Numerous reports have emerged alleging Australian banks to be freezing canap accounts belonging to individuals trading te bitcoin, altcoins, and other digital assets. Following an initial tweet describing the kwestie on December 28, 2018, other Twitter users have also come forward with similar reports.
So far, it seems spil if National Australia Canap, ANZ, Westpac Banking Corporation and Commonwealth Handelsbank of Australia are complicit ter freezing accounts of known cryptocurrency users. Furthermore, according to the tweet above, thesis banks have begun halting all transfers from accounts associated with certain cryptocurrency exchanges citing suspicious activity. At this time, the websites that trigger the freeze emerges to be BTC Markets, CoinSpot Australia, CoinJar, and Coinbase.
Since no official announcement has bot made spil of the time of writing this article, it is uncertain why Australian banks are targeting users of cryptocurrencies or whether the kwestie is more than just a few isolated incidents being propagated via the internet. A Commonwealth Bankgebouw of Australia spokesperson stated that the financial institution’s customers are free to “interact with thesis currencies spil long spil they (customers) obey with the bank’s terms and conditions and all relevant legal obligations.”
CoinSpot Australia, one of the exchanges affected by the incident, has since added a message on their webstek claiming that the situation is a result of Australian banks being unwilling to work with the digital currency industry, resulting ter frequent account closures and rigorous boundaries on the ones that remain operational. An update provided January Trio states that the “temporary limitation on AUD deposits will remain ter effect until at least the very first week of the fresh year.”
On the other forearm, the founder of CoinSpot, Russell Wilson, claimed that he wasgoed not aware of any fresh widespread kwestie involving Australian banks but said that the situation wasgoed being monitored. None of the other exchanges or banks involved ter the controversy have released statements.
Unsurprisingly, financial institutions, not just those ter the Australian continent, have opposed the concept of cryptocurrencies for some time now. Reports of canap managers and financial advisors te the United States strongly rivaling cryptocurrencies can be found ter abundance on any major cryptocurrency forum, particularly Reddit and bitcointalk. However, incidents such spil the alleged one te Australia that involves several banks concurrently targeting users plus masse are much more infrequent.
A popular Australian bitcoin enthusiast also tweeted about an ongoing battle with Australian banks, further indicating a potential problem with the banking infrastructure te the country. Given that the vast majority of digital currency traders and investors have to rely on their canap accounts to budge their assets inbetween fiat and cryptocurrency, the apparent heavy-handedness of banks te this facet is a very telling tale of how much control still lies te their forearms.
The ongoing controversy te Australia presents an even stronger case for bitcoin and other cryptocurrencies due to their decentralized and distributed nature. Ter the absence of any central institution or regulatory authority controlling their circulation and use, it is unlikely for thesis problems to affect users of such currency. However, the current adoption rates of digital currencies are so insignificant that the dominance of financial institutions will proceed to be unrivaled for some time now.
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