Cryptocurrency

Lakestone Bank & Trust Threatens to Close Customer’s Account for Trading in Bitcoin

(Last Updated On: December 21, 2017)

#BitcoinRegulations
A United State’s financial institution Lakestone Bank in a letter has threatened one of his customers for trading in bitcoin.

In a warning letter obtained on Reddit, which was dated December 14, 2017, the bank observed that the customer had been funding and receiving transactions from coinbase.com , and warned that the said account risked closure if the customers didn’t stop his bitcoin trading using Lakestone Bank account.

The letter read:

Dear Jordan Spencer:

We are happy to have you as a Lakestone Bank & Trust customer and would like to fulfill your banking needs, but it has come to my attention that you are making purchases and receiving funds from coinbase.com-a type of business transaction that is against Lakestone’s policies and will need to be discontinued immediately.

We will continue to monitor your account and if we see that these types of transactions continue we will be forced to take other action, up to and including closing the account.

Sincerely,

Louise Vermillion

AVP Loss Prevention Officer

Since the bitcoin boom five months back, government authorities have been coming up with stringent measures to put bitcoin under their firm control.

According to Jordan Spencer, who posted the letter on Reddit, also threatened to close his account with Lakestone Bank & Trust.

Pressures and control over bitcoin is expected to increase as we drive into the New Year with growth in market value of other digital currencies like Ethereum, Bitcoin Cash, Litecoin, Ripple among others.

Bitcoin has been facing huge challenges from some governments’ regulatory restrictions on the use and operation of the most valuable digital currency ever. Their excuse had been it could be used to launder money.

But the restrictions might further help to push the value of btc up as a result of artificial scarcity that’s likely to be created from the stringent regulations from governments.

Details later…

About the author

Opeyemi Quadri

Ope is the brain behind all contents on infobase, an online media which is among the earliest and foremost publications covering N-power Programme, cryptocurrency, travel guide and other problem-solving guides. He has authored over 1,000 articles for infobase.

When he isn't watching Channels Tv or BBC, he's on NatGeoWild. He's cryptocurrency and blockchain enthusiast. Email: ope@infobase.com.ng

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