Coinhako is currently facing some issues with the banks.
The dynamism and fast pace of the Cryptocurrency market continues to pose as a challenge for both FinTech companies and Financial Institutions (ie. Banks) alike. Regulations and the exact role of the blockchain in society continues to present as a grey area to everyone. Coinhako is not alone in the Bitcoin community in having to deal with challenges presented by correspondent banks. Various other Bitcoin related companies have faced similar problems in recent days.
On Friday, 8th September 2017, Coinhako’s DBS corporate bank account will be closed bank. Coinhako will no longer be able to process SGD Deposits and Withdrawals with our local bank account as a result.
1) Last deposit clearance time
Kindly note that the Last SGD Deposit clearance time will be at Thursday, 7 September 2017, 4pm.
Any deposits made after our last clearance time might take a longer time to be credited to your Coinhako account, depending on the amount of access we have to our closed bank account.
2) Last Withdrawal request time
All withdrawal requests needs to be in by Tuesday, 7 September 2017, 9pm. This is to provide our team with sufficient time to clear all withdrawals before our account closes on 8 September. We will process all withdrawals requested.
On the other hand, we do believe that this unfortunate disruption of services is in the best interest of both parties and presents Coinhako with a great opportunity to improve our systems to better serve you.
New Bank Account on the way
We are actively seeking out alternative banking arrangements locally.
We are glad to share that we are currently in discussion with a few other financial institutions and we hope to have our new account up and running within the next 3 weeks. Please be assured that we are seeking to adopt the best possible banking conditions to ensure that you can continue where you left off, which is a smooth and pleasant trading experience with Coinhako.
Your funds are safe with CoinHako, and this SGD suspension is a temporary issue. Business will be as per normal, just that we will not be able to receive and send SGD.
More Alternative services
Please be assured that our team at Coinhako is also actively discussing and on the constant look out for new possibilities to help further improve your trading experience.
Singapore’s Regulatory landscape going forward
It is in our best interest to share with you that we believe the Regulatory landscape in Singapore should provide for a more conducive environment for Bitcoin and/or cryptocurrency related companies going forward.
Regulatory Frameworks and solutions to better suit FinTech companies are actively being discussed amongst local authorities. Proposals such as the ‘Activity-based Payment Framework’ can be found on the Monetary Authority of Singapore’s website at: http://www.mas.gov.sg/~/media/resource/publications/consult_papers/2016/Proposed%20Activity%20Based%20Payments%20Framework%20and%20Establishment%20of%20a%20National%20Payments%20Council.pdf
Just to name a few.
We firmly believe that such developments for policies and regulations, should provide Coinhako with a more favourable environment and a significant reduction in any similar disruptions going forward.
Business as Usual
You can purchase BTC and/or ETH as per normal, with your remaining SGD. Should you require a withdrawal, you can then transfer to any external wallet or exchanges for your own processing.
We sincerely apologize for the inconvenience caused and would like to thank you for your patience and continued support for Coinhako.
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Disclaimer: Please note that this post is purely informational. Should you have any further enquiries please do not hesitate contact our support team at firstname.lastname@example.org
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