Australian Competition and Consumer Commission investigates banks’ closure of bitcoin firms’ accounts

Regulation | November 11, 2015 By:

The Australian Competition and Consumer Commission (ACCC) is investigating why Australian banks are closing the accounts of bitcoin businesses.

“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,” said ACCC chairman Rod Sims.

“We are asking the banks why they acted as they did and what contact there was between them,” Sims added.

The investigation comes after at least 17 emerging Australian bitcoin companies had received letters from various institutions, telling them their bank accounts were being closed. The ACCC was then contacted by Nationals Senator Matthew Canavan, who asked for an investigation.

The Australian Competition and Consumer Commission (ACCC) is an independent authority of the Australian government.