Australian Banks Reportedly Freeze Accounts Of Bitcoin Users | Zero Hedge
Description: Bitcoin investors are claiming Australia's banks are freezing their accounts and transfers to cryptocurrency exchanges...

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## Cassandra Fairbanks Believes In “The First Amendment, Boobs, and Wikileaks”; WikiLeaks Agrees

by ZeroPointNow - Dec 30, 2017 1:32 pm

"Wikileaks doesn't hack or steal documents - they simply publish things they obtain... You know, like what Buzzfeed did when they published that debunked bullsh*t f*cking potty-dossier from John McCain"

## Six Best Ways to Raise Freedom-Loving Kids

by TDB - Dec 29, 2017 2:34 pm

As freedom-loving parents, we’re going to have to do some things differently than most of society.

## New Kids on the Blockchain

by HedgeAccordingly - Dec 29, 2017 5:40 pm

A rose is a rose no matter what you call it—but is a bitcoin a bitcoin, no matter the name?

# Australian Banks Reportedly Freeze Accounts Of Bitcoin Users

Adding to the pressures on bitcoin early this morning, the Sydney Morning Herald reported that bitcoin users across Australia are reporting that their accounts have been abruptly frozen by the country’s “Big Four” banks. And while the banks have remained largely tight-lipped about the closures, many angry account-holders are jumping to conclusions and blaming the banks for punishing them because of their involvement with bitcoin.

> Bitcoin investors are claiming Australia's banks are freezing their accounts and transfers to cryptocurrency exchanges, with a viral tweet slamming the big four and an exchange platform putting a restriction on Australian deposits.

According to the Herald, cryptocurrency trader and Youtuber Alex Saunders called out National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation on Twitter for freezing customer accounts and transfers to four different bitcoin exchanges - CoinJar, CoinSpot, CoinBase and BTC Markets.

> So @NAB @CommBank @WestpacNZ and @ANZ_AU are all freezing customer accounts and transfers to @BTCMarkets @coinspotau @GetCoinJar @coinbase . #Banks can fight it, but people want control of their money #ausbiz #auspol

> — Nugget's News Australia (@nugget_alex) December 28, 2017

In response, some users complained that their activities with the cryptocurrency had still been described as a "security risk" by their financial institutions.

While not every bank had explicit policies governing their relationship with cryptocurrencies, according to the Morning Herald, Commonwealth Bank’s June 2017 terms and conditions for CommBiz accounts specifically excludes this activity, saying it can refuse to process an international money transfer or an international cash management transaction “because the destination account previously has been connected to a fraud or an attempted fraudulent transaction or is an account used to facilitate payments to Bitcoins or similar virtual currency payment services”.

A Commonwealth Bank spokesman said it was receptive to innovation in alternative currencies and payment systems “however, we do not currently use or recommend any existing virtual currencies as we do not believe they have yet met a minimum standard of regulation, reliability, and reputation compared to other currencies that we offer to our customers".

“Our customers can interact with these currencies as long as they comply with our terms and conditions and all relevant legal obligations,” he said.

One Twitter user, Michaela Juric, who is known on twitter as Bitcoin Babe, said she had business accounts closed by 30 banks and posted a picture of a letter from ANZ, saying it was closing her accounts effective 30 January 2018 in accordance with its terms and conditions.

> This is a letter I received a few weeks ago. Also included was a T&C's booklet. I've highlighted the clause they are referring to.
> I have a PTY/LTD company, paying tax, registered with the OAIC and conduct all relevant KYC/AML/CTF checks. pic.twitter.com/DShAZPIjyi

> — Bitcoin Babe (@BitcoinBabeAU) December 29, 2017

The bank’s sudden decision to close the accounts of digital currency investors was not totally without warning: CoinSpot said it was putting a “temporary restriction on all forms of AUD deposits” that would remain in place until at least the first week of 2018 as a result of issues with Australian banks.

“We assure you we are just as unhappy with the situation as you, but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry,” it said.

CoinSpot founder Russell Wilson said he was not aware of any new widespread issue, but was “monitoring” the situation.

“We are aware that on occasion banks will freeze payments while they clarify with their customers that the funds were not fraudulently sent from their account, this is standard best practice for the banks and protects everyone,” Mr Wilson said.

Meanwhile, representatives at the major banks offered some version of “no comment” to the Herald.

