ANZ bank settles debanking case with Aussie Bitcoin trader


Bitcoin Allan Flynn settled his first complaint with Australian and New Zealand Banking Group (ANZ) which was unilaterally liquidated in 2018 and 2019 over its cryptocurrency exchange (DCE) career.

The settlement comes 20 months after a Canberra resident first filed a complaint with the ACT Civil and Administrative Tribunal against ANZ.

In the settlement, ANZ indicated that it closed its accounts due to money laundering and terrorist financing (ML/TF) risks, as seen by the exchanges. He also conceded that the bank’s withdrawal from Flynn could “constitute unlawful discrimination in violation of Sections 7(1)(p) and 20 of the Discrimination Act of 1991.”

However, ANZ denies any liability and states that if he “discriminated against Mr. Flynn by closing his accounts, that discrimination was reasonable under the circumstances and therefore lawful”.

ANZ’s statement also acknowledges that it closed its account after discovering DCE’s activity without contacting Flynn to obtain more information about its activities. Flynn argues that such discrimination is illegal under Canberra law, which states that “it is unlawful to discriminate against you on the basis of your occupation, occupation, occupation or occupation.”

Although the first game is already over, next Thursday he will be suing Westpac Bank over a new complaint.

Westpak closed her bank account in 2019, citing the same ML/TF concerns she had as a crypto trader.

Flynn told Cointelegraph that the case was significant, as it would be the first time that banks would have to say definitively whether or not to serve bitcoin traders. “All I ask is honesty,” he said.

Flynn intends to cite human rights abuses by banks to discriminate against him and his profession. He feels that this is the right path to gaining power, requires more organization, and hopes that victory will bring about political change at the national level or perhaps at the international level.

“Defeating the banks may have broader implications for discriminatory professions.”
He said the court’s decision would be subject to scrutiny by the general public, and that the initial settlement could help change policy on the partial petition. However, he fears the loss will trigger more bitcoins to be released.

Related: New Australian Cryptocurrency Law May Come 2022 Senator Bragg Says NFT

His case is far from unique. Just last month, Rebecca Scott Joby, chief executive of Fintech Australia, told the Senate that as many as 91 members of her organization have been infected with no apparent reason or avenue to appeal.

The Australian Transaction Reporting and Analysis Center (AUSTRAC) has been issuing increasingly specific regulations since 2015 about how DCEs operate and treat them in accordance with the law.

Most importantly, AUSTRAC made it clear that AML/Anti-Terrorism laws do not require banks to shut down cryptocurrency traders’ accounts.



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