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Australian banks unwilling to work with cryptocurrency traders.

Global Banking News-January 3, 2018--Australian banks unwilling to work with cryptocurrency traders

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Global Banking News - 03 January 2018

Many Australian cryptocurrency brokers have halted deposits of Australian dollars to purchase bitcoin because they say banks are unwilling to work with them.

Banks are said to be unwilling to work with traders because of a regulatory vacuum. CoinSpot, considered to be one of the country's most popular digital currency trading outlets, suspended Australian deposits in December.

University of Technology Sydney senior finance lecturer, Adrian Lee, said that banks are unwilling to work with traders because of lack of regulation. Lee said, 'There's this murky issue of you buying something that doesn't have any regulatory backing, and can be transferred off to do something else. The volumes have grown so quickly and the number of people using these services have grown so quickly. It's raised a lot of red flags with the banks. They're just seeing hundreds of thousands of dollars per day, and they're like 'what's going on here? It looks like fraudulent activity, so we'll just suspend things for a little while'.'

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Publication:Global Banking News (GBN)
Date:Jan 3, 2018
Words:211
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