> A Westpac spokeswoman would not comment on specific instances, but said it had controls in place to “actively verify the identity of our customers and monitor the activities of those customers”.

> “Where we cannot verify the origin of transfers we may act to ensure we comply with Australia’s anti money laundering obligations,” she said.

> A NAB spokeswoman said it was important to note the currencies are currently unregulated.

> "While we don’t support unregulated currencies, NAB does not deny the right of individual customers to buy virtual currencies," she said.

> CoinBase, CoinJar and BTC Markets did not respond to request for comment.

While much of the carnage in bitcoin this morning could be attributed to the ongoing rotation into Ripple, it’s important not to ignore the impact of this news. If more banks around the world start closing the bank accounts of bitcoin users and bitcoin-related businesses, it could negatively impact the price as marginal buyers, worried about being shut out of the banking system, go running for the hills.

Tags
Business Finance
Banks - NEC
Commercial Banks
Consumer Publishing - NEC
IT Services & Consulting - NEC

## Comments

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tmosley Dec 30, 2017 8:32 PM

tbh, Australians need to rise up and kill all of their politicians for a LOT of reasons.

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cossack55 tmosley Dec 30, 2017 8:35 PM

"...and tanned their hides when they died Clyde, and thats them hangin' on the shed"

In reply to tbh, Australians need to… by tmosley

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Killtruck cossack55 Dec 30, 2017 8:46 PM

Back in the olden days, you had to get a money order at Walmart and wire the money directly to the Mt. Gox exchange.

I'm sure THIS will totally work though... /s

In reply to "...and tanned their hides… by cossack55

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max2205 Killtruck Dec 30, 2017 8:51 PM

Happy No Year!

In reply to Back in the olden days, you… by Killtruck

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Four Star max2205 Dec 30, 2017 9:10 PM

The downside of a shared ledger is that if the government can force the exchanges to turn over user data, they automatically have the transaction data...

http://thesoundingline.com/south-korea-announces-plan-clamp-bitcoin/

In reply to Happy No Year! by max2205

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Pinto Currency Four Star Dec 30, 2017 9:20 PM

There are no BTC golden coins. Get rid of that fake image.

BTC are just digits. All naked cryptos going to zero.

#NoNakedCryptos

In reply to The downside of a shared… by Four Star

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ScratInTheHat Pinto Currency Dec 30, 2017 9:30 PM

You let them take your guns! What did you think was going to happen next!?

In reply to There are no BTC golden… by Pinto Currency

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ImGumbydmmt ScratInTheHat Dec 30, 2017 10:12 PM

You let them take your guns! What did you think was going to happen next!?

Statistically speaking... genocide is what will happen next.

http://jpfo.org/filegen-a-m/deathgc.htm#chart

key quote

Truth They Cannot Refute

Death by Gun Control delivers the essential - and gut wrenching -- truth that the anti-self defense "gun control" advocates never try to refute. They simply cannot refute the facts or the formula.

Here's the Formula: Hatred + Government + Disarmed Civilians = Genocide

What makes the argument so powerful? Two factors. First, it makes common sense: unarmed defenseless people have no hope against armed aggressors. Second, it states the historical truth: evil governments did wipe out 170,000,000 innocent non-military lives in the 20th Century alone.

In reply to You let them take your guns!… by ScratInTheHat

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runswithscissors ImGumbydmmt Dec 30, 2017 11:31 PM

What the fuck is a "reportedly freeze"?

In reply to You let them take your guns!… by ImGumbydmmt

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macholatte runswithscissors Dec 30, 2017 11:32 PM

The Aussie Banks are on thin ice anyway. Now, with the threat of deposits being moved to other “institutions” they are scared shitless. So they act in a predictable manner as only thug banksters will act, they steal from their customers. The Aussie sheep will go back to their paddock and graze like nothing happened.

In reply to What the fuck is a … by runswithscissors

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YUNOSELL macholatte Dec 30, 2017 11:59 PM

Just getting this into the news even if its at this point just speculation should have the intended effect

In reply to … by macholatte

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Escrava Isaura YUNOSELL Dec 31, 2017 1:30 AM

Australian Banks Reportedly Freeze Accounts Of Bitcoin Users

Great. It’s about time, because we don’t need another financial fraud. We have plenty of that going around.

Also, Bitcoin takes too much energy while having no use. Saving that energy is much more valuable.

And, money creation should never being in the hands of the private sector. Will the conservative goy ever learn?

"Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. ... Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile." — Mackenzie King, Canadian Prime Minister 1935-1948.

In reply to Just getting this into the… by YUNOSELL

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kochevnik Escrava Isaura Dec 31, 2017 2:31 AM

> And, money creation should never being in the hands of the private sector.

Again, proof you are fucking communist

In reply to Australian Banks Reportedly… by Escrava Isaura

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A Sentinel kochevnik Dec 31, 2017 5:10 AM

You win.

In reply to > And, money creation should… by kochevnik

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LooneyGhost A Sentinel Dec 31, 2017 6:36 AM

.

In reply to You win. by A Sentinel

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jlmac LooneyGhost Dec 31, 2017 7:34 AM

Home Profit System is a bridge site or a pass-through site. There is no there, there. All Home Profit System roads lead to the Total Income Answer.

The Total Income Answer website wants your name, email address, and your PHONE NUMBER!

Please do not give them your phone number! HUGE SCAM

In reply to I'm making over $16k a month… by LooneyGhost

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Global Douche LooneyGhost Dec 31, 2017 11:15 AM

Why couldn't something be put in the upgrade to report this continuing spammy crap?

In reply to I'm making over $16k a month… by LooneyGhost

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A Sentinel Escrava Isaura Dec 31, 2017 5:14 AM

Do you realize that as a British protectorate, Hong Kong had (count-em) TWO * P R I V A T E * banks issuing Hong Kong dollars?

In reply to Australian Banks Reportedly… by Escrava Isaura

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JohnGaltUk Escrava Isaura Dec 31, 2017 7:07 AM

Yea the banks dont want any competition in the fraud game, that's their job.

They are cry baby capitalists, they don't like competition or to take their loses.

In reply to Australian Banks Reportedly… by Escrava Isaura

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rwe2late JohnGaltUk Dec 31, 2017 8:59 AM

Basically,

Capitalism is all about restricting access to resources & markets.

What do you think private property and privatization of the "means of production" is all about?

Ownership of resources (land, water,minerals etc) along with patents, copyrights, and use of government to protect property "rights" all tends to arrive at concentration of wealth and monopolies.

In reply to Yea the banks dont want any… by JohnGaltUk

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booboo rwe2late Dec 31, 2017 9:27 AM

Tell me you are either only 12 years old or immersed in a college somewhere and I will forgive your myopic view and stupidity.

In reply to Basically,… by rwe2late

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rwe2late booboo Dec 31, 2017 9:41 AM

When your attempted "argument" consists solely of insults,

it betrays your own "myopic view and stupidity".

In reply to Tell me you are either only… by booboo

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NoPension rwe2late Dec 31, 2017 10:02 AM

So, help us. What economic system would you recommend?

In reply to When your attempted … by rwe2late

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rwe2late NoPension Dec 31, 2017 11:11 AM

OK, I'll offer some possible grist for the discussion mill.

As some have said,

"Rome wasn't built in a day".

First step is to recognize the shortcomings of the present whether neoliberal capitalism or state-directed capitalism.

Next steps involve finding ways to minimize those shortcomings.

There has to be some trail and error. But personalities and beliefs can be a major problem for implementation of anything (self-centeredness, xenophobia, arrogance, selfishness, lack of community, certain religious dogmas, ignorance about science, and so on).

The major human barriers to a better world are self-imposed, either individually or collectively.

Maybe it is beyond human capability or is too late in this world of increasing 7 billion for solutions which are pleasant,

either in the short run, or the long run.

In reply to So, help us. What economic… by NoPension

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NYC_Rocks Escrava Isaura Dec 31, 2017 8:54 AM

The Canadian comment is biased. The state wants to control the currency so they can tax it. Of course the prime minister is going to say that. The Australian news here means the banks are scared. And your energy comments is a fallacy and absurd (who are you to judge what energy is used for the - the market price determines this every day). Want to talk about fraud? What about all the money the central banks print (under their govt sponsored monopoly power) to bail out the banks and selected industries? That's the fraud. You've fallen into the class of the ignorant masses. You have a lot to learn about crypto.

In reply to Australian Banks Reportedly… by Escrava Isaura

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swmnguy Escrava Isaura Dec 31, 2017 10:15 AM

Who knows, maybe the Aussie banks didn't want the frequently-hacked exchanges to have backdoors into the bank vaults, available to the first hacker. I mean, I've enjoyed my share of marijuana in my life, but I don't let my dope dealer into my house and show him where I keep my shiny, for instance.

