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Australian Bitcoin Trader Takes Banks to Tribunal After Sudden Account Closures
The trader was operating a registered digital currency exchange.
A cryptocurrency trader in Australia is seeking $250,000 AUD (US$192,000) in compensation from two banks, claiming he was the victim of unlawful discrimination when his accounts were closed with little warning.
STORY CONTINUES BELOW
- Allan Flynn has started proceedings against Westpac and ANZ banks at the ACT Civil and Administrative Tribunal, which closed his accounts soon after they had been opened, reports the Australian Financial Review.
- Flynn had operated a digital currency exchange registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), but said he was unable to continue operating without banking services.
- The trader said he purchased bitcoin on behalf of 450 customers via his business, but over three years had around 20 accounts closed by banks, including CBA, NAB, ING and Bendigo Bank.
- Westpac reportedly told Flynn his account was closed because it was “under investigation for cryptocurrency fraud.”
- “How am I supposed to run a lawful business if I can’t get a bank account?” Flynn told the Australian Financial Review.
- According to the report, he also claimed an ANZ employee had informed other banks and his customers that he was involved in fraud.
- The trader said he is considering raising his compensation request above $250,000 with the recent jump in the price of cryptocurrencies.
Read more: Australian Central Bank Sees ‘No Strong Public Policy Case’ for CBDC
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
