Aussie Bitcoin exchange owner accuses banks of discrimination
An Australian Bitcoin exchange operator has taken legal action against two commercial banks in the country, accusing them of discriminatory practices. Allan Flynn, a Bitcoin trader in Australia has filed a complaint against two commercial banks in the country — ANZ and Westpac — accusing both of systematic discrimination. According to a report by the Australian Financial Review, Flynn is seeking compensation to the tune of 250,000 Australian dollars (about $192,000).According to Flynn, he has been the victim of discriminatory practices with banks allegedly continuing to shut down his....
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The OCC is proposing a rule change that compels large U.S. banks to offer and provide fair access to financial services to anyone that wants them. The proposition seeks to clarify the obligation of large banks to provide fair access to financial services in a manner consistent with the Dodd-Frank Act’s mandate. Discrimination Against Disfavored Businesses The Dodd-Frank Act already recognizes a broad and longstanding anti-discrimination principle that individuals are entitled to be treated fairly by national banks. The Office of the Comptroller of the Currency’s (OCC) proposed....
An Australian bitcoin trader has filed a lawsuit against two of the country’s biggest commercial banks, accusing them of systematic discrimination when they closed his accounts on short notice. Allan Flynn is demanding compensation of AU$250,000 ($193,000) from ANZ and Westpac banks for closing his accounts immediately after they had been opened, the Australian Financial Review reported on Jan. 18. Flynn, who operates a registered bitcoin (BTC) exchange, has started proceedings against both banks at the ACT Civil and Administrative Tribunal. The trader alleges he is the victim of....
Allan Flynn won a settlement with ANZ for debanking him and is headed to the tribunal to take on Westpac next week. Bitcoiner Allan Flynn has settled his first complaint with the Australia and New Zealand Banking Group (ANZ) over being unilaterally debanked in 2018 due to his occupation as a Digital Currency Exchange (DCE). The settlement comes 20 months after the Canberra resident first filed complaints with the ACT Civil and Administrative Tribunal against ANZ.In the settlement, the ANZ noted that it closed his accounts due to the risk of money laundering and terrorism funding (ML/TF)....
Fungibility, put simply, is the idea that every item in a set is worth exactly the same amount. In bitcoin, fungibility means that all bitcoins have the same value, regardless of who owns them or what their history is – and fungibility is extremely important to the success of a decentralized network. To understand why, we have to analyze how bitcoin's current limited fungibility is creating real problems in the marketplace. For example, it's common for exchanges and merchants to discriminate between bitcoins based on the owner or their history. An example is that exchanges will attempt to....
Banks in many countries continue to either outrightly deny or limit their services to crypto exchanges. From refusing to bank crypto trading desks to closing accounts held by platforms, the mainstream financial sector appears to be putting up roadblocks to seamless cryptocurrency commerce. Without banking support, exchanges are often forced to depend on other fiat on-ramps to service the deposit and withdrawal needs of their customers.The apparent discrimination against crypto exchanges also goes beyond the refusal of banking services. In countries such as South Korea, banks have increased....