ING Group Clarifies Customers Can Buy Bitcoin via Company Bank A/C

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ING Group Clarifies Customers Can Buy Bitcoin via Company Bank A/C

Clarifying on the issue that came up after some social media representative said that the users were not allowed to transact Bitcoin via company’s bank accounts, a spokesperson for ING Group says there is no such hurdle. He has clarified its customers are able to buy Bitcoin via company bank accounts and all other statements are false.

When the message was circulated in social media that ING bank accounts were being closed, a lot of users showed their unpleasantness. The statements followed a period of speculation about the Dutch multinational banking and financial services company’s policies. A lot of people felt bothered about the entire development.

No Attempts to Ostracize the Bank Account Holders Says the ING Official

However, as soon as it was spreading like Chinese rumor, a spokesperson for the company indicated that it was wrong that it was not possible for ING users to attempt to acquire Bitcoin using their accounts due to the “increased risk of fraud” associated with the transactions. He made it clear that there is no such official communication or stand from the bank.

In an official statement the source from ING Bank said that the bank’s Bitcoin policy is very simple, ING customers can buy Bitcoins with their ING bank account. Later on the message was also circulated on Twitter to clarify the entire confusion that emanated from the message from some other social media professional working for the bank.

Coming from some bank that boasts 32 million private and institutional clients, earning €1.3bn in retail banking and €739m from its commercial banking activities in Q1 2015, this is encouraging. The comments are some of the first statements from ING regarding its Bitcoin policy, though it had previously addressed the subject in its corporate materials.

ING Group has been Associated with the Dutch Bitcoin Congress

Interestingly, ING Bank Amsterdam hosted the Dutch Bitcoin Congress in Amsterdam on June 24. Brunon Bartkiewicz, Chief Innovation Officer at ING Bank had then declared that their tech team was experimenting with an “XRP-Less Ripple clone” and exploring the use of decentralized (although entirely private) blockchains where the bank controls all of the nodes.

Though it is not uncommon for Bitcoin traders to lose their bank accounts, from the outset it does not look like if the person who communicated about the blocking of bank accounts for Bitcoin transaction was even official.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com