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Wednesday , 1 October 2014

National Australia Bank shuts its doors to all clients connected to Bitcoin

800px-CohunaNABBank

The National Australia Bank (NAB), once the country’s most cryptocurrency-friendly institution, has decided to drop all Bitcoin support. According to the bank, all customers dealing with the digital coin will see their accounts close during the next month.

The news was announced by an Australian trader connected to the platform LocalBitcoins.com, who revealed he got a letter from the NAB containing a surprising warning.

NAB has a responsibility and commitment to continually review its risk profile and the businesses we bank, ensuring that those businesses do not pose risks to NAB.

“NAB has recently conducted a review of businesses that trade in digital currencies and has determined that digital currency providers pose an unacceptable level of risk, both to our business and reputation”, the letter explains, adding that “as a result of this review, NAB has decided to stop providing banking services to you and will close your accounts, effective 2nd May 2014“.

The National Australia Bank guarantees it will return all remaining funds present in the Bitcoin-related accounts. It will also provide a free customer support number to help the clients, according to Coindesk.

Meanwhile, other businesses with connections to the world’s most famous cryptocurrency revealed they have also received a warning from the NAB and are currently looking for new financial partners.

Featured image from Wikimedia

8 comments

  1. Sad to see the NAB commit financial suicide but all dinosauraurs are extinct rant they? Fools…

  2. Strategic move by the banks, given they now have their eye on the Bitcoin exchange market. They know crypto is the way of the future and they’re just removing the competition before they move in. Their statement is true and accurate – ” Bitcoin providers pose an unacceptable risk to the bank” – because the banks want the business.