Coinspot rubbishes liquidity claims, says it is ‘getting closer’ to turning on Australian dollar deposits

AUSSIE banks are reportedly blocking customers attempting to buy cryptocurrencies like bitcoin, even shutting down accounts.

Australian cryptocurrency exchange Coinspot has described warnings of liquidity issues due to too many customers cashing out as “absolute rubbish and untrue”.

Last month, Coinspot announced it was temporarily suspending Australian dollar deposits due to ongoing problems dealing with local banks, sparking outrage among investors.

“The temporary restriction on AUD deposits will remain in effect until at least the first week of the new year,” the company wrote on Facebook. “AUD withdrawals, coin deposits, buy/sell orders and trading on the platform will continue to operate as normal.

“We assure you we are just as unhappy with the situation as you but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry.”

While the big four deny any blanket policy banning cryptocurrency purchases, a number of customers have reported accounts being closed. CommBank’s terms of service for its business banking account is the only one to specifically mention bitcoin.

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Source: CBA, ANZ, Westpac, NAB: Bitcoin, cryptocurrency crackdown outrages Australians