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Customers of an Australian Cryptocurrency Exchange are Unable to make Withdrawals

Customers of myCryptoWallet, an Australian cryptocurrency exchange are unable to withdraw their funds. The company in question, claims that this delay is caused by the National Australia Bank (NAB) who has closed its bank account without prior notice, according to a media outlet’s report on January 22.

Customers of myCrptoWallet are Unable to Make Withdrawals

Reportedly, users of myCryptoWallet cannot withdraw their funds from this exchange which has been in operation since 2017. According to the crypto company, NAB, the bank where all its funds are held has closed the company’s account. As a result, this has brought about a delay in processing withdrawals.
The media outlet also stated that myCryptoWallet had informed its client that the reason for its account closure has not been revealed by NAB. However, the bank asked them to wait for 5 business days and they’ll receive a response. The exchange also said they had filed a complaint with the Australian Financial Complaints Authority (AFCA), who has given NAB until March 6 to provide a meaningful response.

Waiting Time Brings About More Delay in Withdrawals

Nevertheless, the Australian company said this waiting time is too long and will only add up to when the customer can gain access to their money. Therefore, plans have been made to file a lawsuit against NAB for “damages and gross negligence”. In the same vein, clients have been informed that deposits can still be made since a new account has been created with another bank.
Further reports into the matter reveal that this is not the first time a financial institution has closed myCryptoWallet’s account. In the company’s opinion, NAB, for instance, has gotten away with such actions in the past due to its size and influence. The company, however, said they are ready to challenge the bank’s action because it affects both the exchange as well as its customers.

QuadrigaCX Cryptocurrency Exchange Also Locks Down Funds

BTCNN on January 21 also reported that users of QuadrigaCX exchange are still unable to make withdrawals. The exchange in a mail told its customers that the delay is as a result of the sudden demise of the company’s CEO. They also said withdrawals are being processed gradually.
Judging from these two, it appears more exchanges are facing one issue or the other which may discourage potential investors. Cryptopia, a New Zealand exchange also has its own nut to crack. BTCNN on January 15 reported that this virtual currency exchange had been hacked and on January 15, the New Zealand Police commenced investigation.

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