Western Union is blocking transfers to exchanges of cryptocurrencies

The Western Union company (WU), one of the largest operators of international transfers, launched a campaign against money transfers involving cryptocurrency exchanges. The decision, including those which correspond to the internal rules of the company — is an attempt to prevent the provision of services and Commission transactions related to the cryptocurrency.

On Reddit in early December there was a post where the author claims that the company advised cryptocurrency exchange Kraken to process transactions related to digital currencies, as it is against its internal rules.

It is expected that this decision WU slightly affect the operation of the cryptocurrency exchanges as well as on the use of digital money. Given the increasing popularity of cryptocurrencies in the long term, the company risks losing a large part of the audience that will undoubtedly impact its revenue.

Together with the banks WU received the competition in the face of companies engaged in P2P payments, which thanks to the technology of the blockchain make it easy to transfer money, without any border.

In its decision to prohibit transactions related to digital currencies, WU is not the only company that is trying to prevent its customers to use the cryptocurrency. For example, some banks block the accounts of clients with whom they traded cryptocurrency.

Although such actions are very unpleasant precedent, it probably will have a little impact on the continued growth of the cryptocurrency market.

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