London Company LBX Exchange to support Bitcoin Cash

London Block Exchange has added Bitcoin Cash (BCH) and Ethereum Classic (ETC) among its cryptocurrency offerings, the UK platform now trades 6 cryptocurrencies
01 May 2018   2417

LBX launched with OTC trades in November and was going to offer multiple new coins in the future. The exchange also suggests on-shore UK banking.

LBX has listed Bitcoin Cash (BCH) and Ethereum Classic (ETC) against the British pound. London Block Exchange is supposed to be the only UK crypto platform which is presently suggesting GBP pairing with BCH and ETC. It supplies its customers with on-shore banking services and access to the Faster Payments system.

The management of LBX Exchange has encouraged to add new cryptos regularly. The decision to introduce Bitcoin Cash and Ethereum Classic passes weeks after the centralized Ripple (XRP) was listed.

We are excited to announce that we have an addition to our blossoming selection of cryptocurrencies. Our customers will now be able to buy, sell, send, and receive Ethereum Classic (ETC) and Bitcoin Cash (BCH). 
LBX, 
London-Based Exchange, UK

These cryptocurrencies will be available for trading with the following pairs: BCH-GBP, BCH-BTC, ETC-GBP, and ETC-BTC.

As we open our doors to UK crypto enthusiasts, we’re listening and acting on what the community wants – and that’s an array of good quality coin options to trade, all backed by a reliable, comprehensive and user-friendly service that they can trust.
Benjamin Dives,
Founder, CEO, LBX

London Block Exchange is as well an e-wallet services provider registered with the UK’s Financial Conduct Authority. In March, it declared it will offer its members access to the Faster Payments system. The platform also presented on-shore accounts for its customers.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   180

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.