Australian Banks Cleared of Colluding Against Bitcoin Companies

Australian Banks Cleared of Colluding Against Bitcoin Companies

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 no evidence found that banks had colluded prior to the closure of at least 17 bitcoin companies’ bank accounts.

Having seen the letter, the publication also revealed that the ACCC had contacted several banks to conclude that none of them had acted against the interests of competition. Furthermore, Sims also wrote that banks had the right to choose who they dealt with. He also suggested that each back had acted individually while denying services to local bitcoin companies.

As reported by

Read more ... source: TheBitcoinNews

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