Share this article
Banks Investigated for Closure of Bitcoin Company Accounts
The Australian Competition and Consumer Commission is investigating the actions of some banks for closing accounts of various bitcoin businesses.
Updated May 9, 2023, 3:02 a.m. Published Oct 19, 2015, 9:47 a.m.
The Australian Competition and Consumer Commission (ACCC) has confirmed it is investigating the actions of banks in the country, after they reportedly closed down the accounts of various bitcoin businesses.
Speaking to the Australian Financial Review
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
, ACCC chairman Rod Sims said the investigation was in its early stages:
"It is being investigated. We have already spoken to some banking representatives and sought some information. It is all still early stage, but under way."
The chairman added: "We are asking the banks why they acted as they did and what contact there was between them."
The investigation was prompted by Queensland Nationals Senator Matthew Canavan, who reportedly urged the ACCC to investigate whether the banks had acted in an anti-competitive manner, after they reportedly decided to shut the accounts of some 17 bitcoin businesses.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Michael Saylor's Strategy Hangs on to Spot in Nasdaq 100 Index
The annual Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but bitcoin treasury company Strategy hung onto its spot.
What to know:
- Strategy (MSTR) will remain in the Nasdaq 100 index despite a major reshuffle, which saw several household names dropped.
- The firm's business model, which involves stockpiling bitcoin, has drawn criticism from analysts and index providers, with MSCI considering excluding crypto treasury companies from its benchmarks.
- The Nasdaq 100 rebalance saw six companies dropped and three new additions, with changes taking effect on December 22, but Strategy's bitcoin-heavy strategy secured its spot.
Top Stories
