Canadian finance minister Jim Flaherty, has singled out bitcoin as a threat to financial stability. ‘It is important to continually improve Canada's regime to address emerging risks,’ said Flaherty, ‘including virtual currencies such as bitcoin, that threaten Canada's international leadership in the fight against money laundering and terrorist financing.’”
"We were informed this morning by our bank that the last remaining Bitcoin-friendly charter bank, Bank of Montreal, is closing all Bitcoin-related business accounts across Canada," explains Cointrader co-founder and CTO Paul Szczesny. "Despite the fact that Cointrader has already implemented an anti-money laundering regime to comply with potential Fintrac regulations which was vetted by BMO itself, the bank has decided to sever our account as well." Szczesny blames the decision on recent statements by Canadian finance minister Jim Flaherty, who singled out bitcoin as a threat to financial stability.