Bitcoin Accounts Frozen As Australia Banks Crack Down on Crypto

[cryptocurrencyguru]

Cryptocurrency investors in Australia are claiming several big banks are freezing their accounts and any transfers to outside exchanges.. A report in the Sydney Morning Herald quotes a cryptocurrency trader named Alex Saunders, who says the National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation have been freezing customer accounts and transfers to four different bitcoin exchanges  – .  Banks Crack Down on Crypto appeared first on BlockTribune.

http://blocktribune.com/bitcoin-accounts-frozen-australia-banks-crack-crypto/

[BitcoinThief]

Bastards!! I can't wait for crypto to destroy these asshole  .

[ikrak3n]

Haven't had issues.  Some FUD methinks.

[dreamer81]

Well, rule #1, never convert your bitcoin back to fiat. The banks and governments wants a cut of this. If  you are trading, convert everything back to bitcoin, and keep it in this currency.

fiat is the most insecure thing ever, not because of theft, but because of governments. I'ts like their last grasp before we become free

[Dapper]

Yeah, I've mentioned this a few times.   That will be a serious 'check' type move (maybe not mate, but definitely a strong move).   Cut the fiat to bitcoin exchange connection and you put crypto in a headlock.   Crypto doesn't die but it becomes a lot harder to convert fiat to crypto for average/mainstream folks.   How will you send it to exchanges?   By snail mail?  By hand?   My guess is that you'll start to see more black market exchanges, which is a bad direction but sometimes if they fight dirty, the other side is forced to be dirty as well.

[Low Sigma]

Well, rule #1, never convert your bitcoin back to fiat. The banks and governments wants a cut of this. If  you are trading, convert everything back to bitcoin, and keep it in this currency.

fiat is the most insecure thing ever, not because of theft, but because of governments. I'ts like their last grasp before we become free

Please let's not be so 100% sided but combine a little bit of both.

Almost everyone is worried about crypto exchanges doing stupid things or going "hacked" or delaying withdrawals of verified accounts by a few weeks, while at the same time the same users going against regulation. Doing this is very stupid.

A little bit of regulation is actually healthy.

For example if the govs said that is mandatory to follow some very strict security rules when it comes to handling cold/hot users coins then this is very beneficial for us the traders/investors because the exchange will be audited to see if they don't breach some common sense procedures (by intention or mistake). Otherwise you will see headlines of another exchange "hacked" (maybe by an insider who works there and exploited a backdoor that he left open). Of course you can't make it 100% bullet proof, but at least you reduce the risk.

What the banks did in this case is common sense. Otherwise hackers/crackers, human traffickers, criminals will flourish.
I prefer to pay a small cut to the govs in order to be assured that the criminals will not affect my affairs.

[mk4]

Another perfect reason to not leave your funds in exchanges. Never ever use exchanges as wallets. Only use exchanges for their one single purpose: as a cryptocurrency exchange. Nothing more, nothing less.

Really unfortunate for those people, though.

[Spoetnik]

Google --> Australia AML KYC

[Ruz05]

Bitcoin plunged by more than $1,000 (£740) on Thursday after South Korea said it was planning a crackdown on trading in the digital currency in the latest of a string of warnings for investors.

It dropped to about $13,500 after trading at about $15,400 on Wednesday. The dip was seen as a further illustration of bitcoin’s volatility.

The cryptocurrency has surged in value this year by more than 900%, becoming one of the biggest stories in finance amid a slew of warnings of a pending market crash.

Bitcoin recovered ground later on Thursday and was trading at about $14,000 at 5.30pm UK time.

South Korea, which is one of the biggest markets in the world for bitcoin, said it was preparing a ban on opening anonymous cryptocurrency accounts and new legislation to enable regulators to close coin exchanges if they felt there was a need to do so.
Residents of Australia can use Coinbase to purchase bitcoins with a credit card or ... Purchases made with bank transfer can take up to 5 days to complete;

[chidrawarster]

Its always better not to store coins at exchanges and use them what they are for. Instead plz use concerned wallets to store and more security. That is all i am thinking about. Lets see where will the crypto world head to as it remains defeated until and unless its regulated. I m waiting for the regution news so eagerly since long but as of now still waiting. Lets see what this year brings for all of us.

[NorrisK]

Well, rule #1, never convert your bitcoin back to fiat. The banks and governments wants a cut of this. If  you are trading, convert everything back to bitcoin, and keep it in this currency.

fiat is the most insecure thing ever, not because of theft, but because of governments. I'ts like their last grasp before we become free

Sometimes you have to have fiat or you need to hedge against a big drop in price.

If banks are freezing accounts it is likely due to huge amounts of money being transferred and them informing the tax authority that demands temporary freezing untill the funds can be explained.

[Spoetnik]

Well, rule #1, never convert your bitcoin back to fiat. The banks and governments wants a cut of this. If  you are trading, convert everything back to bitcoin, and keep it in this currency.

fiat is the most insecure thing ever, not because of theft, but because of governments. I'ts like their last grasp before we become free

Sometimes you have to have fiat or you need to hedge against a big drop in price.

If banks are freezing accounts it is likely due to huge amounts of money being transferred and them informing the tax authority that demands temporary freezing untill the funds can be explained.

Many exchanges have said they do that regularly.
It is no conspiracy but fact.
It's also why some guys got arrested by the FBI in Florida in a parking lot after doing a deal for 30k worth of BTC.

The link to banks is the problem.
banks have strict laws.. even with unlawful "crypto" coins.

