{"id":34970,"date":"2021-01-19T11:47:00","date_gmt":"2021-01-19T09:47:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=34970"},"modified":"2025-08-28T23:07:52","modified_gmt":"2025-08-28T20:07:52","slug":"crypto-exchange-owner-seeks-290000-from-banks-over-account-freezes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/crypto-exchange-owner-seeks-290000-from-banks-over-account-freezes\/","title":{"rendered":"Crypto-exchange owner seeks $290,000 from banks over account freezes"},"content":{"rendered":"<p>Trader Allan Flynn is seeking $290,000 in damages from Westpac and ANZ in court. Banks&#8217; reluctance to work with cryptocurrency crippled the Australian&#8217;s exchange business, according to <a href=\\\"https:\/\/www.afr.com\/companies\/financial-services\/banned-bitcoin-trader-alleges-bank-discrimination-20210118-p56uvo\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">Financial Review<\/a>.<!--more--><\/p>\n<p>\\n<\/p>\n<p>The exchange owner called the banks&#8217; closure of the accounts with Westpac and ANZ &#8216;illegal&#8217; due to &#8216;a lack of prior notice and justification&#8217;.<\/p>\n<p>\\n<\/p>\n<p>Banks also refused to open new accounts for the crypto exchange on various pretexts. Flynn said he sustained &#8216;significant losses&#8217;, for which he seeks compensation of A$375,000.<\/p>\n<p>\\n<\/p>\n<p>Flynn owns a cryptocurrency exchange with about 450 clients. The platform operates under regulation and was previously registered with AUSTRAC.<\/p>\n<p>\\n<\/p>\n<p>Cryptocurrencies and crypto-based businesses are legal in Australia. However the exchange owner noted that he is not the only victim of discrimination against crypto traders on the mainland.<\/p>\n<p>\\n<\/p>\n<p>A hearing on Flynn&#8217;s case in the ACT Civil and Administrative Tribunal is scheduled for the end of March, according to the Financial Review.<\/p>\n<p>\\n<\/p>\n<p>In August 2020, popular Australian exchanges <a href=\"https:\/\/u1f987.com\/en\/news\/australian-exchanges-drop-monero-and-other-anonymous-cryptocurrencies-from-listings\">refused<\/a> to list Monero and other anonymous cryptocurrencies to deter potential illicit activity on their platforms.<\/p>\n<p>\\n<\/p>\n<p>Follow ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Allan Flynn is seeking $290,000 in damages from Westpac and ANZ in court. Banks&#8217; reluctance to work with cryptocurrency crippled the Australian&#8217;s exchange business, according to the Financial Review.<\/p>\n","protected":false},"author":1,"featured_media":34971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,1229,1162],"class_list":["post-34970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-banks-and-fintech","tag-court-cases"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=34970"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34970\/revisions"}],"predecessor-version":[{"id":34972,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/34970\/revisions\/34972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/34971"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=34970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=34970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=34970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}