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Bulgaria Cracks Down on Bitcoin, Bans Account

paublinty567
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12/12/2017 1:46:53 AM
Posted: 7 months ago
The small Eastern European country of Bulgaria is undertaking a crackdown on crypto exchanges. Operations of local websites that are offering customers to buy and sell the digital currency have been crippled.

Bulgarian banks have banned access to the websites and are preventing them from transferring funds to foreign exchanges. The ban has been enacted by banks unilaterally with no explanation given by authorities nor financial institutions.
First Investment Bank is cited as the one that acted on blocking the accounts of several local exchanges, including crypto.bg, cryptobank.bg and cix.bg.

At present crypto.bg"s forum states that the bank is about to unfreeze its account.

After the accounts of the exchanges were frozen, some of them continued operating with alternative payment systems, however at the time of publication trading on Bulgarian exchanges is suspended.

Foreign Exchanges Transactions Banned Too
The Bulgarian Bitcoin Association states that the banksappear too have frozen the ability of clients to make transfers to foreign exchanges. In a statement the organisation outlines that there is no legal basis for the actions of the Bulgarian banks.