Bitcoin traders accuse australias biggest banks of declaring

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Monday to Friday from 6: PM covers a broad bitcoin traders accuse australias biggest banks of declaring of issues relevant to all sections of Australia's geographically and culturally diverse community. Mandie Sami reported this story on Tuesday, September 22, Dozens of Australian Bitcoin traders are claiming that Australia's banks are discriminating against their bitcoin traders accuse australias biggest banks of declaring by refusing to deal with them.

PM has spoken to several traders who say Australia's banks have declared war on Bitcoin because it views the virtual currency as a threat. Mandie Sami has the story. Michaela Juric has been trading Bitcoin for two and a half years. At the age of 22, she's enjoyed success with her growing business 'BitcoinBabe. As she explains, Bitcoin is a virtual currency that gets traded on markets and can be used to buy and sell just like any other currency. You wanna buy Bitcoin, you'd come to somebody like, you'd go 'Hey I wanna buy some Bitcoin', I'd go 'Sweet, okay here's the Bitcoin, you give me the cash for bitcoin traders accuse australias biggest banks of declaring.

It would then be sent to what we would call a Bitcoin traders accuse australias biggest banks of declaring wallet, which is you know, you can keep that on your computer, you can keep that on a your mobile phone, you'd then take it to somebody that accepts Bitcoin.

Ms Juric's business has come under threat because the country's biggest banks have refused to do business with her. I can't open or hold any accounts with those institutions, because I deal with Bitcoin. What are you basing that on? As soon as they find out the nature of my business, they move to close the accounts. Banks see Bitcoin as a threat and that's why they refuse to deal with us. Ms Juric isn't alone in her experience. She claims to know at least 50 other traders in Australia who've been through the same thing.

Her claim has been backed by year-old Daniel Wilczynski, who's also a Bitcoin trader. Or at least he was. He had his accounts closed with six different banks and is now out of business. So when we close the account, they close my personal account, they just close everything. So they've closed both your business and your personal account? I was thinking of even hiring somebody, I could have had an extra developer working with me right now and instead I'm out of a job and out of an income trying to figure out what to do.

The man we'll hear next doesn't want to be identified. He's been trading Bitcoin for two and a half years and says he's scared that if his identity is revealed the only bank that still holds his accounts will move to shut them down.

A spokeswoman for NAB sent this reply. NAB does not bank or trade in unregulated currencies, or have any plans to do so. Westpac says it does not comment on individual customers. A spokesman sent this response: The current Bitcoin operating model requires very tough compliance and assurance requirements to ensure we meet the high standards required under Anti-Money Laundering regulations.

We continue to monitor developments in Bitcoin, including its regulation. ANZ have yet to respond. Michaela Juric dismisses the banks replies as rubbish. She says Bitcoin is regulated because among other reasons traders have to pay GST. If someone purchases Bitcoin from me and something goes wrong, they have every right to lodge a complaint with Fair Trading. Now if we weren't regulated that couldn't happen.

If we weren't regulated then we couldn't be asked to be paying tax on Bitcoin. So I think they're just saying waht they want bitcoin traders accuse australias biggest banks of declaring they don't have to deal with it. I think the whole thing's bitcoin traders accuse australias biggest banks of declaring. In the same period where we talk about how we have to embrace new technology, you have a situation where the large financial institutions gang up together to prevent the growth of new industries.

It's a very very worrying concern. But what worries me from an industry perspective is this is an area we should be promoting, this is an area we should be growing. And frankly we went through an entire detailed Senate process where there was bipartisan support that said this is an exciting new area, this should be promoted and it should actually be regulated.

And yet you have this complete opposite outcome from the banking institutions who frankly see a lot of this as a threat. PM Monday to Friday from 6: Search AM The full story Bitcoin traders accuse Australia's biggest banks of declaring war on cryptocurrencies Mandie Sami reported this story on Tuesday, September 22, Images Click an image to enlarge.

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23 comments

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Has anyone in our OZB community affected. Tried yesterday to open an account with Coinspot to buy ripple but wouldn't let me deposit as it says deposits in AUD has been suspended until early next year. Banks don't like it for obvious reasons: Bitcoin traders accuse Australia's biggest banks of declaring war on cryptocurrencies. Yes I opened an account with them, still have to wait for a letter to be sent in the mail to verify my id.. Do a search on aussie banks that got busted conducted fraudulent activities this year.

Banksters in glass houses getting nervous methinks. I think this is exactly the issue. The Government is heating up the banks about money laundering so they are cracking done on unregulated currencies. I suspect that if that is true then it is merely the excuse they using to fend off the coming crypt competition.

For banks, dealing with 'government heat' usually involves just paying the fine as 'cost of business' and then moving along as usual. The government doesn't care about bank fraud…as long as it gets it's cut of the booty. With a Royal Commission in the offing the Banks will be trying to deflect as much heat as they can.

The Government is already bringing heat on the Banks about laundering. Personally I think the Government should be holding the Casino's feet to the fire over money laundering of illegal funds; but that is a too cozy relationship.

Yeah I don't think the RC is too legit either. And don't forget that Turnbull comes from bankster stock and will go back there once he gets booted out of office. He's not going to poop in his own nest too much. It would be nice if there was a blockchain backed by actual physical assets or a value generating business.

That way the coin would be backed by some physical assets and it would be liquid. It could be a medium for small businesses to sell some equity to finance their growth in exchange for a share or profits represented by each unit of crypto issued.

Easy to setup, can be legal and the money doesn't have to enter Australia. All trademarks are owned by their respective owners. OzBargain is an independent community website which has no association with nor endorsement by the respective trademark owners. I thought you were more discerning in recognizing "beat up" news stories.

Still might take business days for your money to appear. Oh well, we'll see how it pans out I guess. The market is highly speculative, there is no doubt about that but it has so much potential.

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