New Zealand bitcoin exchange BitNZ to shut down in April

Announcements | February 15, 2017 By:

BitNZ, a New Zealand bitcoin exchange, will be shutting down after its banking partner declined to open bank accounts for the platform.

“BitNZ is closing down. Due to the refusal of NZ banks to allow bank accounts for the purpose of trading bitcoin, it is impossible for us to continue operations. Please withdraw all funds from BitNZ before April 15, 2017. Thanks for all your support over the years (I have processed over 11000 bank transactions since 2011) it has certainly been an interesting ride,” said BitNZ.

BitNZ said the banks’ position is anti-competitive, raising the question of whether there is a fairness regulator in New Zealand.

It is not the first time bitNZ is facing a problem with the country’s banking sector. Last year, the platform faced a similar situation which prevented it from accepting fiat deposits. Eventually, the problem was resolved. But this time, it doesn’t seem to be happening.