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The National Australia Bank (NAB) is making headlines for reportedly closing the account of a loyal customer of 30 years, who is also a Bitcoin holder, without offering any explanation.
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According to a recent report from the Daily Mail, the NAB, which manages a massive $455 billion, sent a letter to its customer, Shane Lucas, who is 49 years old, giving him until October 14th to either close his bank accounts voluntarily or have the bank do it for him.
The intriguing part is that the bank didn’t provide any clear reason for this abrupt account closure. However, this action comes shortly after NAB announced in July that it would be taking a stricter stance on customers using bank services for cryptocurrency transactions. Specifically, they mentioned they would be terminating transactions made to high-risk cryptocurrency exchanges in an attempt to protect clients from potential scams.
When Lucas inquired about whether his Bitcoin holdings were the reason for the account closure, a branch manager allegedly hinted that it “probably” played a role.
Lucas, despite being a long-term NAB customer, doesn’t have an extravagant amount of Bitcoin. He describes himself as an average individual and not a Bitcoin millionaire. He emphasized that he believes in the freedom to purchase what one wants and asserts that he hasn’t engaged in any illegal activities.
It’s worth noting that the Daily Mail, the news outlet reporting this story, has faced criticism for its reliability as a news source. Fact-checking website The Factual has rated the Daily Mail as only 40% reliable.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.