Ever since the cryptocurrency industry launched, regulators and financial institutions from all around the world have questioned the industry’s regulator infrastructure. On many occasions, there have been many legal actions taken by the regulators against crypto-firms for not adhering to regulations and policies.
With the passage of time, many cryptocurrency firms from around the world have started adopting the regulations. With time, it has become clearer for the crypto-industry that in order to survive, the industry needs to comply with the regulations.
As the crypto-industry now becomes adherent, it expects regulators and financial institutions to also show trust and appreciation. Yet there are some financial institutions that completely despise the idea of cryptocurrencies.
They not only oppose the very ideology of cryptocurrency technology but also discriminate against it.
Just recently, a prominent Bitcoin (BTC) trader has experienced the same kind of behavior. Instead of being quiet about the situation, he has taken matters to the authorities to handle. It has been reported that Allan Flynn has lodged a complaint against two Australian commercial banks.
According to sources, the banks that Allan Flynn has lodged a complaint against are Westpac Bank and ANZ Bank. In the complaint, Flynn has accused the banks of practicing systematic discrimination.
The Australian Financial Review has also shared details around the complaint and the compensation that Flynn has demanded. It has been reported that Flynn is seeking AUD$250,000 (around USD192,000) in compensation.
In the complaint, Flynn has stated that he has been the victim of discriminatory practices. He alleged that on several occasions, the banks have continued to shut down the accounts he created on their platforms.
In the complaint, he has also stated that there have been several occurrences where the accounts created through his platform have been shut down. He alleged that in the past three years, around 20 banks have shut down the accounts that were opened and operated by his exchange.
He asked the authorities how is he to run his business and serve customers if the financial institutions and authorities are unwilling to cooperate with him. He stated that the exchange cannot operate if the banks do not let him open an account with them. Flynn’s statement expressed his agitation and disappointment over the regulatory authorities for not being able to provide him the service he expected.
He reported that there has not been a single explanation given by the banks for shutting down the accounts. He has been facing this problem despite being registered and authorized by the AUSTRAC. The full form for AUSTRAC is “Australian Transaction Reports and Analysis Center”.
As of now, the platform that Flynn owns is home to 450 customers that are acquiring crypto-related services.