Cryptocurrency wallet temporarily restricts Australian dollar deposits

Popular cryptocurrency wallet CoinSpot has stopped accepting deposits in Australian dollars, blaming local banks for being “unwilling to work” together.

In a blog post updated this morning, CoinSpot said the restriction on all forms of AUD deposits will remain in effect until at least the first week of the new year.

“We assure you we are just as unhappy with the situation as you,” the platform writes on its blog.

“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.”

The digital wallet service argued that it was “in everyone’s best interest” to make digital currency trading regulated and safe, and that the bank’s difficulty in dealing with CoinSpot accounts was “pushing Australian consumers underground”.

“It is our purpose to drive safe adoption of crypto assets and we assure you that we will continue to work on establishing a relationship with a banking partner so we can resume accepting AUD deposits as soon as possible,” said CoinSpot.

“Thank you to everyone for their overwhelming support during this time and we are really excited for what looks to be a massive year ahead for our industry.”

CoinSpot operates as a digital wallet that has built-in trading features, which allows users to buy and sell a number of different cryptocurrencies including Ethereum, Bitcoin, Litecoin and DASH.

The platform first suspended AUD deposits five days ago, saying the move to halt the Aussie dollar on weekends was a temporary change that would be rectified in 2018.

To read more, please click on the link below…

Source: Cryptocurrency wallet temporarily restricts Australian dollar deposits – Nine Finance