Bank under investigation for closing Bitcoin business bank accounts

The Australian Competition and Consumer Commission ( ACCC ) has confirmed it is investigating a series of bank closures of the bank accounts of bitcoin companies.

ACCC chairman Rod Sims told financial commentators the investigation was at an early stage.

" The investigation is ongoing. We have interviewed some bank representatives and gathered some information. But it's still early in the investigation. "

Mr Sims added: " We are asking the banks to answer why they took the actions they did and how they were linked. "

The investigation was prompted by Queensland MP Matthew Canavan , who reportedly urged the ACCC to investigate whether the bank’s closure of 17 bitcoin business accounts was an anti-competitive act.