Australia's four major banks freeze accounts of Bitcoin holders

According to local media reports, Australian bitcoin holders said that several well-known local banks seem to intend to freeze their bank accounts and prohibit them from using legal currency to buy cryptocurrencies. At least one bitcoin exchange is already dissatisfied with the bank's behavior, and many bitcoin holders are also uneasy about the practice of Australian banks.

It is reported that a large number of Australian Bitcoin holders have posted information on social media, saying that the local "four major banks" have banned them from using bank account funds to trade on Bitcoin exchanges, and some even claim that their accounts have been frozen. The four banks are: Commonwealth Bank of Australia, ANZ Bank, National Australia Bank, and Westpac Bank.

Coinspot, currently the most popular cryptocurrency exchange in Australia, has announced that it will temporarily hold Australian fiat currency to deal with friction with banks. The exchange issued a statement saying: "We would like to assure all our users that we are equally unhappy with the situation you are experiencing, but unfortunately, Australian banks currently seem unwilling to cooperate with the digital currency industry, resulting in frequent account closures and account restrictions."

The National Australia Bank said that their practice is "legal" because the bank's terms of service include a provision that allows it to refuse to process international fund transfers or international cash management transactions, which applies to Bitcoin. According to the Sydney Morning Herald, the National Australia Bank believes that the target account to which its customers transfer funds has a history of fraud or attempted fraud, so it has banned transfers and frozen accounts.

A Bitcoin holder named Micheal Juric revealed to the Sydney Morning Herald that 30 local Australian banks have closed or frozen bank accounts associated with Bitcoin exchanges, and showed a photo of a letter from ANZ Bank - the letter showed that her account would be temporarily closed in accordance with the terms and conditions, and would not be able to be used again until January 30, 2018.

At present, the spokespersons of Australia's "Big Four Banks" have stated that their actions are based on anti-money laundering laws and regulatory requirements, and are not specifically targeting Bitcoin or other encrypted digital currencies. A spokesperson for the Commonwealth Bank of Australia said: "Although we do not support Bitcoin because it is not subject to regulatory constraints, the Commonwealth Bank of Australia will not prevent individual customers from purchasing virtual currencies."