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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.

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A federal police officer from Australia denies allegations of unauthorized confiscation of bitcoins from a hardware wallet at the scene of intervention and their transfer to the Binance cryptocurrency exchange.
The Australian anti-corruption agency (NACC) accused this federal police officer of emptying the Trezor hardware wallet, containing 81.62 bitcoins, at the scene of the incident. To support their claim that the bitcoins were transferred to his ownership, authorities relied on cryptocurrency tracking programs.
Raid Reveals an Empty Wallet
According to recent information, the police discovered the wallet during a drug raid at the accused's house, but waited approximately three weeks for a court order to open it. When it was finally opened, there were no bitcoins inside the wallet, as Federal Detective William Wheatley likely transferred them shortly after the raid.
At the time of the raid in 2019, the wallet was valued at $309,000, but its value now stands at approximately $4.2 million.
Tracking and Disclosure: Significance of Cryptocurrency Software
Detective Sergeant Deon Achtypis from the cybercrime unit stated that authorities initially suspected someone from a criminal syndicate might be responsible for the bitcoin theft.
Suspicion fell on Wheatley after the discovery of the wallet's recovery phrase device, a series of 12 to 24 random words used to regain access in case of wallet loss or theft.
Extensive investigation of IP addresses used to access the stolen bitcoins through cryptocurrency tracking software eventually led Achtypis to Wheatley.
Disclosure and Legal Ramifications
"I judge that a member of the police force may have been involved in cryptocurrency manipulation."
Globally, law enforcement agencies are adopting cryptocurrency tracking software to uncover illegal activities associated with digital currencies.
In August 2023, Canadian law enforcement agencies announced the initiation of using Chainalysis Reactor software to track illegal crypto transactions.
Furthermore, the development of encryption detective software leads to higher success in recovering stolen cryptocurrencies. On January 29, over $674 million was retrospectively recovered from over 600 major cryptocurrency hacks.

Defense of the Accused
Meanwhile, Wheatley maintains his innocence in the accusations of abuse of public office for personal gain, theft, and involvement in criminal activity.
He is determined to face charges related to the stolen bitcoins from the Trezor wallet, which occurred at a time when Trezor reported a security flaw affecting nearly 66,000 users.
On January 1, it was announced that Trezor detected unauthorized access to a third-party support portal on January 17, warning of potential user data compromise for those who communicated with the Trezor support team since December 2021.
 $BTC
#Bitcoin #crime #Australia #BTC
 
 
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The Australian Securities and Investments Commission (ASIC) has taken legal action against Bit Trade, the operator of Kraken cryptocurrency exchange in Australia.

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ASIC has accused Bit Trade of not meeting design and distribution requirements for one of its trading products, specifically a margin trading product.The civil charges were filed in the Federal Court, as stated in an official announcement on September 21, 2023.
ASIC’s design and distribution obligations, introduced in October 2021, are a mandatory requirement for financial product providers in Australia. These rules mandate that companies create financial products that align with customer needs and distribute them accordingly.
According to ASIC, Bit Trade’s margin trading product functions as a “credit facility,” offering customers credit for buying and selling certain crypto assets on the Kraken exchange. ASIC referred to it as a “margin extension” that allows customers to access credit up to five times the value of their collateral.
The Australian financial regulator alleges that Bit Trade didn’t make a “target market determination” for the margin trading product before offering it to Australian customers. It claims that approximately 1,160 Australian customers used Kraken’s margin trading product after the design and distribution obligations became law, resulting in losses of around 12.95 million Australian dollars.
ASIC also stated that it notified Bit Trade of its non-compliance with these obligations in June 2022 but alleged that the company continued to offer the product to Australian customers on the Kraken exchange without conducting the required assessments.
ASIC’s Ongoing Crackdown on the Crypto Industry
Similar to its U.S. counterpart, the Australian Securities and Investments Commission (ASIC) has taken a strong stance on cryptocurrency-related entities and companies. ASIC Deputy Chair Sarah Court emphasized the significance of the recent action against the provider of Kraken in Australia, highlighting it as a crucial “message and reminder” for the industry.
In a statement, Court made it clear that these legal proceedings should serve as a warning to the cryptocurrency sector. ASIC will continue to scrutinize its products to ensure compliance with regulatory obligations aimed at safeguarding consumers. She stressed the importance of adhering to design and distribution obligations to ensure proper distribution of financial products to consumers.
Kraken is not the only crypto company to come under regulatory scrutiny from the Australian financial watchdog. In August, ASIC filed a lawsuit against eToro, a cryptocurrency exchange, for alleged violations of design and distribution obligations.Furthermore, in July, ASIC conducted a raid on the Australian offices of Binance, the world’s largest cryptocurrency exchange, as part of an ongoing investigation into the company’s operations. Prior to this, ASIC had already revoked Binance’s operational license in Australia.
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.
#Bitcoin #CryptoNews #cryptomarket #Australia #Kraken