Sunday, December 31, 2017

Australian Banks Freeze Accounts Of Bitcoin Users

Bitcoin investors are claiming Australia's banks are freezing their accounts and transfers to cryptocurrency exchanges, reports The Sydney Morning 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.

One Twitter user, Michaela Juric who goes by the name 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.

Bitcoin holders note well: Banks and governments can crack down on e-currencies anytime they choose.

I have identified a government crackdown as one of the factors that could cause a Bitcoin/e-currency crash.

Bitcoin is trading in the range of 35% below its December highs.



  1. A reason to invest in digital currency is to be free of harmful actions by middlemen.

  2. Meanwhile the government is spending huge amount on TV advertising/propaganda about how 'true blue' Aussie banks are the backbone of Australia's economy. The writings on the wall and their doing all they can to prevent to inevitable shift towards digital asset's. Disallowing people to invest in their competition by freezing accounts or blocking transaction is foul play. Hopefully they are reprimanded for this.