[iamTom123]

Well, rule #1, never convert your bitcoin back to fiat. The banks and governments wants a cut of this. If  you are trading, convert everything back to bitcoin, and keep it in this currency.

fiat is the most insecure thing ever, not because of theft, but because of governments. I'ts like their last grasp before we become free

Please let's not be so 100% sided but combine a little bit of both. Almost everyone is worried about crypto exchanges doing stupid things or going "hacked" or delaying withdrawals of verified accounts by a few weeks, while at the same time the same users going against regulation. Doing this is very stupid.A little bit of regulation is actually healthy. For example if the govs said that is mandatory to follow some very strict security rules when it comes to handling cold/hot users coins then this is very beneficial for us the traders/investors because the exchange will be audited to see if they don't breach some common sense procedures (by intention or mistake). Otherwise you will see headlines of another exchange "hacked" (maybe by an insider who works there and exploited a backdoor that he left open). Of course you can't make it 100% bullet proof, but at least you reduce the risk. What the banks did in this case is common sense. Otherwise hackers/crackers, human traffickers, criminals will flourish. I prefer to pay a small cut to the govs in order to be assured that the criminals will not affect my affairs.

I understand what you really mean. The best environment is actually unregulated and decentralized but the problem is that we are still beset with the weakness of human nature. Where there is an opportunity to make money, expect some people to exploit the same platform for their own selfish interest and this is where the problem is. In order to protect the many, there has to be rules, procedures and laws specific for cryptocurrency otherwise there can be mini-anarchy and that the whole market can be turned sour as less investors will be interested to go into something where there is no order. Regulations with good intent should be welcomed with both open arms and everybody should exert effort to follow those changes otherwise we will really have big problems.

[wooch4aeye]

Cryptocurrency investors in Australia are claiming several big banks are freezing their accounts and any transfers to outside exchanges.. A report in the Sydney Morning Herald quotes a cryptocurrency trader named Alex Saunders, who says the National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation have been freezing customer accounts and transfers to four different bitcoin exchanges  – .  Banks Crack Down on Crypto appeared first on BlockTribune.

http://blocktribune.com/bitcoin-accounts-frozen-australia-banks-crack-crypto/

this is good news banks start to be worried about bitcoin. also some news from south Korea support this news

 global fight will start between bitcoin and banks

[wilhb81]

This phenomena is not only happens on Australia, but it's a global thing (majority of the countries government will try their best to crack down your crypto trading record, by referring to your online fiat currency transactions) Like one of the above member mentioned, "It's better not to make a huge transaction with fiat currency, especially if you're trading crypto, as it leave a footprint for the government to track you down".

[Yakamoto]

Cryptocurrency investors in Australia are claiming several big banks are freezing their accounts and any transfers to outside exchanges.. A report in the Sydney Morning Herald quotes a cryptocurrency trader named Alex Saunders, who says the National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation have been freezing customer accounts and transfers to four different bitcoin exchanges  – .  Banks Crack Down on Crypto appeared first on BlockTribune.

http://blocktribune.com/bitcoin-accounts-frozen-australia-banks-crack-crypto/

Any statements about this from the Australian government of any one of its bodies? If it has something to do with taxes then maybe there's a case for something going on down under but I would likely have seen some comments on this in more places than just this one crypto newsplace. Maybe there's something else that the AUS government is suspicious of and is getting something read for this individual or group of individuals? Money laundering suspicions perhaps? It wouldn't be the first time that there have been some freezes off of suspicion alone.

[konfuci]

I wish this will not happen in My country..

[Low Sigma]

Well, rule #1, never convert your bitcoin back to fiat. The banks and governments wants a cut of this. If  you are trading, convert everything back to bitcoin, and keep it in this currency.

fiat is the most insecure thing ever, not because of theft, but because of governments. I'ts like their last grasp before we become free

Please let's not be so 100% sided but combine a little bit of both. Almost everyone is worried about crypto exchanges doing stupid things or going "hacked" or delaying withdrawals of verified accounts by a few weeks, while at the same time the same users going against regulation. Doing this is very stupid.A little bit of regulation is actually healthy. For example if the govs said that is mandatory to follow some very strict security rules when it comes to handling cold/hot users coins then this is very beneficial for us the traders/investors because the exchange will be audited to see if they don't breach some common sense procedures (by intention or mistake). Otherwise you will see headlines of another exchange "hacked" (maybe by an insider who works there and exploited a backdoor that he left open). Of course you can't make it 100% bullet proof, but at least you reduce the risk. What the banks did in this case is common sense. Otherwise hackers/crackers, human traffickers, criminals will flourish. I prefer to pay a small cut to the govs in order to be assured that the criminals will not affect my affairs.

I understand what you really mean. The best environment is actually unregulated and decentralized but the problem is that we are still beset with the weakness of human nature. Where there is an opportunity to make money, expect some people to exploit the same platform for their own selfish interest and this is where the problem is. In order to protect the many, there has to be rules, procedures and laws specific for cryptocurrency otherwise there can be mini-anarchy and that the whole market can be turned sour as less investors will be interested to go into something where there is no order. Regulations with good intent should be welcomed with both open arms and everybody should exert effort to follow those changes otherwise we will really have big problems.

Exactly. What you said: "... weakness of human nature.", are the keywords here.

To be honest I don't think that there will be a "big battle" between the big banks and the BTC. Instead the banks will (some already did) start to embrace it and not to mention that central Bank of England is researching a cryptocurrency for their own.

[cocoliuis999]

There have been many times that it is risky to store coins on an exchange. Though I am the best and largest exchange, I will not keep all my encrypted money there, usually only when I need to trade.

[Adbitco]

I doubt the authenticity of this news. I have crypto lover friends their in Australia who I confirmed it with and they said they never heard of any such thing happened there in Australia so I guess it is some sort of fud.