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Bitcoin Exchange Sues Wells Fargo Over Massive Wire Transfer Suspension (bitcoin.com)
An anonymous reader quotes this report from the cryptocurrency news site Bitcoin.com:
Bitfinex, on Wednesday, filed a lawsuit against Wells Fargo for suspending its outgoing U.S. dollars wire transfers. In addition to "a preliminary and permanent injunction against Wells Fargo," the exchange is seeking compensatory damages in excess of $75,000 and any additional relief the court may deem fair as well as a jury trial for the case... The court document states that Bitfinex is a customer of four Taiwan-based banks but is not itself a customer of Wells Fargo. However, its banks in Taiwan use Wells Fargo as a correspondent bank to process U.S. dollar wire transfers, which is a normal practice in cross-border payments.
"So far, close to US$180M in funds is locked up in Wells Fargo accounts," writes The Merkle, "with no clear path to a resolution in sight." But a Bitfinex representative on social media pointed out that "Funds are not frozen," adding that Wells Fargo is just a correspondent bank, and "They have chosen to block wire transfers between us and our customers which we are challenging in court."
Another post from BFX_Brandon states that "If we allow them to simply flip a switch and disrupt business, then there becomes a precedence in the Bitcoin industry beyond just Bitfinex, so we believe it is the appropriate time to take action."
"So far, close to US$180M in funds is locked up in Wells Fargo accounts," writes The Merkle, "with no clear path to a resolution in sight." But a Bitfinex representative on social media pointed out that "Funds are not frozen," adding that Wells Fargo is just a correspondent bank, and "They have chosen to block wire transfers between us and our customers which we are challenging in court."
Another post from BFX_Brandon states that "If we allow them to simply flip a switch and disrupt business, then there becomes a precedence in the Bitcoin industry beyond just Bitfinex, so we believe it is the appropriate time to take action."
From fake accounts, to reorganizing deposits to come after payments so they charge outrageous penalties, to arbitrarily changing 30+ year old account agreements so that they can charge exorbitant "fees" for something that costs them absolutely nothing.
I recall historically when Wells Fargo meant security, safety for your funds. Now it's just a cover-up for highway robbery.
Unless you have a net worth in the 8 figures, you really shouldn't ever do business with a for-profit bank in the US. They'll fuck you, hard. Credit unions are for normal people in the US.
I don't respond to AC's.
Are there any trustworthy services to do that with a credit card that don't involve some sort of complicated registration / setup / etc process?
Short answer - no.
Long answer - no.
Bitcoin is not money. It is just made-up bullshit for money laundering and other illegal operations. And a few speculators hoping they can make a quick buck -- who usually end up getting ripped off by bitcoin exchanges who disappear and tale your money with them.
The number if people actually using bitcoin ffor legitimate purposes is roughly analogous to the number of people using bit-torrent to download non-copyright infringing materials.
Using a credit card complicates things even more because the credit card company takes a cut of every transaction.
That's shit-though-mouth backwards. The issuing bank can more readily identify the account, available funds, detect fraud, minimize clearing times, etc. Of course they fucking don't, because all the clearing and processing times are artificial, and are designed to hit an account holder with fees later should the check bounce. It's the same with the overdraft "protection" scam.