AUD deposits held by Cryptocurrency exchanges in Australia | Australians backing and supporting Blockchain but are concerned about the future of the same in Australia | Are banks afraid of Cryptocurrency?
Most of the cryptocurrency enthusiasts in Australia seem to be very familiar with this issue:
We have temporarily disabled new AUD deposits. Withdrawals and buy/sell are not affected and will operate as normal. You can still trade between coins and use the AUD currently in your account. You can not buy coins with AUD if this requires a new deposit.
A lot of people are worried and are concerned about their money and future of the technology in Australia. Many people have reportedly sent their payments via BPAY (Direct Bank Transfer) and are unaware of the status of these payments. As one of the biggest Cryptocurrency exchanges in Australia, Coinspot, denies issues with its liquidity, they are assuring that AUD deposits shall be accepted as before very soon.
On Wednesday, Coinspot founder Russell Wilson said the site was “getting closer to turning AUD deposits back on”. Coinspot further added, “We assure you we are just as unhappy with the situation as you but unfortunately Australian banks have been so far unwilling to work with the digital currency industry which leads to frequent account closures and strict limits on accounts whilst they remain operational, in effect debanking our industry.”
Amidst all these promises by Coinspot, there has been no further update from them officially after this last tweet on 21st December, 2017.
Update on AUD Deposits – https://t.co/7WeSHrMpIl
— coinspotau (@coinspotau) December 21, 2017
With people accusing Coinspot of not being transparent about the situation, lot of tweets are doing rounds and raising questions. It seems Coinspot has not bothered looking into concerns of people or responding to them. Check these tweets on their official account:
honestly…get your money and coins out of @coinspotau and into a wallet or back to your bank account! Something fishy is going on with these guys! You can use Binance or Bittrex for trading alt coins.
— Nehal Hussain (@nhus5000) January 3, 2018
Do you know what is going on with Ardor. I am holding some as well. Cant find anything, but 1 question ask 17 days ago and no response from coinspot.
— Mandy (@LifebeforeCypto) January 3, 2018
Coinspot for New Users:
Strategic or not, all the new users, especially from Australia, who are trying to be part of this revolution and looking to invest using Coinspot, have to go through this rigorous and time-taking verification process. It looks like this verification of 2 weeks may be deliberate attempt to buy some time to resolve issues which Coinspot has not been discussing out with its customers.
What are other options for Australian Cryptocurrency Investors and Enthusiasts?
While Coinspot is giving a hard time to its customers and banks in Australia refusing any kind of ban for accounts dealing or willing to deal in Cryptocurrency, other exchanges like Coinbase, CoinJar, Bittrex and Binance seem to be alternate options for a lot of Australians. Though the big four of the banking industry in Australia have denied policies of banning cryptocurrency purchases, there have been instances where people have been banned by banks.
So @NAB @CommBank @WestpacNZ and @ANZ_AU are all freezing customer accounts and transfers to @BTCMarkets @coinspotau @GetCoinJar @coinbase . #Banks can fight it, but people want control of their money #ausbiz #auspol
— Nugget's News Australia (@nugget_alex) December 28, 2017
This is a letter I received a few weeks ago. Also included was a T&C's booklet. I've highlighted the clause they are referring to.
I have a PTY/LTD company, paying tax, registered with the OAIC and conduct all relevant KYC/AML/CTF checks. pic.twitter.com/DShAZPIjyi
— Bitcoin Babe (@BitcoinBabeAU) December 29, 2017
Estonia – The new age country leading the Digital Cryptocurrency Revolution
Estonia has been one of the first countries to grab an opportunity and be part of this revolution. They are encouraging people to be part of new digital nation and giving e-residency to grow business and trade. Considering becoming e-Residents of Estonia?
— Beth Comstock (@bethcomstock) January 2, 2018
This isn’t an experiment. It’s been going on since 1997. They are miles ahead of the U.S. Including e-Tax, e-Healthcare, Blockchain, & more.
— Cameron Roe (@cameronjroe) January 3, 2018
While all Australians are in a bit of bother, we only hope things get back on track sooner and everyone has merrier time trading cryptocurrency of their choice without any further issues.
It’s crypto! It’s revolution!