Australian Banks Discontinue Services to Bitcoin Companies

Australia’s leading banking institutions are reportedly hacking space in the Bitcoin industry by hunting down their potential rivals.

According to a report of The Australian Financial Review (AFR), at least 17 Bitcoin companies in Australia have received letters from their respective banks regarding the discontinuation of banking services. The news service further claims to have seen letters from Westpac and Commonwealth Bank of Australia, informing the customers that their accounts will be closed, without further explanation.

The chairman of The Australian Digital Currency Commerce Association, Mr. Ron Tucker, complained how the banks are refusing to give any reasonable explanation for their actions against the local Bitcoin companies.

“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,” he told AFR. “The industry is more than happy to talk to the banks about their concerns. However, neither the association nor its members have been given the opportunity.”

The banks, on the other hand, have justified their action against the Bitcoin companies in a separate statement, saying that the firms are not complying with present anti-money laundering and counterterrorism laws.

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