Four Australian banks have apparently frozen accounts of some of its clients sighting their participation in crypto activities. Some clients have complained that the banks also have banned them from shifting their capital to the market.

Crypto Dealer Alex Saunders stated the name of This four banks In a tweet stating that National Australia Bank, ANZ, the Commonwealth Bank of Australia, and Westpac Banking Corporation are blocking customers accounts and Fund transfers to crypto exchanges such as Coinbase, CoinJar, BTC Markets and CoinSpot.

Many crypto Fans in Australia raised their Voice against this move by banks as absolutely appalling and disgusting. Some users also stated they’d rather switch over to other banks. Mick Sullivan responded to Alex’s tweet stating “Great way to reduce client’s guys… Banks should be focusing on how they could put money into crypto instead of blocking clients from spending their own hard earned.

In response to this roughness with the banks, most popular local crypto-currency exchange Coinspot declared a momentary grip on crypto deposits. The market alerted its clients by stating “We promise you were equally unhappy with the problem as possible, but sadly Australian banks are unwilling to work together with the digital currency market which contributes to regular account closures and stringent limitations on account whilst they stay operational, even in impact debanking our sector.”

While commenting on the Abrupt action taken by the Market, Australian John Rudge stated “I cannot think what you did to your clients Together with your $AUD deposit debacle. We do not Reside in Zimbabwe or even China, certainly, you watched this banking crisis approaching.”

A representative of this Commonwealth bank has said that the lender is very open to the advancement of virtual currency technology. He added that we don’t currently use or urge any present virtual currencies as we don’t think they’ve met a minimal standard of reliability, regulation, and standing in contrast to other currencies we provide to our clients.

The government of Australia upgraded an AML/CFT bill back in mid-October which aimed toward obtaining Bitcoin deals under the present legislation.

The most recent event has left most of the crypto enthusiast and bank client unhappy about their verdict.


Author's Bio: 

Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies. He is been fascinated by Blockchain technology since the first time he heard about it in 2013