Westpac Bank's CEO, Anthony Miller, recently apologized to a customer named Tim for blocking a $30,000 transfer to the cryptocurrency exchange CoinSpot and freezing Tim's accounts. After depositing $50,000, Tim attempted to move a portion to invest in Bitcoin, but the transaction was halted due to uncertain motives during a recorded conversation with Westpac’s risk management team. This led to Tim being unable to access his funds for several days, resulting in missed investment opportunities. The incident sheds light on the Australian government's focus on addressing debanking concerns related to digital assets, as they consider new crypto licensing reforms to improve transparency and consumer protection. Following the ordeal, Tim decided to close his Westpac account and switch to another bank. Miller acknowledged the bank's mismanagement of the situation while defending its anti-scam measures, which flagged many recent crypto transfers as potentially fraudulent.

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