluded.

He added Coinjournal was in the process of reaching out to contacts in the cryptocurrency space and hoped to have a resolution worked out in the coming weeks.

In the meantime, the publication is soliciting bitcoin donations to help keep the website operating.

What do you think about Barclays move to block Bitcoin-related accounts? Let us know in the comments section below.

Images via Shutterstock, Barclays

If you would like more information on the UKs history in regulating Bitcoin business, search our News section or post your queries in the Bitcoin.com Forum.

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Did Barclays Just Declare War on Bitcoin Users?