28 Sep '15, 6am

Australian Regulators Investigating Banks for Closing Accounts of Bitcoin Companies

The Australian Competition and Consumer Commission has confirmed the launch of a formal investigation about the abrupt termination of banking support for many bitcoin companies in the country. “It appears to me to be an amazing coincidence that a number of large banks have all of a sudden decided to deny services to fledgling Bitcoin and digital currency operators. They are clearly competitors to their business model, albeit small ones at this stage, and there are clear laws that we’ve got against businesses refusing to supply other businesses if they do so for an anti-competitive purpose.” said Senator Matthew Canavan , who encouraged the ACCC chairman Rodd Sims to lead an investigation on the incident. Canavan requested an investigation to question the banks’ motive and reasoning behind the blacklisting of bitcoin companies. “I think the ACCC should be asking the banks s...

Full article: https://bitcoinmagazine.com/articles/australian-regulator...

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