ACCC Investigates Banks Shutting Down Bitcoin Company Accounts

ACCC Investigates Banks Shutting Down Bitcoin Company Accounts

THELOGICALINDIAN - The ACCC has amorphous investigations into Australia banks as they accept afresh shut bottomward the coffer accounts of several Bitcoin companies stationed in Australia including exchanges such as Bit Trade and Buyabitcoin While both sites assume to be activity at accustomed accommodation at the time of autograph motive abaft the banks accomplishments charcoal a abstruseness With no account why it has been appear that 13 accounts accept been bankrupt with 17 added Bitcoin companies accepting accustomed agnate letters

Also Read: European High Court Decides Bitcoin Should be Tax-Free

BitTrade AustraliaThe belletrist were reportedly from Westpac Banking Corporation and Commonwealth Bank of Australia, but according to Ron Tucker, administrator of The Australian Digital Currency Commerce Association, “all ample Australian banks were shutting the aperture on Bitcoin companies”. Ron additionally said that banks were actuality above to inquiries apropos why their accounts were closed:

To the annual for the Bitcoin companies, the ACCC (Australian Antagonism and Consumer Commission) has amorphous attractive into this coffer annual genocide. Thanks to a letter from Senator Mathew Canavan to Rod Sims advertence Senator Canavan’s apropos of banks abusing their admiral to shut bottomward antagonism from arising companies, investigations accept begun.

BuyABitcoinLabor Senator Sam Dastyari additionally declared apropos apropos banks closing the accounts of agenda bill companies, as it comes at a time area those aforementioned banks are absorbed in amalgam blockchain technology for their interests. Senator Dastyrai believes that “banks charge assiduously and acutely explain why they are de-banking baby agenda bill companies while affective into the agenda bill industry themselves,” which is easier said than done.

While the analysis is in its aboriginal days, and started with artlessly requesting banks to explain their actions, ACCC Chairman Rod Sims hopes to boldness the botheration absolutely aural a brace of months. It is barefaced why banks ability feel threatened in the attendance of the accretion accepted Bitcoin, but banks still charge to be captivated amenable for their actions.

Why do you anticipate Australian banks are accurately shutting bottomward the accounts of companies that handle cryptocurrency? Let us apperceive in the comments below! 

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