MyCryptoWallet Users See Their Funds Stuck As Company Has Bank Account Shut Down

MyCryptoWallet Users See Their Funds Stuck As Company Has Bank Account Shut Down

An Australian Bitcoin and crypto exchange called myCryptoWallet, which was launched in 2017, has recently sent a very worrying email for its users: the National Australia Bank (NAB) has decided to shut down the accounts of the company. This created a large issue as the company has no way to actually pay its clients without its bank account.

Because of this, withdrawals were disabled until further notice. The company has set up an additional account to handle deposits, though, and affirmed that it is trying to solve this as quickly as possible.

According to the bank, the NAB has simply made no attempt to give any kind of reason or information about the account, it has simply decided to shut it down without any kind of notification saying that it would “get back to them in 5 business days”.

This makes all the funds from the customers stay locked, which is the biggest concern at the moment. The company has filed a complaint with the Australian Financial Complaints Authority, which has told that the bank would have 45 days to answer.

myCryptoWallet has affirmed that the delay is not acceptable and that the company would go to court to sue the NAB for damages and gross negligence. The team has also encouraged the users to go the bank and demand it to reopen the accounts, as this would be the only way to actually pay people back.

At the time of this report, the bank did not issue any official statement talking about what happened to the account and why they have decided to shut it down.

Unfortunately, the situation seems to be far from over anytime soon as the bank will probably not reopen the accounts in the next few days and it has a long time to answer to the crypto company while the clients have to wait without their assets.