NAB says goodbye to Bitcoin traders

Bank says it will never bank or trade in the currency with customers because it is unregulated

National Australia Bank (NAB) has confirmed that it will be ending ties with Bitcoin traders after a letter was sent to business customers who trade in crypto currencies.

According to a report in The Sydney Morning Herald, NAB's letter informed Bitcoin traders that their accounts will be closed on 2 May.

A NAB spokesperson said it does not bank or trade in unregulated currencies or "have any plans to do so." However, it has provided banking services to companies who do.

"NAB continually reviews its risk profile and the businesses we bank [with], ensuring NAB's activities are in the best interest of our customers and our shareholders," the spokesperson added.

An ANZ Banking Group spokesman said it was "currently reviewing" its position on crypto currencies but "no decisions" had been finalised.

CBA and Westpac refused to comment on NAB's decision.

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Read more: Brisbane gets its first Bitcoin ATM

Tags ANZ Banking Group LtdBitcoinNational Australia Bank Ltd (NAB)

More about ANZ Banking Group LtdCommonwealth Bank of AustraliaNABNational Australia BankWestpacWestpac

1 Comment

Streeton

1

NAB: WTF?

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