During the past weeks, at least 17 Australian Bitcoin companies received official letters from Westpac Banking Corporation and the Commonwealth Bank of Australia, informing them that their accounts would be closed without any further explanation.
Amongst the companies affected by this move are the exchanges BitTrade and Buyabitcoin. BitTrade’s founder, Ron Tucker (who also serves as chairman of the The Australian Digital Currency Commerce Association) spoke to the Australian Financial Review about how banking institutions hadn’t been forthcoming with their reasons or any possibilities of an appeal process:
“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