nComment: In May last year, Cryptopia, New Zealand’s largest cryptocurrency exchange, released NZDT, the first cryptocurra that anchors the New Zealand dollar, similar to the USDT anchored in the U.S. dollar, aiming to provide a relatively stable exchange medium for cryptocurrency trading. But recently the exchange announced that at the bank’s request, it will close the NZDT account service, account withdrawals must also be completed by March 31. Columnists argue that this is a general policy adopted by the Bank of New Zealand for exchanges, and senior officials of the Association of Bankers also suggested that this is a bank action on anti-money-laundering legislation as the law requires.n
nTranslation: Annien
Cryptopia, the cryptocurrency exchange, announced that the partner bank has decided to close its NZDT trading account.n
Cryptopia statement said:n
n”Unfortunately, our current cooperating banks informed us that they intend to close our NZDT account on February 9. We therefore announce the immediate termination of COB (Online Banking Services) NZDT deposit service and require customers to stop sending to our NZDT account New Zealand dollar. “n
nHowever, the exchange was approved by the bank to postpone the NZDT account withdrawal till March 31.n
Cryptopia mentions recent developments:n
n”We are still looking for a few options to address the issue of deposit and will keep things up to date.”n
nCryptopia’s official website shows that it is an exchange that allows traders to store, trade and extract more than 400 digital currencies, including bitcoin and Litecoin. Sending New Zealand dollars to an NZDT account completes the exchange of both currencies, giving traders access to the market.n
The closure of bank services, exchange exchange rate concessions for traders will be held to convert NZDT bitcoin. The exchange said that in spite of the “search for secure alternative banking services”, preparations have also been made for the transitional period between the shutdown and restart of services.n
n”Do not worry, Cryptopia is committed to ensuring that users are number one and that funding is always open.”n
nExchange trader and technology columnist Richard MacManus told social media that Cryptopia is not the only exchange in the country that faces such problems.n
n”What I know is that at least one other New Zealand exchange is having problems with the bank, so it is not just Cryptopia. The problem is that the Bank of New Zealand is that they prevent New Zealanders from devoting themselves entirely to bitcoin and blockchain changes.”n
nThis is in stark contrast to the Australian banks, which do not forbid consumers from buying digital currencies such as bitcoin. But Karen Scott-Howman, chief executive of the New Zealand Bankers’ Association, said one of the reasons why banks fight digital money is anti-money laundering regulations.n
n”Banks play an important role in complying with the statutory objectives and they take the law seriously and spend a great deal of effort in policies, systems, processes and staff training to ensure that they identify, manage and eliminate any risks of legal targeting.”n
nShe added that banks must identify the sponsors and recipients of the funds and identify sources of funding.n