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Australian bitcoin exchange myCryptoWallet bank account closed, user funds stuck

source-logo  cryptoninjas.net  + 2 more 23 January 2019 00:00, UTC

myCryptoWallet, an Australian bitcoin and cryptocurrency exchange which launched in late 2017, informed users the other day that due to the National Australia Bank (NAB) closing their account without notice, user withdrawals are currently disabled until further notice. The company says this will not affect user deposits as they have opened a separate bank account to handle all future deposits.

The team of myCryptoWallet says that NAB made absolutely no attempt to give any reason or justification for why they have closed the exchange company’s bank account. Further, upon asking for an explanation, the team says that the bank simply told them that they will get back to them in up to 5 business days.

The elevated concern myCryptoWallet has with this situation is that all of its customers’ funds are currently locked away in this account. Due to this, the team reports having filed a complaint to the Australian Financial Complaints Authority (AFCA) who apprised that NAB has until March, 6th 2019 to respond. Not accepting this long delay, the myCryptoWallet team is considering pursuing legal action against NAB for “damages and gross negligence.”

“This is not the first time one of the big 4 banks has closed our business bank account and is a common problem within the industry. Unfortunately, due to the size and influence of institutions such as NAB, they often get away with this kind of unethical and unprofessional behavior. We will do everything in our power to challenge them on this issue because their actions not only affect us as a business but you as a customer.”

myCryptoWallet Team

myCryptoWallet is also encouraging users to contact NAB directly and demand an explanation for why they have seized funds.

cryptoninjas.net

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