A cryptocurrency trader will be suing Westpac and ANZ in the ACT Civil and Administrative Tribunal, claiming the closure of his accounts with little to no prior warning have cost him a substantial amount.
The plaintiff – who goes by the name of Allan Flynn – ran a crypto exchange business registered with AUSTRAC, and claimed to have up to 450 customers for whom he would purchase and manage Bitcoin.
Multiple Accounts Closed
According to Mr. Flynn, up to 20 of his accounts have been closed by Aussie banks such as Bendigo, CBA, and NAB.
According to him, he knows of at least one other trader who has had his accounts closed over 60 times.
Thinking that the reason for other closed accounts may have been the fact that he was dealing in cryptocurrency without mentioning it, he opened new accounts with Westpac and ANZ clearly stating that they were to be used expressly for cryptocurrency trading.
However, the 2 new accounts were also promptly shut down.
So far, an ANZ spokesman stated that they would be defending themselves in court. Although ANZ does not bar its customers from purchasing Bitcoin, it is possible that they do not take kindly to businesses who operate in this sector.
Mr. Flynn visited a Westpac branch to try to get answers, and was told the account was closed because of an investigation into cryptocurrency fraud.
“How am I supposed to run a lawful business if I can’t get a bank account?”
One bank also removed Mr. Flynn as a signatory to a term deposit account held in his brother’s name which held an inheritance from his parents.
The court hearings should take place sometime in March and will surely be a matter of interest for crypto traders around Australia.
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.