It's a bank that stores gold, not cash, and issues a debit card that draws on it. But even that is apparently borderline illegal enough in the US that he won't even show the website to US citizens.
I imagine Tradehill could have done something similar, and may have had they not also had $100,000 taken from them.
As a side note, Peter Schiff runs a semi-alternative currency operation with his Euro Pacific Bank, LTD., and hides the website from US IP addresses:
http://europacbank.com/
It's a bank that stores gold, not cash, and issues a debit card that draws on it. But even that is apparently borderline illegal enough in the US that he won't even show the website to US citizens.
I imagine Tradehill could have done something similar, and may have had they not also had $100,000 taken from them.