ACCC set to investigate banks over Bitcoin lockout
(24 September 2015 – Australia) Following news that Australia’s biggest banks were shutting down the accounts of Bitcoin traders, the country’s competition watchdog is set to investigate the matter.
The Australian Competition and Consumer Commission (ACCC) confirmed the investigation to Queensland Nationals Senator Matthew Canavan.
"It appears to me to be an amazing coincidence that a number of large banks have all of a sudden decided to deny services to fledgling Bitcoin and digital currency operators," said Senator Canavan.
"They are clearly competitors to their business model, albeit small ones at this stage, and there are clear laws that we've got against businesses refusing to supply other businesses if they do so for an anti-competitive purpose."
According to Canavan, he called for the investigation because there was a belief that there had been a systemic attack on the digital currency industry.
"I think the ACCC should be asking the banks some serious questions about why they've done this and on what legal grounds they believe that they should not be providing services to Bitcoin operators," he said.
The inquiry comes after several Bitcoin traders alleged they were being systematically blacklisted by financial institutions, including The Commonwealth Bank, Westpac, ANZ and the National Australia Bank.
Adam Poulton, president of the Bitcoin Association of Australia, said the acting chief executive of the Australian Bankers' Association, Tony Pearson, got in touch with him yesterday to let him know that the banks were looking at ways to work with Bitcoin traders.
"It's the first time that the association has actually talked to us and is investigating our concerns and seeing if there is some way we can do business," Poulton said.
However, Canavan expressed his scepticism to ABC News about the timing of the ABA's indication that it is more receptive to Bitcoin traders concerns.
"It's an amazing coincidence that all the banks have decided to foreclose their business to digital currencies at one point, and it also seems to be an amazing coincidence that just as this has gone public the Australian Bankers Association have responded," he said.
"I'll leave it others to draw conclusions."
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