Australian Banks Freeze Accounts of Bitcoin Users

by admin on January 2, 2018


A Commonwealth Bank spokesperson stated in response to the freezing of accounts that the bank was open to innovation in alternative currencies however they do not “recommend using virtual currencies” as they have yet to “meet a minimum standard of regulation”. The spokesperson also stated that their customers may associate with these currencies as long as they comply with the terms and conditions of the bank.

BitCoin organization such as CoinSpot had pre-warned users that they were temporarily restricting AUD deposits due to issues with Australian banks. Owner of CoinSpot, Russell Wilson, comments that he is aware of the occasional freezing of accounts from banks but suggests that the best practice to protect interests is for banks to “clarify with their customers that the funds were not fraudulently sent from their account”.

Other major banks in Australia had little to comment on the situation only pointing to their legal obligations that if they cannot verify the origins of the transfer it will lead to the freezing of accounts until further investigation. If more accounts follow the footsteps of Australian banks it may lead to a negative impact to the Bitcoin market.

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