Australian Startups Close Down as Banks End Support for Bitcoin
Australia's largest banks have ended all financial support and abruptly closed down the bank accounts of at least 17 Australian Bitcoin companies, including the Australian Digital Currency Commerce Association Chairman Ron Tucker's Australian bitcoin exchange Bit Trade. "The banks had not advised any of our members. To the best of our knowledge all, or....
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Australian banks have advised Australian bitcoin companies they are closing their accounts, according to The Australian Financial Review. The publication has seen the letters from Westpac Banking Corporation and Commonwealth Bank of Australia. Ron Tucker, chairman of The Australian Digital Currency Commerce Association, said all large Australian banks were shutting the door on bitcoin companies. The banks sent letters to Australian bitcoin exchanges, including Bit Trade and Buyabitcoin. The letters said the banks will close the exchanges' accounts and did not give any explanation. At least....
Moreover, it is evident these Australian banks have no intention of supporting Apple Pay whatsoever, and collaborating in this regard seems the best possible outcome for all parties involved. Many people think the bigger banks are only opposing Bitcoin and cryptocurrency, but that is not entirely correct. Over in Australia, the banks are opposing Apple Pay as well. A new collaboration between the country’s three biggest banks will shake up things by quite a margin. If their approval is granted, the institutions will negotiate with Apple to install their own mobile payment solutions on....
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....
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....
While Bitcoin companies in Australia have been coming under increasing pressure from the country’s banking sector, bitcoin exchange volume has been chugging along seeing healthy growth amidst an “unregulated environment.” These last few years, the Bitcoin industry in Australia has seen an immense growth that has created a competitive landscape for....