Australian Banks Freeze Accounts of Bitcoin Users

Wiki
image_pdfimage_print
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. Some users complain that the banks are describing their Bitcoin activities as a “security risk”. -GEG

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.

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.

Read full article here…

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary

Other

The Rice Experiment Shows that Intentions and Words Have Power

January 17, 2018 Truthstream Media 0

The rice exposed to affectionate human intentions became only slightly discolored with age, while the jar of rice treated with threatening intentions became filled with mold, condensation, and rot. Rice that was completely ignored responded with modest condensation and small spots of mold. Unless there is fraud in this experiment, it indicates that emotions and intent can have a much stronger impact on living things, including us and those around us, than ever imagined possible. […]

Politics

Parts of Affluent California Look Like the Third-World

January 17, 2018 Daily Wire 0

A disturbing video shows thousands (literally) of tents and shacks where homeless people are living along the Santa Ana River Trail in Orange County, an upscale area in California. More than 25% of the nation’s homeless population now lives in California. Most sleep on the streets, under bridges, and tucked away in fields and parks. This video will haunt you. […]

Kakistocracy

Why California Is the Poverty Capital of America

January 17, 2018 LA Times 0

California has the highest poverty rate in the US, based on the cost of housing, food, utilities, and clothing. With 12% of the American population, California is home to about one in four of the nation’s welfare recipients. The welfare state, supported by a massive bureaucracy of 883,000 full-time state and local employees, is incentivized to expand its ‘customer’ base by bringing in more and more welfare recipients, which includes illegal aliens. In short, California is the poverty capital of America because it is ruled by collectivists. […]

Politics

Antifa Professor Admits Carrying Rifle and Chasing James Fields’ Car Before Deadly Crash

January 17, 2018 InfoWars 0

University of North Carolina anthropology professor, Dwayne Dixon, admitted chasing chasing James Alex Fields, Jr. with a rifle, causing Fields to drive into a crowd of other Antifa and Black Lives Matter protesters, resulting in one death and dozens of injuries. The media was quick to brand Field’s actions as terrorism but, according to authorities, Fields expressed remorse and shock after the incident, asking “Are they okay?”, suggesting the tragedy was not intended but a result of fleeing from Professor Dixon and his rifle. […]

Kakistocracy

Twitter Suspended Account of Conservative Congressional Candidate

January 17, 2018 Gateway Pundit 0

Twitter suspended the account of Congressional candidate, Chris DePizzo, after he tweeted that his Democrat rival was a “liberal media darling” who ignores the concerns of his own district. He also said that his opponent’s donors in California and New York were more important to him than his constituents. Clearly, Twitter is no longer just a provider of a channel of communications, it has assumed the role of censor as well – and an extremely biased one at that. […]

Kakistocracy

Google and Facebook Emerge as a Threatening Duopoly over Personal Communication.

January 17, 2018 Fox News 0

Google and Facebook have become a duopoly, capturing 84% of digital revenue worldwide, excluding China. That adds up to 30% of all revenue on the entire planet. The companies have a strong left-collectivist bias and are weaponizing their ideology. Tucker Carlson says the companies are even more powerful than governments. [Congress has the power to regulate them, but backs away partly because politicians fear this power and partly because many of them also are collectivists.] […]

Kakistocracy

Pro-Gun-Control Candidate for Illinois AG Is Robbed at Gunpoint in Spite of Gun-Control Law in Effect

January 16, 2018 Mad World News 1

Aaron Goldstein, a gun-control advocate seeking election as Illinois Attorney General, was robbed at gunpoint by three men who failed to obey the city’s strict gun-control laws. He was in a local park posing for a campaign photo when he came face-to-face with the consequences of gun-control laws. Luckily, no one was harmed. In a bizarre turn of events, Goldstein refused to give a detailed descriptions of his attackers. […]

Kakistocracy

Rumors That Twitter Is Planning To Take Down Trump’s Account

January 16, 2018 InfoWars 0

Jason Fyk says that when Twitter shut down President Trump from its platform for 10 minutes, it was to test public reaction. Twitter may be planning to take down his account permanently. Facebook recently blocked the opportunity for hundreds of thousands of people to make money from their Internet content. Fyk calls for regulations, but can we trust Congress? The problem is far more systemic than that. The solution starts with draining the swamp in schools and government. […]

Kakistocracy

Twitter Employees Are Paid to View Private Sex Messages – and Everything Else

January 16, 2018 Veritas Visuals 0

James O’Keefe of Project Veritas publishes more undercover video of Twitter employees. This time, they reveal that users’ privacy is a joke to them. Engineer Pranay Singh says all content, even if deleted by the user, is permanently stored on Twitter servers.This includes a vast amount of sexually explicit text and photos. Tweets and supposedly private, direct messages (DMs) are analyzed through a machine algorithm that creates a highly personal profile about you and sells it to advertisers who track you on the Internet with cookies. […]

Health

Pennsylvania Lawmaker Seeks to Inform Parents of Vaccine Dangers Before Immunization

January 16, 2018 Personal Liberty 2

Pennsylvania state legislature Senator Mike Folmer is seeking support for a law to require medical professionals to obtain informed consent from parents, which would require that they be told of potential risks associated with the ingredients of vaccines. He also is planning a resolution requesting Congress to repeal the 1986 National Childhood Vaccine Injury Act that shields vaccine makers from liability for vaccine injuries and prevents parents from suing for damages. […]

Cartoon Commentary

Classifieds

For classified advertising rates and terms, click here. The appearance of ads on this site does not signify endorsement by the publisher. We do not attempt to verify the accuracy of statements made therein or vouch for the integrity of advertisers. However, we will investigate complaints from readers and remove any message we find to be misleading or that promotes anything fraudulent, illegal, or unethical.

For Sale

Titanic: A Perfect Crime, a novel by Patrea Patrick, explores little known facts of that famous tragedy and provides jaw-dropping insights to new discoveries that came with the finding of the 100-year-old ship wreck. The book’s scenario of what really happened that fateful night is amazingly consistent with the historical record. No other theory explains so many parts of the mystery. (More)

 

 

 


Ten Days at Jekyll Island, a novel by Patrea Patrick, tells the true story of a secret meeting held in November of 1910 on a privately owned resort island, the outcome of which drastically changed the world. It was at this meeting that a banking cartel was forged; a cartel that, three years later, would be issued a government charter to do business as The United States Federal Reserve System. You will discover why secrecy was essential. Based on historical documentation from The Creature from Jekyll Island by G. Edward Griffin. (More)

 


Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (More)

 


Leave a Reply

Be the First to Comment!

Notify of
avatar