Bitcoin Ban by Banks to be investigated by ACCC
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....
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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.'
While it may seem clear to the general public there was no collusion effort by the investigated banks; the Bitcoin community still feels there is a lot more to this story than meets the eye. Even though there are plenty of financial institutions who have taken a keen interest in the development of blockchain technology, some Australian banks were taking a slightly different approach. By actively blocking fiat currency withdrawals from Bitcoin exchanges, rumors of possible collusion started popping up. After an investigation by the Australian Competition and Consumer Commission – or ACCC in....
The Australian Competition and Consumer Commission (ACCC) is investigating why some Australian banks are closing bitcoin business bank accounts, according to the Australian Financial Review. The Australian Financial Review previously reported that 17 bitcoin companies in Australia received letters from banks saying they planned to close their accounts. Nationals Senator Matthew Canavan asked the ACCC to investigate the matter. Rod Sims, chairman of ACCC, said banks have been asked to explain their actions. He said the commission is also asking the banks what contact they had with each....
Following an investigation, the Australian Competition and Consumer Commission (ACCC) has cleared Australian banks of colluding to deny banking services to local bitcoin companies in the country. An investigation requested by Senator Matthew Canavan suggesting the ACCC should look into the possibility of banks colluding together to close the bank accounts of bitcoin companies has resulted in the regulator concluding that the banks did no wrong, as reported by the Australian Financial Review. In response to the request, ACCC chairman Rod Sims wrote to the senator telling him that there was....
Apple Inc. is battling with five of Australia’s banks that are seeking to negotiate collectively with Apple for access to its mobile payment technology. Over the last several months, the banks have complained Apple is not permitting access to mobile payment technology. Commonwealth Bank of Austrailia, National Australia Bank, Westpac Banking Corporation, Adelaide Bank and Bendigo have applied to the Australian Competition and Consumer Commission (ACCC) seeking approval for collective bargaining in negotiating with Apple. Apple Responds To Banks. In a submission to the ACCC, Apple gave....