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.
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“Our members have been unable to obtain any formal clarification on the reasons for closure, except for references to policy or risk. Just what policies or risks these are have not been specified”
To the avail for the Bitcoin companies, the ACCC (Australian Competition and Consumer Commission) has begun looking into this bank account genocide. Thanks to a letter from Senator Mathew Canavan to Rod Sims stating Senator Canavan’s concerns of banks abusing their powers to shut down competition from emerging companies, investigations have begun.
“The banks can put their mouthguards in and get in the ring, but all anyone has asked for is a credible explanation and I don’t think they’ve got one…. If the banks are looking for another excuse to come to Canberra I’m only too happy to oblige them.”
While the investigation is in its early days, and started with simply requesting banks to explain their actions, ACCC Chairman Rod Sims hopes to resolve the problem completely within a couple of months. It is understandable why banks might feel threatened in the presence of the increasing popular Bitcoin, but banks still need to be held responsible for their actions.
Why do you think Australian banks are specifically shutting down the accounts of companies that handle cryptocurrency? Let us know in the comments below!
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