A PYMNTS Company

Australia: ACCC clears banks of colluding to block bitcoin competition

By  |  February 15, 2016

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 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.

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.

Full content: The Sydney Morning Herald

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.