Crypto exchange offers free trading after winning bank battle

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Bank battle

Australian crypto exchange, myCryptoWallet, says it has “rectified” an issue with the National Australia Bank that saw its bank account closed and customer’s funds locked.

Micky.com.au first reported on the situation last month after dozens of angry myCryptoWallet customers expressed anger at not being able to withdraw funds from the platform.

The Melbourne-based exchange claimed the issue was a result of the National Australia Bank (NAB) closing its bank account without explanation or notice.

myCryptoWallet labelled the bank’s conduct as “unethical” and “unprofessional”. Read the original story here.

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Bank backflip?

Today myCryptoWallet told Micky customer’s funds will be returned immediately after the NAB reopened the company’s bank account.

However, myCryptoWallet CEO, Jaryd Koenigsmann says there’s still no explanation from the NAB as to why the account was shut-down in the first place.

“We would have been more than happy to work with them to resolve the issue and any concerns they had that led to the closure. But, so far, we haven’t had this opportunity. We’re still in the dark about why it happened,” said Mr Koenigsmann.

“Cryptocurrency regulation in Australia is as strong as anywhere in the world – and we’re highly supportive of this as we believe it’s fundamental to the future of digital currencies.”

Bank battle
The myCryptoWallet trading platform (Image: mycryptowallet.com.au).

Since the bank account farce, myCryptoWallet says it has taken action to establish new banking partnerships that will prevent any further issues or trading limitations.

The company has also lodged a complaint with the Australian Financial Complaints Authority (AFCA).

“Our main concern throughout has been making the funds available to our customers again,” added Mr Koenigsmann.

“I’m pleased to announce all customer funds have as of today been refunded and regular trading has resumed.”

Zero fee trading offer following bank battle

On the back of its win against the NAB, myCryptoWallet today announced it will become the first Australian cryptocurrency exchange to offer zero fee trading.

The removal of fees will take effect tomorrow, Wednesday February 6 and apply to trading of all cryptocurrencies available on the platform: Bitcoin, Ethereum, Ripple, Litecoin and Power Ledger.

The company also said it intends to add 50 new coins to the platform this year.

“Our customers have been telling us they want more trading options and flexibility on our platform, and we’re excited to be adding dozens of new coins in the coming months. These will be handpicked by our team and carefully vetted prior to listing,” said Koenigsmann.

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