ACCC chairman declared that the investigation was in its early stages, but had started with requests being sent to banks to explain their actions. 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 wave of closures threatens the viability of the wave of new financial services businesses springing up to disrupt the existing sector.
US banks were particularly wary about falling foul of anti-money laundering and counter-terrorism financing laws, after a number of big fines were handed out, and pressure was being put on Australian banks to ensure they were not associated with any questionable customers.
Banking associations in Britain and Europe had spoken about similar issues with de-banking Bitcoin companies elsewhere in the world while anti-money laundering and counter-terrorism financing concerns were addressed, and suggested some Bitcoin companies were not making the effort to comply.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now