CoinSpot is blocking Australian deposits

Angus Kidman 21 December 2017

Annoying_Shutterstock738

Bank brawls have led to a temporary ban.

Cryptocurrency exchange CoinSpot has temporarily blocked users from making deposits in Australian dollars.

"We have temporarily disabled new AUD deposits," a note from CoinSpot to customers reads. "Withdrawals and buy/sell are not affected. The temporary restriction on AUD deposits will remain in effect until at least the first week of the new year. AUD withdrawals, coin deposits, buy/sell orders and trading on the platform will continue to operate as normal."

CoinSpot said the temporary ban was due to banks being increasingly restrictive about dealings with cryptocurrency providers. "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."

"We assure you that we will continue to work on establishing a relationship with a banking partner so we can resume accepting AUD deposits as soon as possible."

CoinSpot's ability to accept Australian dollar deposits has made it a popular choice for Aussies in the competitive cryptocurrency market, where many providers take a US-centric approach.

CoinSpot argues that the absence of easily-accessed markets may lead Australians to choose less reputable providers. "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," its note said.

The rising price of bitcoin and other cryptocurrencies has seen an increasing interest in exchanges. The emergence of futures trading for bitcoin shows that cryptocurrency is now being taken seriously by financial markets, but debate over whether the cryptocurrency bubble is about to burst continues.

Confused about how cryptocurrency works? Check out finder's comprehensive guide to help you get started.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency headlines

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site