BARCLAYS SHUTS DOWN COINJOURNAL BANK ACCOUNT, OUTRAGES BITCOIN COMMUNITY

The relationship between traditional finance and the burgeoning world of cryptocurrency remains complex, often fraught with tension and uncertainty. Barclays offers private banking, credit and investment solutions to its clients through Barclays Bank PLC and its subsidiary companies. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. ) and is a member of the London Stock Exchange and NEX.A recent incident perfectly encapsulates this ongoing struggle: Barclays, a multi-billion dollar financial institution, abruptly shut down the bank account of CoinJournal, a well-respected Bitcoin media outlet.This move sent ripples of outrage through the Bitcoin community, igniting discussions about censorship, financial freedom, and the power dynamics between centralized banking and decentralized digital currencies. Top cryptocurrency prices and charts, listed by market capitalization. Free access to current and historic data for Bitcoin and thousands of altcoins.The sudden termination, executed without prior warning or a clear explanation, has left CoinJournal scrambling for alternative banking solutions and the Bitcoin community questioning the long-term viability of interacting with established financial institutions. If you let someone use your account for a transfer, you could be helping them move money illegally. How to maximise allowances before the tax year end There are several ways you can make the most of annual allowances before the end of the tax year, but also some things you may want to avoid.This article delves into the details of the incident, explores the reactions from the crypto community, and examines the broader implications for Bitcoin and other digital assets as they strive for mainstream acceptance.We'll also cover alternative banking solutions and ways to navigate the often-challenging landscape of cryptocurrency finance. If the account had a debit card and chequebook, you ll need to destroy them. Send the completed form to. Barclays. Leicester. United Kingdom. LE87 2BB. Transferring your balance to a bank account in another country. You ll need an International Bank Account Number (IBAN) for the account you re sending money to.What does this mean for the future of crypto journalism and the relationship between traditional finance and the digital asset world? The best way to buy Bitcoin or any other cryptocurrency with a Barclays online banking account in the UK is through a reputable broker like eToro, which is a licensed and widely trusted digital asset platform with over 70 cryptocurrencies and unique features such as Copy Trading, which enables users to copy top-performing crypto traders, in addition to a custom watchlist, as well asLet's explore.

The CoinJournal Account Closure: A Detailed Look

The news broke when CoinJournal, a Manchester-based publication dedicated to covering Bitcoin and the broader cryptocurrency space, announced that Barclays had terminated their business account. Get great bank rates with barclays bank online savings account and certificate of deposit account promotions 1 barclays online savings account rate offer (nationwide). How to open a bank account with the barclays app.This decision came as a shock, especially considering CoinJournal's established presence and adherence to legal and regulatory requirements. In a surprising turn of events, Bitcoin media outlet CoinJournal announced that multi-billion dollar financial institution Barclays has shut down its bank account for being linked toThe lack of transparency surrounding the closure has fueled speculation about the underlying reasons and raised concerns about potential discrimination against businesses operating in the crypto sector.

The Immediate Impact on CoinJournal

For CoinJournal, the sudden account closure presented immediate and significant challenges.Access to banking services is crucial for any business to operate smoothly, facilitating everything from paying employees and vendors to managing invoices and receiving revenue. Barclays Business is a trading name of Barclays Bank UK PLC. Barclays Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register No. ). Registered in England. Registered No. .Without a bank account, CoinJournal faced:

• Disrupted Operations: The inability to process payments and manage funds created immediate operational hurdles.
• Reputational Damage: The abrupt closure, without a clear explanation, could raise concerns among advertisers, partners, and readers about the stability and reliability of CoinJournal.
• Financial Strain: Finding alternative banking solutions quickly is essential, but it can be a time-consuming and costly process.

Barclays' Silence and the Search for Answers

Adding to the frustration, Barclays has remained largely silent about the reasons behind the account closure. Barclays iPortal and Barclays.Net We're working on our Barclays.Net and iPortal services from until on 7 June your payments may be delayed and your balance and transactions may not show correctly between .This lack of transparency has intensified the speculation and fueled criticism from the Bitcoin community.While Barclays has not explicitly stated its reasons, several theories have emerged:

• Risk Aversion: Traditional banks often view cryptocurrency-related businesses as high-risk due to concerns about regulatory uncertainty, money laundering, and fraud.
• Compliance Issues: Banks are subject to strict compliance requirements and may choose to avoid dealing with companies that they perceive as posing a higher risk of non-compliance.
• Internal Policy: Barclays may have an internal policy that restricts or prohibits banking services to cryptocurrency-related businesses.

