It is alleged that Australian banking institutions freeze Bitcoin user accounts

nBankruptcy comment: There was some news on Twitter that Australia’s Bitcoin users’ bank accounts and related operations were frozen because of suspicious accounts associated with some Bitcoin sites like BTC Markets, CoinSpot Australia, CoinJar and Coinbase. Although the bank said that as long as users comply with the relevant provisions of the account there is no such problem, but there are still users that their normal operation was banned. And the bank did not formulate feasible protection measures for such problems, so bring trouble to users. This will only further stimulate users to support cryptocurrencies outside of traditional banking entities.n
nTranslation: Annie_Xun
There have been some reports on Twitter that Australia’s bank accounts involving the sale of bitcoin, as well as the user’s trading on the most popular cryptocurrency buying site in the country, will be frozen.n
The banks accused of freezing their Bitcoin user bank accounts include National Australia Bank, ANZ, Commonwealth Bank of Australia and Westpac Banking Corporation. The statement appears as a tweet, affecting user activity associated with some sites (BTC Markets, CoinSpot Australia, CoinJar, Coinbase) as a result of suspicious activity in Australian user bank accounts.n
nSo @ NAB, @ CommBank, @ WestpacNZ and @ANZ_AU both freeze client accounts and transfers to @ BTCMarkets, @ coinspotau, @ GetCoinJar, @coinbase. # Banks can be banned, but people want to control their own funds # ausbiz # auspol.n
– – December 28, 2017, Nugget News Australia (@nugget_alex)n
nHowever, the coverage is not widespread, and it is unknown why some users have become targets.n
A Commonwealth Bank spokesman said:n
n”As long as they comply with our terms and legal obligations, our clients can interact with these currencies.”n
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Australian bank institutions are accused of not having close co-operation with cryptocurrenciesn


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A similar case in which a cryptocurrency-related account is frozen is not new, as there are some case reports in the United States. Not to mention the recent ban on domestic exchanges by Bulgarian banking institutions. Ironically, Bank of Australia has helped Bitcoin by not actively promoting and protecting Apple’s payment system. The following statement is posted on the Coinspot Austrialia website:n
n”We assure you that we are dissatisfied with the status quo like you, but unfortunately, Australian banking institutions have always been reluctant to cooperate with the digital money industry, leading to frequent account closure and strict account restrictions. Although the account is still running, Has actually deprived us of banking services in this industry. “n
nRussell Wilson, co-founder of CoinSpot, said he is not clear about any new common problems but “monitors” the situation.n
n”We know banks will freeze payment services as the case requires, and at the same time show clients that their account funds are not being scandalized, which is the best way for banking institutions to protect everyone.”n
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Australian banks ban BitcoinBabeAUn
n”This is the letter I received a few weeks ago and includes a copy of T.

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