Australian Bitcoin Trader Sues ANZ, Westpac for Closing Accounts

An Australian Bitcoin trader, Allan Flynn has sued ANZ nad Westpac, alleging them of discrimination and unlawfully closing his accounts.

January 19, 2021 | AtoZ Markets – Allan Flynn, an Australian crypto trader has sued the country’s two major commercial banks, ANZ and Westpac for blocking their bank accounts, demanding compensation of AUD $250,000.
The Bitcoin trader, who has over 450 loyal customers, holds a license Australian Center from the Accounting and Analysis of Financial Transactions (AUSTRAC). Despite this, banks refuse to service Flynn's accounts.

Allan Flynn sued ANZ and Westpac for systematic discrimination

Flynn accuses banks of systematic discrimination, saying that over the past three years, his bank accounts have already been closed in more than 20 financial institutions. These include the Commonwealth Bank of Australia (CBA), National Bank of Australia (NAB), ING, and Bendigo Bank.

“How can I run a legitimate business if my bank accounts are blocked?” Flynn wonders.

Flynn filed a petition with the Australian Financial Complaints Authority (AFCA) last year to have the agency resolve the issue. However, the AFCA said Westpac was acting in accordance with the established rules. The bank has closed the user's account in connection with the ongoing investigation of cryptocurrency fraud. Westpac offered Flynn compensation for the sudden account closure.

Multibank Review
Visit Site
4.8/5 Review
Visit Site
4.8/5 Review
Visit Site

However, the Australian claims that he never received the promised payment. In turn, the New Zealand banking group ANZ stated that it does not provide banking services to cryptocurrency brokers. Flynn's new complaint will go to civil and administrative courts and will begin in March.

Banks vs Cryptocurrencies

It's not just Australian banks that are facing similar charges. In March 2020, India's Supreme Court overturned a directive from the country's Central Bank (RBI) banning banks and financial institutions from serving cryptocurrency firms. However, even after the Supreme Court decision, many Indian banks are still showing signs of "crypto-phobia".

Related: India Crypto Exchanges Seek Legal Status Clarifications From RBI

A similar situation is developing in China, where organized cryptocurrency trading has been banned for several years. In June, OTC cryptocurrency traders also began to complain about the blocking of their bank accounts. It turned out that the Chinese police began to freeze them due to suspicions of using cryptocurrencies to carry out illegal transactions.

Think we missed something? Let us know in the comment section below.

  1. True Fibonacci Waves fan says:

    Banks are acting as the sheriff of the town forgetting that it is our money that they have


Leave a Reply

Your email address will not be published. Required fields are marked *