Australia’s big banks pull plug on bitcoin companies

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[1] Australia’s giant banks have closed accounts of bitcoin companies in response to tougher rules on money laundering and terrorism finance – forcing at least 13 digital currency providers out of business.

[2] This comes just months after Westpac pulled out of the remittances business in order to reduce compliance risks.

[3] This is also part of banks’ wider move globally to exit sectors that present compliance headaches from regulators who push for compliance with tougher anti-money laundering and counter-terrorism financing rules.

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[Source] Australian Information Technology News – Australia’s big banks pull plug on bitcoin companies