Tradehill suspends Bitcoin trading citing “banking and regulatory issues”

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Tradehill suspends Bitcoin trading citing “banking and regulatory issues”

One of the largest Bitcoin exchange in the US has suspended trading citing “banking and regulatory issues” according to a statement on the company’s homepage.

According to Tradehill the suspension is temporary, but it hasn’t provided any specific timeline by which the trading may resume. The company has noted that it will be taking this suspension as a silver lining and in the meantime will upgrade its trading platform. The company has also noted that it is actively engaged in development of future business products and practices.

Tradehill’s announcement comes as a surprise as just last week it was reported that it was moving its accounts to Internet Archive Federal Credit Union (IAFCU) which would allow it to facilitate easier Bitcoin transactions.

Bitcoin has had its fair share of controversies with US authorities, in June, examining the use of Bitcoin and other virtual currencies with a fear that Americans might be using virtual currencies to evade taxes. Back in July, Thailand declared Bitcoin as illegal and suspended trading activities related to the electronic currency has been suspended indefinitely. India on the other hand isn’t too concerned about Bitcoin as of now and its Reserve Bank has revealed that there are no plans to regulate the virtual currency yet.

A US judge, earlier in August, ruled that Bitcoin is a legitimate form of currency and that it needs to be regulated and subjected to US laws. The US Senate Committee even sent out a letter to the Department of Homeland Security asking for advisories, guidance, policies and procedures related to Bitcoin.

Germany declared Bitcoin as a ‘unit of account’ – a kind of ‘private money’, which is eligible for use in “multilateral clearing circles.”

Ravi is the founder of Parity Media and currently acting as an editor of ParityNews.com. He is a technology enthusiast with keen interest in information security. Ravi has over 6 years of experience and is keen on raising general awareness about technology in society.