More than anyone in the financial market, banks and regulators have shown their aversion to crypto and traders over the year. Most of them have openly shown their disgust for the crypto industry, sounding various reasons ranging from criminal activities to others on why they cannot work with them.
In this regard, an Australian based man has taken two banks in the country to court for cutting his digital exchange from their respective bank ledgers. In the full detail made available by Australian-based news outlet Financial Review, the person in question, Allan Flynn, said that the banks he sued, ANZ and Westpac, kicked him off their customer list without prior warning.
The banks kicked out Allan’s Bitcoin OTC without prior warning
Allan Flynn also mentioned that the banks showcased discriminatory behaviors towards him and his crypto exchange. According to Flynn, he is the proud owner of a Bitcoin OTC, boasting a customer list of nothing less than 450 over the years. The news media said Flynn mentioned that the banks said they cut his business off their ledgers because they were not familiar with Bitcoin and didn’t like the way it sounded. Flynn also mentioned that this is not the first time he has experienced something of such as he has had to endure about 20 bank account closures over the years since he began his Bitcoin OTC.
Questioning the credibility on the part of the bank, Flynn mentioned that the banks think he is running an illegal investment, so they are closing down all his account over the years. The crypto industry itself faces several backlashes from the global population after the microblogging platform Twitter kicked out ousted United States of America president, Donald Trump, from the platform. The backlash didn’t come in until the crypto community started to support the step that Twitter took.
Banks across the world do not want to work with crypto exchanges
Now that financial entities are kicking one of their own out, it remains a mystery what the crypto community would think about that. Banks have always shown that they do not want to dabble in anything that concerns trading crypto or crypto-related entities. Banks across the world have openly told their customers that they would not allow them to withdraw money into their accounts from crypto exchanges except for some crypto savvy nations.
A typical example is India. The country orders banks not to service crypto exchanges or related services with bank accounts, but since March last year, the Supreme Court has overturned the rule. With the Supreme Court affirming the rule to allow banks to work with crypto entities, Indians can transfer their accounts to crypto exchanges and vice versa. This move is one reason why various digital assets companies have stopped working with banks in other countries, with a typical example of the scuffle between Bitfinex and Shadow bank in Panama.