National Australia Bank Looks to Close Accounts Associated With Bitcoin Activities
We've known for a while now that banks generally like to stay hands-off when it comes to bitcoin, but National Australia Bank is seemingly taking it one step further. Bitcoin news website CoinDesk reported Wednesday that the bank will be closing customer accounts in early May. That's according to a letter received by an Australian LocalBitcoins.com user Yo Shima, who operates under the AusBitcoins handle. Snippet of the letter: NAB has a responsibility and commitment to continually review its risk profile and the businesses we bank, ensuring that those businesses do not pose risks to NAB....
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National Australia Bank (NAB) terminates account processing for Bitcoin operators such as exchangers, trading platforms and other units of the online economy. The risky nature of the virtual asset is mentioned as the main reason behind the decision. On May 2 NAB will discontinue all accounts belonging to business customers engaged in trade of Bitcoin and other cryptocurrencies. At present the bank is sending warnings to companies that will potentially be affected. The message received by entrepreneurs says that digital currencies threaten to harm the business and reputation of NAB.....
The National Australia Bank (NAB) has decided to dissociate itself from bitcoin, informing bitcoin-related customers it will be closing their accounts next month. The news is significant as NAB was previously Australia's most bitcoin-friendly bank, with their representatives actively seeking to build relationships with bitcoin businesses and working with them to understand digital currency issues like fraud prevention. An Australian trader who operates through LocalBitcoins.com received a letter today informing him of the change in direction. It reads: "NAB has a responsibility and....
Banks in Australia have mixed feelings about Bitcoin and its related services. On September 21, 2015, Banks in the region sent letters to Australian Bitcoin exchanges letting them know their accounts will cease with no explanation to why. According to the The Australian Financial Review, 17 native Bitcoin businesses have received letters, with 13 of them....