ANZ Bank Settles Debanking Case With Bitcoin Trader Allan Flynn

Sahaj  |  Oct 14, 2021

ANZ Bank has recently settled a case raised by a bitcoin trading platform operator, Allan Flynn, who alleged he was discriminated against over the decision to canceling his bank accounts because he runs a crypto trading business. The Canberra-based Bitcoin trader launched action in the ACT Civil and Administrative Tribunal against ANZ and Westpac.

ANZ Bank Reportedly Settled Case with Allan Flynn

As revealed in the case, Allan Flynn alleged both ANZ and Westpac of breaching his human rights and discriminated against him by shutting his bank accounts only because he deals with cryptocurrency.

Though the case with ANZ Bank has been recently settled, Allan’s case with Westpac still continues.

ANZ Bank prepared a statement back on Thursday on the case confirming that it had settled the matter with Mr. Flynn without any liability but gave Mr. Flynn the chance to reapply for opening a bank account by mentioning that he was not banned for a lifetime. The bank said:

“The parties have agreed to resolve their dispute and Mr Flynn has withdrawn his ACAT claim. Mr Flynn has not been paid any compensation.”

In addition to this, it should be noted that the bank said it closed the bank accounts of Mr. Flynn back in the month of January of the year 2018, and then again in the month of August of the year 2019. It was because of the bank’s policy to avoid banking with crypto exchange operators.

The official statement said:

“ANZ acknowledges that it closed Mr Flynn’s accounts because it detected he was operating a

DCE (digital currency exchange), and without seeking information from Mr. Flynn about the particular circumstances of his DCE business, including the ML/TF (money laundering/terrorism financing) risks and policies of that business. 

ANZ’s Statement in Defense for the Case

Defending the case under Section 57N of the ACT Discrimination Act, that it was not unlawful to discriminate against a person on the grounds of their profession or trade if in case the transaction was relevant to the trade of the person, ANZ said:

“ANZ further acknowledges that this could, subject to the defence in section 57N, have amounted to unlawful discrimination.”

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