Cryptocurrency firms' Singapore bank accounts shut down

A bitcoin association asked the government to step in.

Bloomberg reports that Singapore banks have closed accounts of several companies which specialize in providing cryptocurrency and payments services, according to two local bodies which represent financial-technology firms.

The head of Singapore's Cryptocurrency and Blockchain Industry Association (Access) noted that the same thing has been happening in other countries.

“From our analysis, it appears to be common among leading FinTech hubs,” Access Chairman Anson Zeall said in an emailed statement. “If this is the case, we would urge Singapore to take a leadership role and demonstrate how to come to an effective resolution among all parties.”

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Photo by Zach Copley via Wikimedia Commons