The lack of a clear explanation from Barclays leaves CoinJournal and the wider crypto community in a state of uncertainty, highlighting the need for clearer regulatory guidelines and greater understanding between traditional finance and the digital asset world.

The Bitcoin Community Responds: Outrage and Calls for Decentralization

The news of CoinJournal's account closure quickly spread throughout the Bitcoin community, sparking outrage and reigniting the debate about the need for greater decentralization and financial autonomy. 68 votes, 37 comments. 5.6M subscribers in the Bitcoin community. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralizedMany saw the incident as further evidence of traditional institutions attempting to stifle innovation and control the flow of information about cryptocurrency.

Social Media Erupts

Online forums, social media platforms, and crypto news outlets were flooded with comments and opinions about the situation. Online Banking lets you keep track of your money day and night. Use internet banking to check bank statements and pay bills more easily and securely.Members of the r/Bitcoin (6.4M subscribers) and r/btc (1.1M subscribers) communities voiced their support for CoinJournal and condemned Barclays' actions. ZachXBT says attackers used social engineering to gather Gokal s information. Meta removed the posts 90 minutes after the account was compromised. In a serious cybersecurity breach, Solana co-founder Raj Gokal s personal data has been leaked following the compromise of rapper Migos official Instagram account.The sentiment was overwhelmingly negative towards traditional banking institutions, with many advocating for increased adoption of decentralized financial (DeFi) solutions.

The Censorship Debate

Some within the Bitcoin community framed the account closure as an act of censorship, arguing that Barclays was attempting to silence a media outlet that provided critical coverage of the traditional financial system. Barclays Insurance Services Company Limited and Barclays Investment Solutions Limited are each authorised and regulated by the Financial Conduct Authority. Registered office for all: 1 Churchill Place, London E14 5HPThis perspective resonated with those who believe that Bitcoin represents a challenge to the established power structures and that traditional institutions are actively working to suppress its growth.

Calls for Financial Independence

The incident served as a stark reminder of the vulnerabilities inherent in relying on centralized institutions for financial services. Thousands of Barclays customers have been unable to access their accounts or make payments on payday thanks to an outage. The bank has apologised to customers who have been left unable to log inMany Bitcoin proponents used the opportunity to reiterate the importance of self-custody, peer-to-peer transactions, and the development of alternative financial systems that are independent of traditional banks.

Navigating the Challenges: Banking Solutions for Crypto Businesses

The CoinJournal situation underscores the difficulties faced by cryptocurrency-related businesses in accessing traditional banking services. 6.4M subscribers in the Bitcoin community. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. UnlikeWhile the situation may seem dire, there are several alternative solutions that crypto companies can explore to navigate this challenging landscape.

Alternative Banking Options

While mainstream banks may be hesitant to work with crypto businesses, several alternative banking options cater specifically to the needs of the digital asset industry. UK bank Barclays has suspended the account of local cryptocurrency news resource Coinjournal without warning or explanation, it emerged today.These include:

• Crypto-Friendly Banks: Some smaller banks and credit unions are more open to working with cryptocurrency companies, offering services such as business accounts, payment processing, and lending.
• Fintech Platforms: Numerous fintech platforms provide banking-like services to crypto businesses, including virtual accounts, payment solutions, and crypto custody services.
• Decentralized Finance (DeFi): DeFi protocols offer a range of financial services, such as lending, borrowing, and trading, without the need for traditional intermediaries.

Building a Strong Compliance Framework

To improve their chances of securing banking services, crypto businesses should focus on building a robust compliance framework that addresses regulatory concerns and mitigates risks. Barclays is not accepting bitcoin as reported by the Daily Mail, Arstechnica and others. The CCN article got that part correct. Where it is wrong, is its insistence that the Sunday Times article is incorrect as well.This includes:

• Implementing KYC/AML Procedures: Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures are essential for verifying the identity of customers and preventing illicit financial activities.
• Establishing a Clear Legal Structure: Operating under a well-defined legal structure can enhance transparency and demonstrate a commitment to regulatory compliance.
• Working with Legal Counsel: Consulting with legal experts specializing in cryptocurrency regulations can help businesses navigate the complex legal landscape.

Diversifying Banking Relationships

Relying on a single bank account can be risky, as the CoinJournal incident illustrates.Diversifying banking relationships by opening accounts with multiple institutions can reduce the impact of a single account closure and provide greater financial stability.

