CoinSpot is an Australian cryptoexchange which enables users buy cryptocurrency with instant delivery and easy verification. On December 21, Coinspot Exchange has reported that Australian banks are 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 CoinSpot industry.
Update on AUD Deposits - https://t.co/7WeSHrMpIl
— coinspotau (@coinspotau) 21 December 2017
Due to abovementioned problems, all AUD deposits will be stopped until at least the first week of the new year, while AUD withdrawals, coin deposits, buy/sell orders and trading on the platform will continue to operate as normal.
As the demand for Bitcoin and other crypto assets skyrockets it is in everyone’s best interest to ensure we have regulated, safe and stable digital currency service providers instead of pushing Australian consumers underground, to potentially unsafe vendors.
The team of CoinSpot stated in aim to provide safe adoption of crypto assets they will continue to work on establishing a relationship with a banking partner in order to resume accepting AUD deposits as soon as possible.