Westpac CEO Apologizes for Account Freeze Over Crypto Transfer

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AI Summary

Westpac CEO's apology for freezing an account due to a crypto transfer highlights the need for clearer regulations and communication in the industry, potentially leading to increased adoption and reduced uncertainty for investors.

According to PANews, Westpac CEO Anthony Miller has issued an apology following the bank's decision to freeze a customer's account after a $30,000 transfer to the cryptocurrency exchange CoinSpot. The customer, identified as Tim, reported missing out on $6,500 in Bitcoin gains due to the week-long account freeze. This incident occurs as Australia is working to address the issue of 'debanking' and implement new cryptocurrency licensing regulations.

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Westpac CEO Apologizes for Account Freeze Over Crypto Transfer

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