The Australian Competition and Consumer Commission (ACCC) has confirmed it is investigating the actions of banks in the country, after they reportedly closed down the accounts of various bitcoin businesses.

Speaking to the Australian Financial Review, ACCC chairman Rod Sims said the investigation was in its early stages:

“It is being investigated. We have already spoken to some banking representatives and sought some information. It is all still early stage, but under way.”

The chairman added: “We are asking the banks why they acted as they did and what contact there was between them.”

The investigation was prompted by Queensland Nationals Senator Matthew Canavan, who reportedly urged the ACCC to investigate whether the banks had acted in an anti-competitive manner, after they reportedly decided to shut the accounts of some 17 bitcoin businesses.