One crypto trader, Allan Flynn, has slammed two Australian banks with lawsuits worth $250,000 AUD which translates to NGN 73,406,621.85. He claims this sum in damages from the two banks after citing that the financial institutions unlawfully closed his accounts with them without sufficient prior notices to that effect.
The Australian Financial Review revealed that Flynn initiated the proceedings at the ACT Civil and Administrative Tribunal and if he succeeds, Westpac and ANZ, the two banks will have to cough out the above stated sum.
Flynn previously ran a crypto trading platform which was compliant with the guidelines of the Australian Transaction Reports and Analysis Centre (AUSTRAC). With the recent move of the banks, Flynn has been blocked from running his crypto trade platform without the enabled banking services.
Flynn claims to have bought bitcoin (BTC, +0.41%) for about 450 investors on his platform but has had to deal with his bank accounts being closed on several occasions by banks such as the NAB, ING, CBA etc. According to him, over twenty bank accounts of his have been closed in three years.
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Westpac allegedly barred Flynn’s bank account stating reasons along the lines of … it was “under investigation for cryptocurrency fraud.”
When speaking with the Australian Financial Review, Flynn larmented:
“How am I supposed to run a lawful business if I can’t get a bank account?”
He continued that the employees at ANZ were behind rumours that flew to other banks and to his customers claiming that he was fraudulent, thereby inciting the closure of his accounts.
Flynn is even looking at hiking his damages seeing that the value of the cryptocurrencies he would have gained are flying over the roof.