Australian banks block users’ accounts of cryptocurrency


The network began to appear information that the bank accounts of some Australian users using them to buy cryptocurrencies, such as bitcoin, were frozen. Among the banks that disloyal to such activities are National Australia Bank, ANZ, Commonwealth Bank of Australia and Westpac Banking Corporation. The user of Twitter Nugget’s News Australia writes that transfers made to BTC Markets, Coinspot Australia, CoinJar and Coinbase are qualified by them as suspicious.

At the same time, reports on the freezing of accounts are not massive, and the reasons for blocking are not completely clear.

A spokesman for the Commonwealth Bank of Australia explained:

“Clients can work with these currencies if this does not violate our rules and the relevant requirements of the law.”

Similar cases have occurred in other countries, including the United States and Bulgaria, where banks in early December announced an unofficial blockade of the stock exchange cryptocurrency.

The Coinspot Exchange writes:

“We are ready to assure you that we are upset at least as much as yours, but unfortunately, Australian banks are showing reluctance to work with the digital currency industry, which leads to frequent account blocking and imposing strict restrictions on accounts that are not completely blocked”.

Coinspot founder Russell Wilson said that he does not know about the mass freeze of accounts, but he continues to monitor the situation.

“We know that from time to time banks freeze payments when they want to make sure that the transfer is made by the client, and not by the fraudster. This is the standard practice of banks aimed at protecting customers,” he explained.

The user Twitter @BitcoinBabeAU writes that it follows all the requirements of the regulators, but the bank continues to limit its ability to use the account. Although she does not elaborate on the details, this case can serve as another illustration of how often crypto currency holders have to deal with arbitrariness of banks, guided by their own, often far-fetched reasons in an effort to exclude unwanted customers from their base.

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