ACCC Finds Australian Banks Didn’t Collude to Slowdown Bitcoin Competition
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....
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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....
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....
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....
Sometimes we ask the wrong question and miss an important opportunity. The recent strident demands for an investigation into alleged collusion by Australian banks against bitcoin businesses was misdirected. The Australian Competition and Consumer Commission (ACCC) investigation found the banks did not collude when they closed down the accounts of a number of a number of bitcoin businesses. In fact, the ACCC found that one bank had decided not to deal with digital currency businesses back in 2011. Another bank made a similar decision in 2015. They also found that other banks are continuing....