British Banks Refuse to Service Bitcoin Businesses on the Isle of Man

Isle of Man
British Banks Refuse to Service Bitcoin Businesses on the Isle of Man
Rate this post

LONDON (InsideBitcoins) — Capital International Group and its Isle of Man based subsidiary, Capital Treasury Services Limited (CTS), is withdrawing its services to the digital currency sector on the Isle of Man, despite local government support. The decision comes after British banking partners demanded that CTS cease trading with all cryptocurrency businesses located in the former bitcoin haven.

CTS provides British banking relationships as well as treasury and payment solutions for Isle of Man-based Bitcoin businesses.  Netagio, a leading UK Bitcoin, gold and sterling exchange is one firm affected by the decision.

“We entirely understand that the decision is outside the control of CTS because of their active engagement with the Department of Economic Development of the Isle of Man Government and the wider Crypto-Currency community both locally and internationally. They rely on the support of the wider financial services sector and this support has sadly been withdrawn,” said Simon Hamblin, CEO of Netagio.

“Britain is making claims about its commitment to innovation, not least in the area of FinTech, and yet, regrettably, the banking industry does not seem to share this commitment,” Hamblin added. “The sad impact is that this view – which some might argue to be anti-competitive — ultimately will drive innovation, talent and future economic benefit to other jurisdictions.”

Ian Jackson is an Inside Bitcoins correspondent based in the U.K.

About Ian Jackson