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

I think since they are doing an investigation and traced the funds to the exchange, the addresses that were involved in the transaction will be blacklisted. It shouldn't affect other members.
It can be quite easy to blacklist a transaction or a wallet however there is no legal standing or proof that there was illegal content with that address because you cannot actually have a legal ground to do so, due to the coins not being fully adopted in the country as well.
 
People who invested in crypto earlier as 2004 are becoming multimillionaire now so it is likely that banks and financial institutions take them to be frauds but it is not, they made an early step into becoming rich.
The same issue in Nigeria, the government thinks all wealthy youths are scammers, but no, these are people who had gain an early knowledge of the future, so now they are making it.
 
If according to my your post they said the closure of his cryptocurrency exchange is as a result of cryptocurrency frauds tht means there are laws governing the operation of cryptocurrency in his country that he has defaulted In
 
If according to my your post they said the closure of his cryptocurrency exchange is as a result of cryptocurrency frauds tht means there are laws governing the operation of cryptocurrency in his country that he has defaulted In
This is what can be understood from this statement, however there are many countries that do not have any laws that relate to cryptocurrency yet are still able to take action against these scam sites. I don't understand how it works to be honest.
 
If any form of irregularities is done on the crypto currency exchange platform I think the best thing is to close it down just as the authorities have done. If the owner thinks he is accused wrongly then he should prove himself
 
As of now I do not think that there is a crypto regulation in Australia so it is possible that it was a mistake or you did something wrong with it.
 
If any form of irregularities is done on the crypto currency exchange platform I think the best thing is to close it down just as the authorities have done. If the owner thinks he is accused wrongly then he should prove himself
It can be very hard to prove this either way when it comes to a cryptocurrency platform because of the fact that the currencies are anonymous and therefore there is no record for the uses of the coins as well.
 
If he is free of the said crimes the by all means he should do what he can to not smear his name , I'm sure it won't be easy to do since the news have travelled far but definitely possible
 
Running currency exchangers is not that easy. I can understand that. I am not aware of any Australian man who is facing such problems. However, any allegation against your exchanger can significantly damage your business. This is why you must make sure that each and every thing is regulated and you respond to customer queries.
 
If he is free of the said crimes the by all means he should do what he can to not smear his name , I'm sure it won't be easy to do since the news have travelled far but definitely possible
I also think that once news like this actually has to get out into the various Industries it can be very difficult for a person to try and salvage what is left of their reputation.
 
I have a strong belief that his bank account might have been erroneously flagged and as such it will only take some time before it is restored back.
 
I have a strong belief that his bank account might have been erroneously flagged and as such it will only take some time before it is restored back.
If there has been a problem with his bank account then I think that it will be very difficult for him to actually win the case because there will be a lot of financial transactions that could indicate that he was involved in a fraudulent activity.
 
bank industries have recently turned their focus on a lot of crypto traders, i am surprise about this because in a world where internet frauding has become on it rise, making a lot of money from it will leave you as a suspect.
but closing of individuals bank account i think is not the best because one may acually be making his money from a legit source
 
bank industries have recently turned their focus on a lot of crypto traders, i am surprise about this because in a world where internet frauding has become on it rise, making a lot of money from it will leave you as a suspect.
but closing of individuals bank account i think is not the best because one may acually be making his money from a legit source
I think they are more likely to reopen the bank account if the person is able to show them that they made all of the cryptocurrency money through legitimate methods such as trading.
 
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?
This is subject to investigation. Until there's concrete information from both sides in a free and fair case, we won't know if he's really guilty or innocent.
 
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?
To my understanding, the Australian bank that closes his bank might be wrong about closing his bank account because why at the moment I don't think there is any way they could trace a crypto fraud I guess.
 
To my understanding, the Australian bank that closes his bank might be wrong about closing his bank account because why at the moment I don't think there is any way they could trace a crypto fraud I guess.
Remember there is a public record of the cryptocurrency transactions on the blockchain so perhaps that has something to do with seeing that it is a fraud case?
 
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?
Some exchangers are created mainly for fraud purpose. Like a crypto currency exchangers owner that the news spread that the owner did not releasing the pin to the wallet. It was later that we learnt that fraud was done with on the exchanger
 

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