Australia's myCryptoWallet's bank account closed, feezes withdrawals on platform

22 Jan, 2019
by David Borman
Exchange
Australia's myCryptoWallet's bank account closed, feezes withdrawals on platform

Australian crypto exchange myCryptoWallet has announced a freeze on all withdrawals following the closure of its bank account by the National Australian Bank (NAB), according to a report by CryptoNinjas.

Apparently the closure came very suddenly for myCryptoWallet, with the NAB giving no notification as to why the account had been closed. When the exchange reached out to the bank for more information, they only received a generic response saying they would be contacted within 5 business days.

Until the account is restored, all withdrawals on the platform have been halted as all of the exchange's money was tied to the closed account. The team has set up a new account to accept deposits in at this time, though that will be of little solace to users.

The team has officially filed a complaint with the Australian Financial Complaints Authority, and is considering legal action against the NAB due to the damages incurred by both the company and its customers because of this action.

Though this is discouraging, it is not uncommon for banks to cause problems for some exchanges, especially smaller ones in regions not already friendly towards crypto. Stick with Chepicap for all updates on the myCryptoWallet account closure!

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Read more about: Australia

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