Australian competition watchdog asks banks to explain account closures

[adhitthana]

http://www.afr.com/technology/accc-investigating-why-banks-are-closing-bitcoin-companies-accounts-20151018-gkc5iv

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.
"We are asking the banks why they acted as they did and what contact there was between them."In his letter, Senator Canavan expressed concern that the banks were putting the viability and potential of a dynamic Australian industry at risk  to avoid competing with the emerging companies. On Monday he welcomed news of the ACCC investigation.
"We have strong laws against one business obstructing another business competing against it. These laws are even tougher for those companies that have the privileged position of a significant market share," Senator Canavan said.

[elvizzzzzzz]

"We have strong laws against one business obstructing another business competing against it. These laws are even tougher for those companies that have the privileged position of a significant market share,"

When they finally figure out that bitcoin could be the end of rogue banking there is going to be pain. Lots of pain.

[beepboopbeep]

I always keep some cash out of the bank. Look what the banks did to argentineans during their crash.

[Mickeyb]

I don't know, one part of me wants to say that I don't blame them since it's in the human nature to take care of themselves and its interest. On the other side, I hope all of this will stay very civil and normal and at the end let the best man or technology wins. I hope they don't start with the shady and unjust stuff. Because if they do this and governments let them do this, they will just suffocate innovation and technology and ordinary people will be paying the price.

Can we imagine what would happen if letters and post offices were privileged instead of the email? I think that whole society would lose.

[biggus dickus]

It's about time a watchdog put a stop to all the bank account closures. We all know they are closing bank accounts for having any link to Bitcoins. Every time I make a bank transfer to an exchange I'm waiting for them to tell me my account's been closed. They don't even have to give you a reason for closing your account, but they will have to give reasons to a watchdog. I can't think of any justifiable reasons for closing so many accounts.