Australian Senator Requests Inquiry into Banks' Bitcoin Bans
An Australian Senator has requested the country's competition overseer to start an inquiry into the banks' recent crackdown on Bitcoin companies. Senator Matthew Canavan, who was also part of the recent Senate Committee studying Bitcoin technology, doubted the coordinated approach of banks while shutting down the accounts of around 17 Bitcoin companies. He further implied that the banks are taking an unethical route to clamp down potentially competitive companies. "The actions by the banks," he wrote, "would appear to directly engage competition in the financial services industry as it....
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The Australian Competition and Consumer Commission (ACCC) has concluded that Australian banks did not collude in blocking services for bitcoin firms and that a full investigation into the affair is not necessary. According to the Australian Financial Review, ACCC chairman Rod Sims wrote to Senator Matthew Canavan of The National Party of Australia – the Queensland representative who had originally requested an investigation into the matter – saying there was no evidence that banks had colluded before closing bank accounts held by bitcoin companies. Sims further wrote that the commission's....