Allan Flynn, the Australian Bitcoin exchange operator, has taken legal action against two commercial banks ANZ and Westpac in the country, accusing them of discriminatory practices.
It has been reported by the Australian Financial Review that Flynn is seeking compensation to the tune of 250,000 Australian dollars (about $192,000).
However, he has been the victim of discriminatory practices with banks allegedly continuing to shut down his accounts.
One Aussie Bitcoin trader is accusing banks of being crypto-phobic as he seeks $192K in compensation. https://t.co/mf5XHgeryc — Cointelegraph (@Cointelegraph) January 18, 2021
Flynn lamented that no fewer than 20 banks have closed accounts operated by his exchange in the last three years.
He added:
“How am I supposed to run a lawful business if I can’t get a bank account?”
The report said that for Flynn, the reported account closures come despite the fact that his crypto exchange service is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Flynn’s platform services over 450 customers.
It has been analyzed that back in 2020, Flynn lodged a complaint with the Australian Financial Complaints Authority. AFCA ruled that Westpac acted per its laid down terms and conditions.
Westpac offered Flynn 250 Australian dollars as restitution for the sudden account closure which the complainant says that he is yet to receive. Flynn also says that Westpac has previously attributed his account closures to ongoing cryptocurrency fraud investigations. ANZ for its part says it does not offer banking services to cryptocurrency brokers.
Thus, Flynn’s fresh complaint which is before the ACT Civil and Administrative Tribunal will commence in March.
Source: Cointelegraph