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CEO of a major Australian bank publicly apologizes for blocking Bitcoin transaction – What is happening to investors?
One of the largest banks in
– Westpac – is facing a wave of criticism after freezing a customer's account for transferring money to invest in Bitcoin. The incident not only forced the bank's CEO to publicly apologize but also sparked a major debate about the state of 'debanking' – the phenomenon of banks unilaterally blocking activities related to cryptocurrency.
Customer locked out of account for wanting to invest in Bitcoin
– Westpac – is facing a wave of criticism after freezing a customer's account for transferring money to invest in Bitcoin. The incident not only forced the bank's CEO to publicly apologize but also sparked a major debate about the state of 'debanking' – the phenomenon of banks unilaterally blocking activities related to cryptocurrency.
Customer locked out of account for wanting to invest in Bitcoin
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🟡 The Australian bank apologized to the crypto investor — but the aftertaste remains
— Westpac CEO Anthony Miller publicly apologized for blocking $50,000 that the client wanted to transfer to CoinSpot to buy Bitcoin.
— The funds were frozen after a conversation with the security department, where the investor was literally "interrogated" about the purpose of the transfer.
— The bank acknowledged that it acted too strictly but emphasized that almost 20% of crypto transfers in March were related to fraud.
The bank had reasons, but the situation is a classic example of the conflict between security and financial freedom. The client missed the moment to buy BTC, and it is unlikely that apologies on live TV will make it any easier for him.
In a world where technology allows for freedom, the old banking system still holds the reins.
📢 Stop chasing the market — start outperforming it 💼
#crypto #banks #Bitcoin #Australia #Westpac
— Westpac CEO Anthony Miller publicly apologized for blocking $50,000 that the client wanted to transfer to CoinSpot to buy Bitcoin.
— The funds were frozen after a conversation with the security department, where the investor was literally "interrogated" about the purpose of the transfer.
— The bank acknowledged that it acted too strictly but emphasized that almost 20% of crypto transfers in March were related to fraud.
The bank had reasons, but the situation is a classic example of the conflict between security and financial freedom. The client missed the moment to buy BTC, and it is unlikely that apologies on live TV will make it any easier for him.
In a world where technology allows for freedom, the old banking system still holds the reins.
📢 Stop chasing the market — start outperforming it 💼
#crypto #banks #Bitcoin #Australia #Westpac
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