The Broader Implications: Crypto and the Future of Finance

The CoinJournal account closure has broader implications for the relationship between cryptocurrency and the traditional financial system. Смотрите онлайн KCN News: @CoinJournal account is suspended. 28 с. Видео от 2 ноября 2025 в хорошем качестве, без регистрации в бесплатном видеокаталоге ВКонтакте! 6 оценили.It highlights the ongoing tension between centralized institutions and decentralized technologies and raises questions about the future of finance in a world increasingly influenced by digital assets.

The Need for Clearer Regulations

One of the key challenges facing the cryptocurrency industry is the lack of clear and consistent regulations.This regulatory uncertainty makes it difficult for banks and other financial institutions to assess the risks associated with dealing with crypto businesses, leading to risk aversion and account closures. 1.1M subscribers in the btc community. When r/Bitcoin moderators began censoring content and banning users they disagreed with, r/btc became aClearer regulatory guidelines would provide greater certainty and encourage more traditional institutions to embrace the digital asset space.

The Rise of Decentralized Finance (DeFi)

The CoinJournal incident underscores the potential of DeFi to provide alternative financial services that are independent of traditional institutions.DeFi protocols offer a range of financial products, such as lending, borrowing, and trading, without the need for intermediaries like banks. CoinJournal, a fellow bitcoin publication, saw its banking services come to an abrupt end after its banking provider Barclays terminated its business account. CCN.com spoke to a representative of Manchester-based CoinJournal who was understandably none-too-pleased about the disruption.As DeFi continues to mature, it could become an increasingly viable alternative for businesses and individuals who are excluded from the traditional financial system.

The Future of Banking

The long-term impact of cryptocurrency on the banking industry remains to be seen.However, it is clear that traditional banks will need to adapt to the changing landscape to remain competitive.This could involve embracing blockchain technology, offering crypto-related services, or partnering with fintech companies to provide innovative financial solutions.

Practical Advice for Crypto Businesses Facing Banking Challenges

If you're a crypto business facing banking challenges, here are some actionable steps you can take:

1. Research Crypto-Friendly Banks and Fintech Platforms: Explore the various alternative banking options available and identify those that best meet your needs.
2. Build a Strong Compliance Framework: Implement KYC/AML procedures, establish a clear legal structure, and work with legal counsel to ensure compliance with all applicable regulations.
3. Diversify Banking Relationships: Open accounts with multiple institutions to reduce the impact of a single account closure.
4. Consider DeFi Solutions: Explore the potential of DeFi protocols to provide alternative financial services.
5. Advocate for Clearer Regulations: Support industry efforts to advocate for clear and consistent regulations for the cryptocurrency industry.

Frequently Asked Questions (FAQs)

Why are banks shutting down crypto business accounts?

Banks often cite concerns about regulatory uncertainty, money laundering, and fraud as reasons for shutting down crypto business accounts. The quickest way to open a new bank account is through the Barclays app. Scan the QR code using the camera on your device to download our app.They may view cryptocurrency-related businesses as high-risk and choose to avoid dealing with them to comply with regulatory requirements and internal policies.

What can crypto businesses do if their bank account is closed?

Crypto businesses can explore alternative banking options, such as crypto-friendly banks and fintech platforms, build a strong compliance framework, diversify banking relationships, and consider DeFi solutions.

Is it legal for banks to refuse service to crypto businesses?

The legality of banks refusing service to crypto businesses depends on the specific circumstances and applicable laws.However, banks generally have the right to choose their customers, as long as they do not discriminate on the basis of protected characteristics such as race, religion, or gender.

How can I buy Bitcoin with a Barclays account?

The best way to buy Bitcoin with a Barclays online banking account in the UK is through a reputable broker like eToro, which is a licensed and widely trusted digital asset platform with over 70 cryptocurrencies and unique features such as Copy Trading.

Conclusion: The Ongoing Evolution of Crypto and Finance

The CoinJournal account closure serves as a stark reminder of the ongoing tensions between traditional finance and the cryptocurrency industry.While the incident has sparked outrage and frustration within the Bitcoin community, it also highlights the need for greater understanding, clearer regulations, and the development of alternative financial solutions.As cryptocurrency continues to evolve and gain mainstream acceptance, it is crucial that businesses and individuals have access to reliable and transparent banking services.By building strong compliance frameworks, diversifying banking relationships, and advocating for clear regulations, the crypto community can navigate the challenges and pave the way for a more inclusive and decentralized financial future.Ultimately, the incident underscores the importance of financial sovereignty and the need for individuals and businesses to have control over their own finances, independent of centralized institutions.The key takeaway is that the journey towards mainstream adoption of cryptocurrency is not without its hurdles, but the continued innovation and resilience of the crypto community will ultimately shape the future of finance.