back to article Oz bank closes Bitcoin business' bank accounts

The Commonwealth Bank, Australia's largest bank, has closed accounts belonging to Australian Bitcoin payment processor CoinJar. CoinJar, which offers tools to buy or sell Bitcoins, and accept them as payment, has blogged about its experiences. The post says it has experienced some dodgy transactions, but no more than most …

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Simple, they think money laundering is taking place and the banks are unable to get a cut of it.

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g e
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I can explain it

If the gov't can't control it then _you_ can't have it.

Especially when it comes to the movement of money.

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Anonymous Coward

CTF regulations

Under CTF (Counter-terrorism Financing) regulations in Australia the bank can be forcibly instructed to close down an account or restrict transactions. When this occurs even the branch staff are not told why. I have first hand experience of this happening (I work in an Australian bank and implemented CTF systems and processes) and this situation sounds like it is one of those cases.

I wouldn't blame the bank for this, the same thing could have happened to NAB, Westpac or ANZ.

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Anonymous Coward

Re: CTF regulations

@ac 1100 - if it was one of those then NAB would not be legally able to offer an account. It's far more likely that CBA simply didn't think the business was worth the likely adverse publicity.

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Meh

Re: CTF regulations

This seems to becoming a thing eh? All your stuff monitored, copied, appropriated or destroyed without oversight, the people that are told to implement action under gagging orders with threats of serious jail time or given no reason why they are doing it, no explanations, no legal recourse.

Secret laws for us to break unaware, i guess its so much easier to run a country when all your citizens are criminals by default and it's only your whim and them keeping their heads down that keeps them out of prison.

I think the thing is that the powers that be can see where we're the world is headed quite clearly, and they're fucking terrified.

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Corporate Speak translation.

..."The Bank apologises if the customer feels they have not received an appropriate level of service. We are looking into this matter, though due to customer confidentiality, we are unable to provide further details."...

In other words, "F*** off and Die..."

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I smell America's hand

Bitcoin is not popular with the Washington regime.

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Anonymous Coward

Re: I smell America's hand

This is a reason to buy some.

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Bronze badge

Re: I smell America's hand

Uh huh, so it's not popular, but the US government doesn't flood the Bitcoin network with tons of rubbish, break the lousy entropy code and flood it with counterfeit bitcoins or anything else.

No, they tell Australia to have one bank close all accounts.

Yep, because shitcoin is suuuuch a threat or even noticed.

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Anonymous Coward

Interesting

Its rather convenient that they fail to mention that Coinjar's co-founder is actually Ryan Zhou or Tong Zhou of Bitcoinica Fame.

You know, that Bitcoin company that got hacked multiple times and left a lot of people out of pocket

http://www.theverge.com/2012/8/10/3233711/second-bitcoin-lawsuit-is-filed-in-california

I personally hope bitcoin continues to grow but with fraudsters like these leeching people, I worry about the genuine people attempting to ensure bitcoin's viability.

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Re: Interesting

That's why I'm staying clear of it. Too easy to lose everything because of one fraudster.

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