The co-founder of cryptocurrency company Easy Crypto has criticized major New Zealand banks for “intimidating customers” who make crypto transactions.

Janine Grainger announced that in the last week alone, Easy Crypto was denied an account by three different banks to launch a new product. According to the entrepreneur, some financial institutions believe that no one will oppose their tough measures and attempts to dissuade people from using cryptocurrencies.

“This is a really big problem that the industry is facing – people cannot use bank accounts on their own and cannot even open an account,” the Easy Crypto executive is outraged.

Janine Granger is convinced that big banks must come to terms with the inevitable changes that crypto assets bring to the world of finance and digital innovation. Otherwise, banks miss opportunities and cease to be competitive. The entrepreneur is outraged: it is impossible to do business without a bank account, so banks should not refuse their services to crypto companies that comply with the laws. There have already been cases when banks refused to process payments in crypto-currencies and even warned about the closure of the accounts of customers who continued to make crypto-currency transactions.

“Unfortunately, it has become commonplace for crypto users to receive a phone call from their bank as soon as they send a payment to a crypto exchange. The bank tells the client that this exchange is a scam and that the client will lose all his money,” Granger says.

In April, Bloomberg reported that seven London banks at once refused to serve cryptocurrency companies. However, not all countries apply such a rigid approach. Last year, the South African Reserve Bank (SARB) urged fellow bankers not to refuse to work with crypto companies and to reasonably assess risks.