Norwegian Banks Say No to Bitcoin Businesses; Justcoin Exchange Closes

Caleb Chen @bitxbitxbitcoin
October 28, 2014

Two of the most major Norwegian banks have announced to the public that they will no longer service Bitcoin companies. The “Bitcoin chill” in Norway has caused Norwegian Bitcoin exchange, Justcoin, to close their doors. Justcoin also suffered a Ripple hack earlier this month after a Ripple feature was improperly implemented by the exchange. Both Justcoin and Ripple were able to right themselves to the community; however, it seems that larger powers have ended Justcoin’s run. Justcoin won’t be the only Norwegian Bitcoin company frozen out by the banks, as revealed by Justcoin founders:

“Its not only JustCoins own bank that has decided to end partnerships with digital currency companies. Other Norwegian banks have, according to the company, decided to put an end to businesses that operates with Bitcoin or other digital currencies.”

Also read: Failed Ripple TfPartialPayment Implementation Causes Gox-Style Hack at Justcoin Exchange

Justcoin Exchange Closes As Norwegian Banks Freeze Out Digital Currency Companies

Justcoin Founders let the Bitcoin community know about their closing down via a Reddit post earlier today:

Dear Justcoin user,

Deposits are closed. Trading will close tomorrow, October 29th. We urge all users to withdraw their funds as soon as possible. Final deadline for withdrawals is November 11th. You may find useful information on wallets at

Please allow up to 24 hours for your withdrawals to process. We will manually batch withdrawals of all currencies. Cancelling a requested withdrawal will put you in the back of the line.

Justcoin is shutting down all operations. Our bank has notified us that it will no longer accept businesses dealing with digital currencies. The same goes for other Norwegian banks. Without a bank account we have no business and need to shut down. This event demonstrates the need for decentralized payment networks.

If you need help or have problems with the withdrawal process please contact We want to thank all our loyal customers for their support and wish you all the best.

Thank you,

Klaus & Andreas, founders.

Hopefully, Norway will get over its misconceptions about Bitcoin and digital currencies in general, soon. Like other countries, the banks seem to be the most ignorant; in contrast, Norway’s Tax Administration says that Bitcoin loss is tax deductible. Justcoin’s many affected Norwegian users will be taken care of manually.

What do you think about the Norwegian banks’ actions against Bitcoin companies? Comment below!

Images from Shutterstock.
Translation of source by CCN Director.

Last modified (UTC): October 28, 2014 21:15

Tags: dnb
Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.