Banking Blackout Forces New Zealand Bitcoin Exchange Shutdown

Bitcoin Remittances

BitNZ which is a New Zealand bitcoin BTC exchange announces that they are closing its business operations because of the New Zealand banks who refused to bank accounts for trading bitcoins. The customers are advised by the banks to withdraw all their funds before  April 15, 2017.

The company also announces its decision on the Reddit that notes it is not possible to continue operations.

Uncompetitive Banks

According to the BitNZ, the position of the banks is anti-competitive that raises the question of whether there is a fair regulator in New Zealand or not. One customer states that he stops using BitNZ because of the banks who refuses to trade bitcoins, however, the BitNZ always offer excellent services.

Other Uncompetitive actions

There is an another Reddit post that states the actions of the banks in New Zealand is not only the sign of the anti-competitiveness, it also cites the efforts for preventing the Apple Pay from competing in those markets. The Australian banking industry is even criticized by the Apple for delaying and preventing the use of Apple Pay as per the stuff.co.nz which is a New Zealand news site. The Australian banks consist of National Australia Bank who owns the Bank of New Zealand.

According to the Australian Competition and Consumer Commission, it will scrutinize the Big Four banks in Australia for attempting the swallow fintech firms to develop the technologies such as blockchain solutions.

2015 Investigation Cleared by Banks

The Queensland Matthey Canavan urges the ACCC in 2015 for the investigation the chances of banks engaged in the anti-competitive behavior after the deny and close of the banking services for the bitcoin operators without giving any explanation formally. As per the website, the BitNZ also operates the bitcoin ATMS.

As per one Reddit post, the overflow from the BitNZ close hopes that making the banks more cooperative in relation with the bitcoin.

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