National Australia Bank closing bitcoin-related accounts

Starting next month, the National Australia Bank (NAB) will be closing bitcoin-related accounts, citing an “unacceptable level of risk, both to our business and reputation.” NAB, one of Australia’s “big four” banks, has previously been considered one of the most bitcoin-friendly banks in the country.

CoinDesk published the contents of a letter from NAB to a high-volume Australian bitcoin trader earlier today explaining the bank’s new policy.

NAB has a responsibility and commitment to continually review its risk profile and the businesses we bank, ensuring that those businesses do not pose risks to NAB.

NAB has recently conducted a review of businesses that trade in digital currencies and has determined that digital currency providers pose an unacceptable level of risk, both to our business and reputation.

As a result of this review, NAB has decided to stop providing banking services to you and will close your accounts, effective 2nd May 2014.”

There has been some speculation that NAB is acting to protect itself from bitcoin related lawsuits, as Japanese banking giant Mizuh was recently named in the U.S. class action lawsuit against Mt.Gox.