Australian authorities are looking into the bank account closures of several Bitcoin companies over the last few years. Specifically, the investigation is looking at anti-competitive behavior. Over the last year, bank actions have increasingly embraced blockchain technology instead of shunning it in the form of bank account closures. Though this type of account closure, for simply being associated with Bitcoin, is a common occurence in the United States, China, and some European countries as well, the Australian authorities are the first to look into at scale – a harrowing victory for those using blockchain technology. The Australia Competition and Consumer Commission (ACCC) chairman, Rod Sims, told the Australian Financial Review

“We are asking the banks why they acted as they did and what contact there was between them.“

If ground reports from major Bitcoin companies such as BTC-e and OKCoin, that lost their accounts at the National Australia Bank, are to be believed, the contact was sparse and uninformative. Sims confirmed that the investigation had been ongoing for some time. Australian Senator Matthew Canavan also commented on the investigation:

“We have strong laws against one business obstructing another business competing against it. These laws are even tougher for those companies that have the privileged position of a significant market share. Our banks wield great influence in the market and they have a great responsibility under our laws to not misuse that position. I am not sure if that has happened in this instance but there is no doubt that digital currencies do pose a threat to business of banks.”

Australian Senate that Might Actually Understand Bitcoin and its Promise