As the price of a Bitcoin has, on average, increased…
As the price of a Bitcoin has, on average, increased almost 50% over the past month, it has diverged drastically between markets as traders find it increasingly difficult to move traditional currencies, or fiat, across borders.
A lawsuit filed on April 5, 2017 by Bitfinex, a B.V.I.-incorporated Bitcoin exchange, revealed that U.S. bank Wells Fargo had stopped processing U.S. dollars between Bitfinex’ Taiwanese partner banks its customers worldwide. As a private company, Wells Fargo is free to do business with whoever they please, but as the sole bank available for U.S. dollar clearance to many Taiwanese banks, getting shut out of the dollar market is a highly painful, if not existential incident.
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