Topic: Bitcoin Accounts Frozen As Australia Banks Crack Down on Crypto (Read 350 times)

I still do not understand. Lets say you get the bounty in bitcoins, you transfer it on the exchange in fiat and then send that fiat into your bank account. Can the bank freeze this amount of fiat money just because it came from crypto exchange?

banks now start fighting and try to make bitcoin weak.
Such Accounts Frozen make us pay to try to make open source and enable users to transfer without the need to verify identity or send tax data.
it is better to use out country exchange sites to be save if government start banning.
after china ban i assume more counties start banning

This news if it is true will definitely be the way the banks want to discredit Bitcoin. I think what they suppose to do is to find way and be part of blockchain technology which is the future of financial world. Blackmailing will not pay them.

Banks tell different reason for stopping cryprocuurency, truth is they are afraid of their business slowdown or shutdown. Banks eat peoples money by charges, fees, giving less dividend or share price in turn to customers. Banks or government cannot control crypto, so they're doing this kind of things to be safe in business.

I get a kick out of the scene when they chant ideology when it suits them.
They get into trouble with bank transfers because it violates old established laws..
Then they line up to pump the scam coins called Ripple and Ethereum.. both who had bragging about doing bank deals.
Then.. when the 3rd party exchanges like GOX or Cryptsy or Mintpal rip you off you then flip flop on your ideology and then cry for the Police and lawyers.. then run back here and chant no laws and taxes are bullshit.

You.

ALL OF YOU are scammy idiots.

I can't stand crypto.
You are all bullshitting hypocritical little fucking greedy frauds.
I am glad i dumped my coins way back.. why would i support Bitcoin anymore ?
It's not like it works well or has any chance of being fixed.
I hope the govt's rape the living fucking shit out of you all and throw many of you in jail for fraud.
This is all nothing but noob pajeet investard faggotry fer teh ROI'z.  

PS:
Just because you randomly decided ideology is good thing don't mean fuck all.
You *SHOULD* have been supporting it since day one.
Not when it hits your wallet assholes.

For example when exchanges one after another started forcing us to show picture ID you should have said NO.
You didn't.. because you *NEEDED* to keep profiting.
Why did they do that ?
AML / KYC law across the globe.
Laws that exist in all major countries.

Which means all your activity is govt compliant and *MANY* exchanges have told you all publicly they do in fact disclose your info to the authorities such as Tax agencies or FBI etc.
So regardless of riding the ideology coattails temporally because of an inconvenience you know have to face the fact that if you move money over the limit you WILL be flagged.

Hey dumb fuck profiteers.. go buy scam coins called DEEP ONION or Monero at Poloniex..
Just don't forget to get verified so you actually move coins in and out. LOL  

When do you realize the "chain" startup scene is a retarded scammy ass fucked joke ?

Crypto is dead.
It died a hell of a long time ago.
It's been five years since people forgot WHY the coins were made.
Any fucking prick who owned an ICO coin or Deep Onion or Ripple or Ethereum should get a punch in the head and jail time.
You reap what you sow..

Not me.
When i heard of tax laws in 2013 i paid my taxes and have had no "profit" to declare.
I also never willingly supported any scammy coins.
I TRIED like hell to support ideology.. for a reason.
So i didn't have to fork over my picture ID to use a crypto coin.
Never have and sure as fucking hell never will.

I told you fuckers here I'd sooner light my money on fire than buy ICO scam coins like Ripple or ETH.
So i did.. i went outside with a fist full of paper money and lit the shit on fire then posted pictures of it.
I have integrity.
You cock suckers are human garbage and you deserve every but of govt harassment you get.
I am cheering for the fed's not crypto.
I hope they bend you all over and fuck you hard.. you deserve it.  

Go fuck yourselves and your "startup" ROI's  

 Bank of Australia have already warned about this. They have banned bitcoin currency when they found the evidence that bitcoin money is getting used in illegal activities like money laundering and arms dealing. National Australia Bank, ANZ, the Commonwealth Bank of Australia and Westpac Banking Corporation -- have frozen transfers and customer accounts that have had interactions with CoinJar, CoinSpot, CoinBase and BTC Markets. Many boicoin investors are claiming that their accounts have been frozen by the bank. Bank are claiming that they are doing this for security check by the financial institutions. But this has not affected bitcoin price much, it has recovered from $12000 to $15000 today.

This sounds like a scary look. Are these accounts suspected of money laundering? It is still limited to investing in cryptocurrencies.

Banks are crazy to think that they can lose customers because their investments are less profitable than investments in crypto. Banks need to change their thinking and offer their customers crypto investments as well

AUSSIE is a laboratory for world-zionism, they can control AUS from tel-aviv, more than they control USA, its probably easier to control/test the AUS public, and corral them into centrailized gov-kosher btc exchanges, and move to a cash-less society

ZION dis-armed the AUS public, so now taking their money will be easy



ZIONISM hates competition, besides ripple can let you enter the bank by other means, because ripple is used by 'legitimate' companys you use them as your ingress/egress to btc, then you would be kosher with the bank,

Just like MARIJUANA in usa, at first any pot shop ( legal ) couldn't have a bank account, ...

Zionist banks are picking and choosing the friendly exchanges they want to corral people into,

Most likely some exchanges in AUS were not be friendly with AUS tax collecting authority, so they call bank, and tell them that exchange is used by laundering ppl.

Same with coinbase in USA, they have been licking the balls of IRS since day-one, so in soon future, you will see all exchanges in AUS that survive lick balls of tax authoritys

..