If a crypto speculator can't figure out how to manage money outside the bank system, that person is a fool anyway and is just a dabbler; not someone who has truly considered the questions of money and control and autonomy. I mean, what's the point of crypto if you have to link to your fiat bank account? That's like armoring all the doors in your house for security, but taking out all the locks because keys and combinations are so-o-o-o inconvenient.

In reply to Australian Banks Reportedly… by Escrava Isaura

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peddling-fiction swmnguy Dec 31, 2017 10:52 AM

You have it all backwards.

The dope dealer is and always was the banker.

In reply to Who knows, maybe the Aussie… by swmnguy

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archiehicox macholatte Dec 31, 2017 12:49 AM

If NAB freeze my account for daring to spend my money my way at my risk I'll make it my mission to crucify them on every altar I can -sadly social media may have more traction than the courts. I'm not without some means and won't sit down to be a sheeple on their altar. Lots of Aussies once they realise their money is not "theirs" will join together....and this might be a wake-up call for them

In reply to … by macholatte

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VWAndy archiehicox Dec 31, 2017 12:56 AM

Big ol strike is really a smart move. It worked pretty fast in Poland. Puts the odds in the honest folks favor.

In reply to If NAB freeze my account for… by archiehicox

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A Sentinel VWAndy Dec 31, 2017 5:10 AM

Walensa was a very unusual man, but more importantly, he got a lot of help from the second to last Pope (and I absolutely deny that bergoglio is Pope—other story.) but John Paul 2 was instrumental in starting Solidarnosk as later Reagan and Thatcher would be in bribing Kádár to undermine Honecker.

I imagine Obama’s betrayal of the last freedom fighters in Iran by the greens, assisting Khameini to kill the leadership — and of course the air-delivered cash Barry gave them gives khameini a lot of juice to bribe any shaky military leaders.

In reply to Big ol strike is really a… by VWAndy

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FreedomWriter archiehicox Dec 31, 2017 8:12 AM

I have two words for you:

Bank

Run

In reply to If NAB freeze my account for… by archiehicox

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Is-Be macholatte Dec 31, 2017 1:22 AM

> The Aussie sheep will go back to their paddock and graze like nothing happened.

Not an option. The Average Aussie Joe is tapped out and living on beans while sitting on boxes by candlelight in their McMansions.

Any disturbances will be catastrophic.

In reply to … by macholatte

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keep the basta… macholatte Dec 31, 2017 3:26 AM

They are fkn mongrels, those big four got bailed out by the Fed Reserve in 2010 and so did the reserve bank of Aust, known for scandal round its printing of currency for other countries... great notes can be buried, go thru washing machine no problems.

I got a huge lecture from a near illiterate (hard to get in Aus with our good education) bank employee warning me re bitcoin, only wanting Your safety he said. They who hold our money, they got APRA to lobby the politicians a couple of years ago so Bank Bailins are law.

all you people who put down Australians, we are stuffed, and we know it, we are not stupid, the big four banks and mining scum dominate the Stockmarket, the preferential voting system buggers us when it comes for voting for whom you want because it's hard to stop your vote going to another negatively geared 20 rental properties against its salary ugly POS.

in the USA you can get a ring in like trump or whatever, we struggle to get anything, meanwhile the previous prime minister scum would give bushes speeches the week before he did and so on. Buy your shitty planes.. not delivered... and submarines we have no use for... The govt has left the full bill against money laundering by property sit since about 2004 and not put it up to vote. We are flooded with immigrants the transport stalling in the cities and the govtbscum and the banks want more immigrants to keep the desperate demand for housing going.

any moment and the house of cards breaks.

And you forget we were an English govt prison camp with convict slaves when my grandmother was a child, its right thru, the structures were set up and my mother directly was affected by the next generation of the English vermin as a child. Very different to USA.

In reply to … by macholatte

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webmatex keep the basta… Dec 31, 2017 5:18 AM

When oh when will the OZ citizens throw of the diaper of British monarchy and demand a true republic.

Only a partial solution but surely a small step in the right direction.

Also hang the "Monarch or the Governor-General" (Queens Arse) for a "Lets Reset Oz" moment.

Was Australian Independence ratified in 1901?

