The Australian Competition and Consumer Commission is investigating why Australian banks are closing the accounts of bitcoin businesses, amid concerns banks are colluding to block emerging competitors.
ACCC chairman Rod Sims told The Australian Financial Review the investigation was in its early stages, but had started with requests being sent to banks to explain their actions. He hoped to get to the bottom of the matter within a couple of months.
The investigation comes after The Australian Financial Review revealed at least 17 emerging Australian bitcoin companies had received letters from various institutions, telling them their bank accounts were being closed. The ACCC was then contacted by Nationals Senator Matthew Canavan, who asked for an investigation.
"It is being investigated. We have already spoken to some banking representatives and sought some information. It is all still early stage, but under way," Mr Sims said.
source:
http://www.afr.com/technology/accc-investigating-why-banks-are-closing-bitcoin-companies-accounts-20151018-gkc5ivhttps://www.cryptocoinsnews.com/australian-commission-investigates-banks-closing-bitcoin-companies-accounts/
