As Two Major Norwegian Banks Stop Serving Bitcoin Companies, Justcoin Shuts Operations

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As Two Major Norwegian Banks Stop Serving Bitcoin Companies, Justcoin Shuts Operations

Bitcoin companies in Norway are facing huge trouble as two of the large Norwegian banks have announced to the public that they will no longer service Bitcoin companies. In consequence the situation of “Bitcoin chill” has been created in Norway which is prompting several Bitcoin companies to shut their operations in the country and look for better opportunities elsewhere.

The first casualty was in the form of Norwegian Bitcoin exchange, Justcoin which has shut its operations. According to the sources, Justcoin has been in trouble for some time now and in fact, suffered a hacking earlier this month after a Ripple feature was improperly implemented by the exchange. However, Justcoin won’t be the only Norwegian Bitcoin company frozen out by the banks.

According to the founders of the company, it’s not only Justcoin’s own bank that has decided to end partnerships with digital currency companies. Other Norwegian banks have, according to the company, decided to put an end to businesses that operates with Bitcoin or other digital currencies. The announcement regarding this also came to the notice of /r/Bitcoin subscribers.

The company in its notice to users said, “Deposits are closed. Trading will close tomorrow, October 29th. We urge all users to withdraw their funds as soon as possible. Final deadline for withdrawals is November 11th. You may find useful information on wallets at https://bitcoin.org/en/choose-your-wallet.”

The Company Thanks Its Loyal Customers

Justcoin has asked the users to allow up to 24 hours for their withdrawals to process and promised that it will manually batch withdrawals of all currencies. The notice from the company says that cancelling a requested withdrawal will put users in the back of the line. Nonetheless, as Justcoin is shutting down all operations, it was only a professional duty to intimate its customers beforehand.

The notice from Justcoin read, “Our bank has notified us that it will no longer accept businesses dealing with digital currencies. The same goes for other Norwegian banks. Without a bank account we have no business and need to shut down. This event demonstrates the need for decentralized payment networks.”

It further notifies that if some users need help or have problems with the withdrawal process please contact support@justcoin.com. The company thanked all loyal customers for their support and wished them all the best.

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