Banks Investigated for Closure of Bitcoin Company Accounts

The Australian Competition and Consumer Commission is investigating the actions of some banks for closing accounts of various bitcoin businesses.

AccessTimeIconOct 19, 2015 at 9:47 a.m. UTC
Updated Sep 11, 2021 at 11:57 a.m. UTC

The Australian Competition and Consumer Commission (ACCC) has confirmed it is investigating the actions of banks in the country, after they reportedly closed down the accounts of various bitcoin businesses.

, ACCC chairman Rod Sims said the investigation was in its early stages:

"It is being investigated. We have already spoken to some banking representatives and sought some information. It is all still early stage, but under way."

The chairman added: "We are asking the banks why they acted as they did and what contact there was between them."

The investigation was prompted by Queensland Nationals Senator Matthew Canavan, who reportedly urged the ACCC to investigate whether the banks had acted in an anti-competitive manner, after they reportedly decided to shut the accounts of some 17 bitcoin businesses.

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