Westpac’s CEO Anthony Miller expressed regret after the bank froze a customer’s account due to a halted $30,000 Bitcoin transfer. The customer, Tim, deposited $50,000 earlier, aiming to invest in Bitcoin at CoinSpot, but faced account restrictions.
The incident highlights ongoing concerns regarding ‘debanking’ in Australia, prompting the government to initiate new crypto regulations. Miller stated the bank must improve communication, despite defending its anti-fraud actions, as one in five crypto transfers flagged by Westpac tied to fraud.
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