An Aussie Bitcoiner Takes Banks To Court


Two renowned commercial banks of Australia have been made defendants in a suit purported to be filed by a Bitcoiner from Australia. Plaintiff Bitcoiner claimed in the suit that the banks acted in a discriminatory manner while closing his accounts without due notice.

 Allan Flynn, an Australian Bitcoiner, has recently lodged a lawsuit against Westpac and ANZ i.e. two major commercial banks of Australia. In the suit Flynn has claimed compensation to the tune of AU$ 250,000 (equivalent to US$ 193,000).

He has alleged in the lawsuit that the banks acted in a contradictory manner against the plaintiff by closing his accounts. He has stated in the lawsuit that he had recently opened accounts with the banks but the banks closed the accounts on 18th January. Furthermore, before closing the accounts, the banks failed to give due notice and instead went on to suspend accounts on short notice. In the suit, Flynn has prayed to the Court to grant him compensation and consequential relief.

It was reported that Flynn had been running a crypto exchange firm in Australia. But in the past 3 years at least twenty different Australian banks had suspended his banking accounts for reasons unknown. He said that he had been a victim of discriminatory treatment by the banks whose responsibility was to ensure best interest of their customer. More importantly, if bank wanted to discontinue customer relationship, then due process should have been followed which was ignored totally, stated Flynn.

Flynn has filed suit before country’s Tribunal of ACT Civil and Administrative, and notices have accordingly been served upon the defendant banks.

On the initial hearing of the case, Flynn told the Tribunal that he had been prevented from exercising his fundamental right of doing business. If he cannot maintain and operate a bank account, how would he continue to do his business and render services? he asked. He also said that his crypto trading exchange has a number of crypto investors. Most recently his exchange has helped 450 of its customers to conduct Bitcoin trading.

Meanwhile, the banks have informed that an investigation has been going on against Flynn regarding some crypto fraud. In particular, ANZ told that it does not offer account facilities to any crypto exchange or a crypto broker.