Following on from the initial investigation in September 2015, The Australian Competition and Consumer Commission has cleared banks of any wrongdoing in its inquiry into the withdrawal of banking services to local bitcoin companies, stunning local operators and senators who said the investigation was sub-standard.
ACCC chairman Rod Sims wrote to Nationals Senator Matthew Canavan, who had initially requested an
ACCC clears Australian banks of colluding to block bitcoin
investigation, telling him there was no evidence that banks had colluded before deciding to close the accounts of bitcoin companies. He said available material suggested banks had individually decided to stop providing banking services as a way to manage their regulatory obligations and risks – according to The Australian Financial Review.
Bitcoin companies and Labor Senator Sam Dastyari, however, slammed the ACCC’s findings, saying the regulator had failed to properly investigate the issue, and had not even spoken to the companies affected by the banks’ actions.
The investigation was prompted 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 Senator Canavan, who asked for an investigation.
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