A Bitcoin exchange operator from Australia has decided to sue two commercial banks for discriminatory practices. The Bitcoin trader, named Allan Flynn, has sued ANZ and Westpac for a total of 250,000 Australian dollars, which is about 192,000 American dollars.
Flynn claims the banks discriminated against him by shutting down his accounts. He alleges that around 20 banks closed accounts that were operated by his exchange in the previous three years alone.
The alleged account closures are baffling since his crypto exchange service was and still is registered with the Australian Transaction Reports and Analysis Centre. His platform has more than 450 customers.
This isn’t his first time at the rodeo – in 2020, he filed a complaint with the Australian Financial Complaints Authority, but the ruling claimed that Westpac was simply following its terms and conditions, terms and conditions to which Flynn had agreed.
Back then, Westpac offered the man 250 Australian dollars to apologize for how his bank account was closed, but Flynn claims he didn’t even receive them. He also claims that Westpac previously declared that they were closing his account due to an ongoing crypto fraud investigation. As for ANZ, the problem is simpler – the bank declared it is not offering its services to crypto brokers.
Flynn’s lawsuit is scheduled for March.
Claims that banks are discriminating against crypto owners is nothing new. In March 2020, the Supreme Court of India removed the ban that the central bank had against crypto endeavors. Still, reports of banks not following the decision of the Supreme Court continue to exist.
Similarly, in many South American countries, banks are also in a hurry to close down accounts of crypto exchanges. In Brazil alone, two major platforms had to shut down due to severe tax compliance policies.