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Bitcoin Collapse – Australian Businesses Ditch Bitcoin After Banks Act Against Bitcoin Exchanges
Monday, October 5, 2015 8:53
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Australia’s major banks are closing accounts of bitcoin companies, forcing at least 13 digital currency providers out of business in response to tougher rules on money laundering and terrorism finance, an industry body spokesman said on Tuesday.
The move comes just months after Westpac Banking Corp became the last of Australia’s four major banks to pull out of the remittances business in order to reduce compliance risks.
Banks globally are exiting sectors that present compliance headaches under pressure from regulators to meet tighter anti-money laundering and counter-terrorism financing rules.
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