All of this is bullshit, cuz original bitcoin, you met in public and traded for cash, go back to old days ppl, return to our roots

Fuck exchanges, fuck 3rd party wallets, ... all this is designed to rob u, of your btc

Localbitcoins has always used a wide variety of services OTHER than cash.
And funny enough it's cash deals that i never tried there.
I've done Banks, Western Union and Interac eTransfer with Localbitcoins.

If Banks are the enemy why is the world pumping up the scam coin called Ripple then ?
Don't fake ideology people.. live it !

will 2018 be the year where gov will go crazy over crypto?

The way you thought of it of course not.
How do you bypass a bank when you are going to deposit your fiat there?
You say crypto to fiat back on exchnges, how do you deposit how do you withdraw ?


The problem are not the banks , the problem is that exchanges don't offer other ways of depositing money fast and cheap other than banks.
Your only way to avoid banks is to go and deal in cash via local bitcoins.
Kind of ironic....using banks which are the "enemy" of BTC to actually buy BTC.And then complain that there is no other way...

I am a new here, so i might ask an obvious question. Is there a way to bypass banks in the process. Lets say transfer crypto to fiat and back on the exchange and then deposit the money in bank? I presume that works for smaller amounts...

The same has been said of Paypal.
And i found out the hard way.. they seized my account and took about 5 grand.
They put me through hell for around 2.5 months of stringing me along with an inquisition.
I had no idea it was against their TOS (using any crypto coins with their service)
The staff here have deliberately tried to hide the fact for around 6 years.
They gladly put a sticky here warning about "Chargebacks" but not that if your caught you could lose your money etc
After i got it resolved with my lawyer i ran into a guy in IRC who said he was out 128k for over a year fighting them.
Get it yet ?
It's FUD until your caught.. not everyone is caught all the time guys.
And if you did your homework before running here to chant "FUD" like a retard you would learn AML laws are typically triggered by doing a minimum amount transfer.
For example in the USA / Florida i think it's 10 grand or maybe 30 grand i forgot (Google it)
Point being is you WILL get flagged silently by an exchange potentially when others will not when moving larger amounts of money.
What is 2 BTC worth ? over 30k ?

Don't pretend to be smart.
Be smart.

When you are warned listen.
When i got my email from Paypal about the TOS violation i Google'd part of it and guess what i seen ?
A guy here on this forum who got the same damn email from them.
Yup.. it was common knowledge here all along going back that many years.
yet look around see a few hundred topics on it offering to buy and sell with PP ?
Some of them told me they keep getting caught then just make a new PP account.

Crying FUD ?
No you are fraudulent lying slithering deceitful little criminals violating real laws.
And you will be fucking dealt with.

Hey snot nose little pukes.. you might want to review Mommy's tax return and make sure you paid your taxes.
After the big rise in price with BTC a lot of you owe the tax man a fortune now.
And i'd pick a fight with a Hell's Angel in a bar before i fought the tax man.
Ever had your wages garnished ?
I've done both and dealing with the biker was easier than the Canadian Tax service  
Al Capone ring a bell ?

http://www.coindesk.com/localbitcoins-users-criminal-charges-florida/
http://www.coindesk.com/irs-bitcoin-tax-guidelines-mean/
http://www.coindesk.com/canada-revenue-agency-tax-rules-apply-bitcoin/
http://www.coindesk.com/coinbase-users-court-bitcoin-irs/

Get smart investards.

The Australian dislike for bitcoin put Jeremy from SpendBitcoins out of business long ago. This is not “fake” news this is old news.

I call this BS.

Guys trying to score youtube hits and fb likes.


There are 32 banks in Australia (excluding subsidiaries).
Are you going to believe she has gone to every bank and they all closed her account?

I'm sure their where involved in something fishy, moving large sums of money using personal accounts to avoid fees for a business account.

To be fair, try to look at this from their perspective. If I were a manager at a large national bank, I would be extremely nervous about hundreds of millions of dollars in inflows and outflows to/from Bitcoin exchanges. I know there was a bill introduced earlier in the year regarding exchange regulation, but I believe nothing was passed.

So this is all still somewhat of a grey area in Australia. When the sector was tiny, the amounts of money were so small that it wasn't a major AML concern. But Bitcoin isn't tiny anymore. Major banks might be putting their ass on the line by acting as intermediaries for large exchange operations that may or may not be legitimate. Not sure how money transmitter licenses work over their either.


I think we'll see major crackdowns in the next year or two. I wonder how many of the early generation exchanges and businesses will survive. A lot of businesses could be crushed by compliance costs when targeted regulations start coming down the pipeline.

The issue between banks and bitcoin is getting worst and it would be very difficult for people to keep their bitcoin. They will need to find for another way to transfer their bitcoin and use it as a fiat. I think some governments are really serious to look for a way they can control bitcoin. Banks are getting strict with cryptos because it is really a threat for them good thing my country did not make any move like this.

This is just the beginning of the war of fiat money with crypto currency.
2018, will present us many more unpleasant gifts.

These kind of things were bound to happen. It's actually surprising that it's just happening on only few countries. I think the reason for this always goes down to a mix of greed and security.
With the current trend and price of bitcoin, you can't expect the government and banks to just shrug off the lost(or potentially at least) money and huge amounts of it that they are not in control.
On the other hand, you also can't deny that bitcoin isn't being used in illegal activities. You also can't expect to earn huge profit and not be taxed.