Australian BTC Exchange Operator Sues Two Banks for Systematic Discrimination


Australia-based Bitcoin (BTC) trader and operator Allan Flynn has reportedly filed a legal lawsuit against two Australian commercial banks, namely Westpac and ANZ, accusing them of performing systematic discrimination towards his business. Going by the Australian Financial Review’s (AFR) report regarding the matter, Flynn is currently seeking 250,000 AUD (approximately $192,000) from both banks as compensation.

The Australian BTC exchange owner states that both banks are continually shutting him down without any appropriate grounds to do so. Flynn, who felt discriminated because of this, adds that this has been a significant detriment to his business, and thus, his decision to file a lawsuit against said banks. AFR’s report expounds on this by stating that the two banks rejected Flynn’s several bank accounts just because they found the sound of Bitcoin unsavory.

What baffled Flynn even more is the fact that his BTC trading platform, which reportedly has over 450 customers, was still systematically discriminated despite being registered within the Australian Transactions Reports and Analysis Centre (AUSTRAC).

It is also worth mentioning that the Aussie BTC trader has already filed a complaint against Westpac a year ago for the same reason. That being said, his complaint was ruled out immediately by the Australian Financial Complaints Authority (AFCA), who stated that the bank merely performed what is written on their terms and conditions. ANZ, on the other hand, explains its behavior towards Flynn’s bank accounts by simply stating that the availability of their services does not include cryptocurrency traders.

Flynn’s most recent complaint is reportedly scheduled to go on hearing this coming March 2021.


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