June 25, 2018

Australia’s Major Banks Confirm They Won’t Ban Buying Bitcoin

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Some of Australia’s biggest banks confirmed they won’t prevent customers from buying and selling Bitcoin with credit cards, unlike some of their counterparts in the UK and US. 
‘No Restrictions’
Following a different approach than Lloyds Banking Group, JP Morgan, Bank of America, and Citigroup, Australia’s biggest banks currently have no plans to bar their customers from buying and selling Bitcoin with credit and debit cards.
ANZ told ABC news that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”

However, ANZ’s spokesperson did reveal that the bank monitors transactions for  “unusual behaviour” to prevent potential fraud in accordance with its “regulatory responsibilities.” Moreover, the bank does not do business with companies “that operate as issuers, dealers or exchanges of digital or cryptocurrency.” 
This is because ANZ considers such businesses to be “unregulated and therefore not within ANZ policy.”
Meanwhile, National Australia Bank suggested it could halt cryptocurrency transactions if security concerns arise, such as the still-too-common theft of funds stored on online exchanges. NAB’ …

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