Just got this in the mail. Dear Valued Customer, Unfortunately, our current bank has notified us that they intend to close our NZDT account on 9 February. Due to this, we are announcing an immediate halt to NZDT deposits from COB today and we are asking all customers to cease sending NZD deposits to our NZDT account. We will continue to send withdrawals up until the 9th of February if you wish to withdraw your NZDT balance. We will also place a significant sell wall on the BTC/NZDT market at a very competitive market rate to enable any users currently holding NZDT to be able to convert this to BTC at the best rates available in NZ. Due to the extremely short notice from the bank (and little opportunity to present our case and provide compliance documentation to demonstrate our commitment to the applicable regulations), we believe this is the best course of action to protect our users. While we are working hard to secure alternative banking services, we have to prepare for the possibility that there may be a period of time between this closure and being able to provide these services again in future. Rest assured, Cryptopia is committed to ensuring our users remain the top priority and have access to their funds at all times. This notice is a precautionary measure and we remain hopeful that we will be able to resolve this prior to the 9th February deadline with either an extension from our current bank, or an alternative solution to ensure you can continue to trade using NZDT. We are focused on securing lasting and open relationships with bank providers so that this will not happen again in future. Whilst some exchanges choose to operate by opening bank accounts without being transparent (and running these until they get shut down), we believe this exposes us and our customers to greater risk and uncertainty. We do apologise for any inconvenience this causes you whilst we work hard to resolve this challenge. Best wishes The Cryptopia Team
Interesting case. However, without comments from the bank...that looks like a corporate matter. (especially, with the recent behaviour of cryptos) NZ Media had a few articles devoted the the firm. From a two-man operation a year ago, Cryptopia surges on bitcoin https://www.stuff.co.nz/business/10...ration-a-year-ago-cryptopia-surges-on-bitcoin Speculative surge in bitcoin boosts Christchurch firm https://www.stuff.co.nz/business/100399058/speculative-surge-in-bitcoin-boosts-christchurch-firm quote: Christchurch computer currency trading firm Cryptopia is riding the wave of bitcoin mania and has become one of the most widely used cryptocurrency exchanges. Business development manager Adam Lyness reels off a list of impressive statistics: "Our trading volume is now $280 million day . . . we're making a million dollars a day . . . yesterday we had to close off new registrations after they hit 100,000." Cryptopia, which is ranked 20th out of 170 trading exchanges around the world, is based in unassuming offices in Christchurch's Montreal St, although it is likely to be moving to bigger premises. There are about 25 people manning the screens during the day with a full staff of 50-odd to keep on top of different shifts and ancillary work.
This has happened in Australia too to some bullion companies - big 4 banks yanking business account facilities with no recourse. I believe it happened to Coinjar a few times in the past as well.
