Tradehill suspends trading: “banking and regulatory issues” make one more victim

Last updated on August 15th, 2016 at 06:44 pm

Tradehill, one of the largest Bitcoin exchanges in the United States, has officially suspended trading and explains the situation in a statement published on the company’s homepage. The platform says the temporary shutdown was caused by “banking and regulatory issues”.

According to the statement, “this decision has not been made lightly and we regret having to take such action. However, we embrace the silver lining of our situation and plan to take this opportunity to upgrade, improve, and polish our trading platform”.

The news comes a few days after Tradehill moved its accounts to a North-American credit union – the Internet Archive Federal Credit Union -, in order to make Bitcoin transactions easier. Now, the company reveals that it has “registered with FinCEN in August 2013 and is actively engaging with banks and regulators to continue development of future business products and practices”, but there’s no forecast about how long this closure will last.

The Next Web reported, in the meantime, that Tradehill has suspended its relationship with the credit union too, but the situation is not clear. If you’re a client of the exchange, you can ask for more information by submitting a request through the company’s website.

Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

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