ACCC Investigates Banks Shutting Down Bitcoin Company Accounts
The ACCC has begun investigations into Australia banks, as they have recently shut down the bank accounts of several Bitcoin companies stationed in Australia, including exchanges such as Bit Trade and Buyabitcoin. While both sites seem to be functioning at normal capacity at the time of writing, motive behind the bank’s actions remains a mystery. With no explanation why, it has been reported that 13 accounts have been closed with 17 other Bitcoin companies having received similar letters. The letters were reportedly from Westpac Banking Corporation and Commonwealth Bank of Australia, but....
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Rod Sims, chairman of ACCC, is considering to investigate the anti-competitive behaviour which is shown by most major banks of Australia when it comes to bitcoin companies, the Australia Financial Review reports. Rod Sims, the chairman of the Australia Competition and Consumer Commission, is considering initiating an investigation into the matter of Australia banks taking the action of shutting down accounts of local bitcoin operators. Sims is pondering over the decision after being contacted by Matthew Canavan, a Queensland Nationals Senator. Senator Matthey Canavan was a part of the....
The Australian Competition and Consumer Commission (ACCC) has confirmed it is investigating the actions of banks in the country, after they reportedly closed down the accounts of various bitcoin businesses. Speaking to the Australian Financial Review, ACCC chairman Rod Sims said the investigation was in its early stages: 'It is being investigated. We have already spoken to some banking representatives and sought some information. It is all still early stage, but under way.'
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