European payment processor Cashila has recently announced that peer-to-peer money transfer service Transferwise has blocked deposits to its bank accounts without any prior notice.

Users often used Transferwise to deposit funds to Cashila and ICONOMI. After being notified by one of its users, Cashila carried out a brief investigation on the matter and found that Transferwise has suddenly started blocking its bank accounts used for deposits.

Cashila said: “Transferwise did not notify us beforehand of their decision. We immediately tried to reach out and urge them to reconsider their stance. Unfortunately, their response was short and negative:

“We don’t support crypto currency platforms due to the regulations we follow. Unfortunately there is not much more to say regarding the matter.””

Transferwise’s decision follows comments from its CEO Taavet Hinrikus made earlier in April. Hinrikus expressed his strong negative opinion about bitcoin, while showing optimism about underlying blockchain technology, saying:

“Bitcoin, I think we can say, is dead. There is no traction, no one is using bitcoin. The bitcoin experiment, I think we can say, is over.”

“What really happened was a gold rush,” he said, as quoted by CryptoCoinsNews. “People bought bitcoin because they thought it would be worth more tomorrow. And a lot of people got lucky. But we’re not seeing real people use bitcoin. And we don’t know what problem it solves. Now, blockchain, I think, is a genius advancement in technology. But I’m not sure we’re seeing yet where to apply it. I’m pretty excited about R3 and Digital Asset Holdings. I think there are many areas where using blockchain is great, but it’s still early days.”

Cashila explained various other alternatives that are available to the users, saying that it accepts several different currencies, free of charge. Moreover, if users cannot send funds directly, Cashila said that there are Transferwise alternatives such as currencyfair.com, azimo.com, covercy.com and others that are readily accessible.

“If you want lower fees and faster transaction times still, you’ll have to use bitcoin or ether”, Cashila said.