US banks shunning bitcoin over regulatory fears
Experts warn that regulatory requirements are likely to continue holding back bitcoin and other crypto-currencies, meanwhile European regulators and Canadian lawmakers have both recently addressed the issue
US banks already facing a swathe of regulation are not engaging with bitcoin because they don't want to fight with regulators over it, one legal expert says. Banks' reluctance to open accounts for crypto-currency exchanges is likely to be more about regulators than the banks themselves, says Joel Feinberg, a Washington, DC-based partner in the banking and financial services practice at law firm Sidley Austin.
"In the US, and most likely in other jurisdictions, the banks are so heavily regulated
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