Bitcoin platform Safello announces today it’s expanding to Norway and Denmark outside of its native Sweden to make buying and selling bitcoins more convenient. To provide this access Safello has focused on the local quirks of each country’s payment system, allowing local bank transfers for Danes and Norwegians. Safello says that Norway in particular was lacking good options after its largest exchange, Justcoin, lost their bank accounts and had to shut down operations. Soon after Justcoin was acquired by ANX.
Safello has had it’s fair share of regulatory and platform issues, but CEO Frank Schuil speaks humbly about these issues compared to Uber, another startup with its fair share of regulatory issues.
“In our first year of operation two of Sweden’s top four banks closed down our accounts before we even got started. Many banks all over the world have taken a firm stance against Bitcoin companies. This despite whatever precautions companies take in terms of AML/KYC best practices. Safello in particular has a very strict policy.
We see it as a sign of times and keep pushing forward trying to cooperate with the banks. This groundbreaking technology takes time to be fully understood and appreciated. On top of that the regulatory environment has become stricter since the 2008 financial crisis. Because of this banks are understandably more cautious.”