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ACCC clears Australian banks of blocking Bitcoin companies

Monday 15 February 2016 09:04 CET | News

The Australian Competition and Consumer Commission has cleared banks of any wrongdoing in its inquiry into the withdrawal of banking services to local Bitcoin companies.

The investigation was prompted after The Australian Financial Review revealed at least 17 emerging Australian Bitcoin companies had received letters from various institutions, telling them their bank accounts were being closed.

Had the banks been found to have acted collectively to close the accounts of digital currency operators they would have risked breaching the cartel provisions in the 2010 Competition and Consumer Act.


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Keywords: Bitcoin, mining, cryptocurrency, digital currency, online payments, online security, online transactions, ACCC
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3