Major Australian Bank CEO Apologises After Freezing Customer Funds Over Bitcoin Transfer
Westpac CEO Anthony Miller apologized to a customer after the bank blocked a $30,000 transfer to CoinSpot and froze the customer's accounts. The customer, Tim, had deposited $50,000 and attempted to invest in Bitcoin. Westpac's risk management team halted the transaction, leading to a recorded conversation where staff questioned Tim's intentions. His accounts were frozen for several days, causing him to miss potential gains from Bitcoin's price increase. The incident coincides with the Australian government's efforts to address debanking concerns and implement new crypto licensing reforms. A Westpac executive mistakenly left a voicemail praising staff handling of the situation. Miller acknowledged the bank's mishandling and defended its anti-scam measures, noting a significant number of flagged crypto transfers were linked to fraud. Tim has since closed his Westpac account and switched banks.
