Australian Bank CEO Apologizes for Freezing Customer Funds Over Bitcoin Transfer
Westpac CEO Anthony Miller issued an apology to a customer named Tim for blocking a $30,000 transfer to CoinSpot, an Australian crypto exchange, and freezing his accounts. Tim had deposited $50,000 into his Westpac account and tried to transfer some funds to invest in Bitcoin. The transaction was stopped, leading to a conversation with Westpac's risk management team, which Tim recorded and shared on Sydney's 2GB radio. The staff member questioned Tim's intentions, causing a delay that made Tim miss out on potential gains from Bitcoin's price increase. This incident highlights concerns about debanking and new crypto licensing reforms in Australia. Despite a voicemail mishap, Westpac's CEO acknowledged mishandling the situation and the need for better communication. Tim has since switched banks, and Westpac has yet to comment on the issue.$BTC