The Australian Competition and Consumer Commission has found Australia’s banks have no case to answer over their withdrawal of banking services to bitcoin operators.
The findings by the ACCC have left the bitcoin operators and some politicians stunned, claiming the ACCC’s investigation was sub-standard.
Nationals Senator Matthew Canavan reportedly called the investigation flawed, following what he said was evidence that the banks had colluded before deciding to close the accounts of bitcoin companies.
However ACCC chairman Rod Sims wrote to Canavan, citing available material which suggested banks had individually decided to stop providing services as a way to manage their regulatory obligations and risks.
Sims said banks had the right to choose whom they dealt with, and there were many reasons why they could legitimately refuse to deal with an organisation. He said the ACCC had contacted numerous institutions and concluded that none had acted anti-competitively.
Bitcoin companies and Labor Senator Sam Dastyari, however, have slammed the ACCC’s findings, saying the regulator failed to properly investigate the issue, and had not even spoken to companies affected by the banks’ actions.
At least 17 emerging Australian bitcoin companies are said to have received letters telling them their bank accounts were being closed.