An Australian Crypto exchange creator is battling with sudden claosure of his bank accounts

[BrolySSJ]

With the rise in crypto usage, there are many that are either looking into or considering the investment into crypto and some that are even thinking about taking it even further in order to develop and exchange for crypto that could prove to be very profitable given the large trade volumes for the coins that we have seen recently. An Australian man however, is not having this pleasant experience as his bank accounts were closed with little warning.

The man runs a crypto exchange, and it is reported that his bank accounts were closed due to cryptocurrency fraud. Furthermore, it is stated that other banks and his customers were notified of this fraud, and this has likely damaged the reputation of the exchange quite considerable. The Australian claims innocence and is request a quarter million AUD from the bank for this dispute.

What do you think constitutes as crypt fraud since there are not many regulations that are surrounding crypto currency?

 

[Iamsodex]

If it's not like the bank says then I think it isn't fair on the man and he should take the issue up legally and in regards to people leaving the exchange platform, he should request for an Official letter from the bank stating their claim was false and it should be published for people to know and clear his name.

 

[BrolySSJ]

If it's not like the bank says then I think it isn't fair on the man and he should take the issue up legally and in regards to people leaving the exchange platform, he should request for an Official letter from the bank stating their claim was false and it should be published for people to know and clear his name.

Yes this would be very important. If it is found that the fault lies on the side of the bank then they would need to issue a formal letter of apology to allow this man to re-establish this business and his exchange as it is likely that this would have cost him greatly in terms of the number of customers that he has.

Perhaps the bank has evidence to prove such, now that I think about it. Otherwise, they are unlikely to have gone through all the trouble of making this a legal matter without valid proof.

 

[Jimmie150]

This is a serious issue but I strong believe if there was a regulatory body in place to check mate cryptocurrency crime all this won't be happen at this point in time. I wonder how the man would be feeling now.

 

[BrolySSJ]

This is a serious issue but I strong believe if there was a regulatory body in place to check mate cryptocurrency crime all this won't be happen at this point in time. I wonder how the man would be feeling now.

There should be a regulatory body that is implemented for crypto exchanges in which case financial documents as with yoru normal businesses are required and given as proof. If the financial documents match the level of the transactions on the exchange then it is a good thing because it shows that it is likely to be run in a legitimate way as the books ill balance accordingly.

 

[Ayanali]

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[Mawome]

Why is he running around like he doesn't know what is happening, was he not informed? He should go and give an answer to the bank, his account was used by some hoodlums, for froudlent activities so he should go and answer the closing this account is not the answer to his problem

 

[Ralphjoe]

I don't think there's anything like the cryptocurrency fraud yet and the reason I think that the man was taken to court was because some people are jealous of his success with cryptocurrency and still they are being overzealous to take him to court.

 

[Patrik]

a sudden closure is seriously unfair, they should have atleast warned him couple of days before so he can know what actions he should take...

 

[Ltherman]

I don't know how these other exchanges do it that they'll have such stash or huge inflows and outflows without any of such issues. I guess there is an alternate arrangements these guys have some where which serves a s a back door if such things happen.

 

[Shigobad2020]

With the rise in crypto usage, there are many that are either looking into or considering the investment into crypto and some that are even thinking about taking it even further in order to develop and exchange for crypto that could prove to be very profitable given the large trade volumes for the coins that we have seen recently. An Australian man however, is not having this pleasant experience as his bank accounts were closed with little warning.

The man runs a crypto exchange, and it is reported that his bank accounts were closed due to cryptocurrency fraud. Furthermore, it is stated that other banks and his customers were notified of this fraud, and this has likely damaged the reputation of the exchange quite considerable. The Australian claims innocence and is request a quarter million AUD from the bank for this dispute.

What do you think constitutes as crypt fraud since there are not many regulations that are surrounding crypto currency?

That's a good lesson for everybody trading in crypto currency to be very careful with their account because of fraud, even top people in the government and banking sector might be involved in the fraud.

 

[Josemendez]

Am not surprised that people will prefer to store their money in cryptocurrency than in banks because the banks have not really been favourable to their citizens

 

[Lordfalcao]

You

With the rise in crypto usage, there are many that are either looking into or considering the investment into crypto and some that are even thinking about taking it even further in order to develop and exchange for crypto that could prove to be very profitable given the large trade volumes for the coins that we have seen recently. An Australian man however, is not having this pleasant experience as his bank accounts were closed with little warning.

The man runs a crypto exchange, and it is reported that his bank accounts were closed due to cryptocurrency fraud. Furthermore, it is stated that other banks and his customers were notified of this fraud, and this has likely damaged the reputation of the exchange quite considerable. The Australian claims innocence and is request a quarter million AUD from the bank for this dispute.

What do you think constitutes as crypt fraud since there are not many regulations that are surrounding crypto currency?

Well I really think maybe he must have done something wrongly or did what he wasn't supposed to do in the first place or maybe it's not just outrightly supported over there.

 

[BrolySSJ]

You

Well I really think maybe he must have done something wrongly or did what he wasn't supposed to do in the first place or maybe it's not just outrightly supported over there.

It could be a case of crypto not being supported fully, as i have noticed that some people in other countries have had this concern when cryptocurrency is not being fully supported.

 

[Kelly5]

This is a matter the man should take up and present before the court inorder to demand justice for his aclaimed wrong doing. If he is found guilty, he should face the full wrath of the law

 

[Josemendez]

This is a matter the man should take up and present before the court inorder to demand justice for his aclaimed wrong doing. If he is found guilty, he should face the full wrath of the law

Do t you think if this is the case they would filed a court case ? , They are actually guilty if you ask me. But I hope that the issue is settled to quite a situation whereby there will be neutral ground for the two parties

 

[Shigobad2020]

You

Well I really think maybe he must have done something wrongly or did what he wasn't supposed to do in the first place or maybe it's not just outrightly supported over there.

Mistake is some part of aspect in our life , and because we are not perfect ,we are bound to make mistakes, so i beleieve something was wrong somewhere , its either he made a mistake or he was hacked.

 

[Lens]

Cryptocurrency fraud comes in various forms. The corrupt political elites hide under the crypto exchange to embezzle public funds. The insurgents too received funds from the international sponsors through cryptocurrency

 

[Josemendez]

Cryptocurrency fraud comes in various forms. The corrupt political elites hide under the crypto exchange to embezzle public funds. The insurgents too received funds from the international sponsors through cryptocurrency

Indeed , this is one of the demerit of cryptocurrency . It's annoymous nature leads to people using it for one illegal activity or the other.

 

[Setfragil]

It is the anonymity that cryptocurrency offers that most financial institutions do no agree on as the authenticity of the funds entering his account could not be verify. Hence, the closure of his bank account.