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Barclays trading bitcoinBarclays Bank Takes GBP Deposits For New UK Bitcoin Exchange Bit
By Tommy Wilkes , Emma Rumney. L , making it easier for UK customers of the exchange to buy and sell cryptocurrencies, the UK boss of the exchange said on Wednesday.
Large global banks have been reluctant to do business with companies that handle bitcoin and other digital coins because of concerns they are used by criminals to launder money and that regulators will soon crack down on them.
The Barclays account will make it easier for British customers. Previously, they had to transfer pounds into euros and go through an Estonian bank. Iddiols said these measures were in place because his firm wanted to voluntarily comply with anti-money laundering rules in the UK. He added that information like customer bank account numbers were needed to process withdrawal requests. Iddiols said that this is because e-mail is the most efficient way of handling customer inquiries.
He also pointed out that Mt. Gox and Bitstamp does the same the latter actually offers an address. The account number remained the same. Iddiols confirmed that Bit had removed mention of Barclays from its site. Iddiols confirmed that his firm has no direct relationship with Barclays. He said Bit worked with PacNet Services and that firm, in turn, had accounts with a number of banks, including Barclays.
Iddiols said that Barclays had contacted him after CoinDesk inquired about the exchange with Barclays. However, he said that Barclays and PacNet Services were aware that Bit operated a bitcoin exchange. It was founded in in Vancouver, according to its website. Its services include allowing merchants to process direct debit requests, cash cheques and accept credit cards. Bitcoin exchanges in the UK have failed to find banks that want to work with them. Robinson said he had also looked into using a payment services company, as Bit is doing.
Bit has suffered several glitches since its launch. These measures include a cold storage policy, two-factor authentication and e-mail verification for withdrawal requests. Iddiols also said the exchange keeps a a very small number of bitcoins in its hot wallet, or the temporary bitcoin storage facility used by exchanges that has been the target of break-ins recently.
Iddiols said he had been working on Bit since March. He was previously a sales director at IBM, where he worked for 27 years, according to the description on his site. A third person, Mark Vickery, is listed on the site as a director of the firm.