In reply to They are fkn mongrels, those… by keep the basta…

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Sirius Wonderblast webmatex Dec 31, 2017 7:21 AM

Just what actual practical difference do you think that would make? Evidently you have not heard of the Statute of Westminster (1931) or the Australia Acts of 1986. If it helps salve your need for ill-conceived vitriol, Her Maj can still exercise her powers in respect to an Australian state provided she is personally present in that State at the time of the exercise of her power - I imagine that must be a big worry for all concerned (not!).

In reply to When oh when will the OZ… by webmatex

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Xena fobe keep the basta… Dec 31, 2017 10:14 AM

It's exactly the same in the USA.

In reply to They are fkn mongrels, those… by keep the basta…

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Sirius Wonderblast macholatte Dec 31, 2017 7:12 AM

Well, just about every financial institution in the world has "been connected to a fraud or an attempted fraudulent transaction" how do the banks propose to conduct any transaction of any form with any other bank?

Financial institutions - aren't they just so wonderfully august?

In reply to … by macholatte

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wee-weed up runswithscissors Dec 30, 2017 11:34 PM

Just a few hours ago I posted...

About the Iranian gov't cutting off the Internet...

"Hey, all you fanatic crypto-currency advocates take note...
What you gonna do when your gov't cuts your Internet access?"

Now this...

Gov't and/or big bankers are against you...

You guys are fucked!

Get out now while you can!!

Poof it's gone!

In reply to What the fuck is a … by runswithscissors

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N0TME wee-weed up Dec 31, 2017 12:09 AM

https://www.youtube.com/watch?v=TGwZVGKG30s

In reply to … by wee-weed up

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webmatex N0TME Dec 31, 2017 5:20 AM

Poof it's gone!

And your internet connection too, arghh, and mi

In reply to https://www.youtube.com… by N0TME

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Lost Realist wee-weed up Dec 31, 2017 3:30 AM

This problem is solved with alpha releases coming soon from projects such as TRON and Substratum. Another side affect is that ISPs will have no way of filtering your traffic, rendering all of this Net Neutrality stuff irrelevant. If they shut down the entire internet, there's Blockstream satellites & pirate HAM radio stations. And if all that fails, rely on your PM stack until you can relocate or hold out for better days.

https://substratum.net/

TRON https://www.youtube.com/watch?v=xYGc82fc05c

In reply to … by wee-weed up

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Hobbleknee Lost Realist Dec 31, 2017 5:29 AM

What happens to the price in the mean time?

Governments around the world pulled off the cash for clunkers scam in unison; you think they can't stomp out shitcoin when their whole system is threatened?

In reply to This problem is solved with… by Lost Realist

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house biscuit Hobbleknee Dec 31, 2017 6:01 AM

Perhaps

But instead of being a negative bitch Lost Realist has posted some useful information

Read it and/or STFU

In reply to What happens to the price in… by Hobbleknee

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Hobbleknee house biscuit Dec 31, 2017 7:29 AM

I'm merely stating obvious facts. Your reaction is telling. I'm sure TRON will save the day and the people with the power to nuke the planet will just fade away peacefully. But if they don't, there are ham radios on every corner as a backup.

In reply to Perhaps… by house biscuit

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house biscuit Lost Realist Dec 31, 2017 6:00 AM

Nice post; this is what makes ZH

In reply to This problem is solved with… by Lost Realist

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kochevnik Lost Realist Dec 31, 2017 8:17 AM

Central Banks are buying crypto in 2018. No sense in destroying their own assets

In reply to This problem is solved with… by Lost Realist

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A Sentinel wee-weed up Dec 31, 2017 5:15 AM

Naturally, they’ll just use the app.

In reply to … by wee-weed up

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Hobbleknee wee-weed up Dec 31, 2017 5:23 AM

They didn't even have to kick down doors and make a scene. Just a few strokes on the computer and POOF.

In reply to … by wee-weed up

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Thethingreenline wee-weed up Dec 31, 2017 9:26 AM

Can’t get out. Bought in with mother’s HELOC above current price. Just gotta sit tight. People who have BTC...listen to me...just hang in ther. Look at charts. Thi is volatile? With volatility come rewards! Those who stay will be champions!!

TTGL

In reply to … by wee-weed up

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Rusty Shorts runswithscissors Dec 31, 2017 12:36 AM

a fucking "head fake'

In reply to What the fuck is a … by runswithscissors

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