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“It’s My Money”: Bank CEO Apologizes After Blocking Customer’s Bitcoin Buy
Westpac CEO Anthony Miller has issued a public apology after his bank froze a customer’s accounts following a $30,000 Bitcoin transfer attempt. The incident highlights the ongoing tensions between traditional banking and cryptocurrency investments.
According to reports, Tim, the affected customer, deposited $50,000 into his Westpac account and attempted to transfer a portion of those funds to Australian crypto exchange CoinSpot to purchase Bitcoin. However, this action triggered intervention from Westpac’s risk management team, who questioned Tim about the purpose of his transaction.
During a recorded phone call with bank staff, which was later shared on Sydney’s 2GB radio, the employee repeatedly challenged Tim’s answers regarding the transfer intention. Following this conversation, Tim’s accounts were locked for nearly a week, with him missing potential gains from Bitcoin’s price rise during that period.
In a statement, Miller acknowledged that Westpac had mishandled the situation and apologized to Tim. While apologizing for the specific case, Miller defended his bank’s broader anti-scam measures. He pointed out that one in five attempted crypto transfers flagged by Westpac in the past month were linked to fraud.
A Westpac spokesperson emphasized that preventing scams is a top priority for the institution, with staff working to identify red flags when customers request large cash withdrawals.
The incident comes as the Australian government works to address debanking concerns for individuals and businesses in the cryptocurrency sector. The Albanese government has outlined a new regulatory framework for digital assets aimed at providing greater certainty for industry participants while addressing consumer protection and market integrity risks.
This proposed reform would require major crypto platforms to obtain an Australian Financial Services License, while exempting smaller firms and businesses not involved in financial services.
Source: https://blockonomi.com/its-my-money-bank-ceo-apologizes-after-blocking-customers-bitcoin-buy/
