ACCC: No evidence of any Australian bank collusion to block Bitcoin transfers

Regulation | February 15, 2016 By:

The Australian Competition and Consumer Commission (ACCC) has cleared banks of any wrongdoing in its inquiry into the withdrawal of banking services to local bitcoin firms.

Based on the findings of ACCC chairman Rod Sims, there seems to be no evidence of any bank collusion to block Bitcoin transfers. Sims confirmed all of these events took place on an individual basis, and there was no coordinated “attack” against Bitcoin companies to speak of.

Bitcoin companies and Labor Senator Sam Dastyari, however, slammed the ACCC’s findings, saying the regulator had failed to properly investigate the issue, and had not even spoken to the companies affected by the banks’ actions.

The Australian Competition and Consumer Commission (ACCC) is an independent Commonwealth statutory authority whose role is to enforce the Competition and Consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure for the benefit of all Australians.