Allan Flynn, a cryptocurrency trader from Australia, has filed a lawsuit against the country’s two major commercial banks. As reported by the Australian Financial Review, the lawsuit comes in allegation of the bank’s discriminatory behavior against his cryptocurrency business by unlawfully closing his accounts. The two banks ANZ and Westpac cut off the Australian crypto trader banking accounts with almost no warning.
Australian Bitcoiner Sues Banks Alleging Discrimination
Flynn reportedly runs a cryptocurrency over-the-counter (OTC) desk and serves around 450 clients. The legal complaint filed against Westpac and ANZ highlights that the banks closed the accounts soon after they were opened.
Flynn told the Australian Financial Review:
“How am I supposed to run a lawful business if I can’t get a bank account?”
According to the report, the banks suspended the account of Flynn because they didn’t like the idea of cryptocurrency. Meanwhile, this isn’t the first time the crypto trader had to go through such an experience. Flynn stated that at least 20 of his bank accounts were shut down over the past three years that have shut which includes CBA, NAB, ING, and Bendigo Bank.
The Australian crypto trader currently holds licenses from the Australian Transaction Reports and Analysis Centre (AUSTRAC). The licenses enable him to run a legal crypto business.
However, according to the banks, the reason he was shut down because was involved in cryptocurrency fraud. Flynn alleged that one of the bank employees of ANZ informed the other banks that he was involved in a cryptocurrency fraud, which is false.
Lawsuit Demands Compensation of $192,000
According to the lawsuit, Flynn is now demanding compensation of over AUD 250,000 ($192,000) from the banks for discriminating against him and his cryptocurrency business.
Banks have always remained indifferent towards cryptocurrency companies. Even though that seems to be changing with the recent mainstream adoption of Bitcoin. For instance, cryptocurrency giants such as Coinbase even had to face complications when its UK banking partner denied offering its services.