Australian Commission Investigates Banks Closing Bitcoin Companies' Accounts
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....
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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....
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....
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....
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....
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....