Westpac CEO Apologizes After Blocking Customer’s Crypto Transfer
On Wednesday, Westpac CEO Anthony Miller issued an apology to a customer, known only as Tim, after the bank blocked a $30,000 transfer to Australian crypto exchange CoinSpot and froze their accounts.
Tim had deposited $50,000 into his Westpac account earlier this month and attempted to transfer a portion of the funds to CoinSpot to invest in Bitcoin. However, the transaction was halted, prompting a call from Westpac’s risk management team.
During the call, Tim recorded the conversation and shared it on Sydney’s 2GB radio, where the staff member questioned the purpose of the transfer and accused Tim of being unclear in his responses.
Westpac, one of Australia’s “Big Four” banks, faced backlash after freezing Tim’s accounts for several days, preventing him from accessing his funds and causing him to miss out on potential gains from Bitcoin’s price increase.
The incident occurred amidst growing concerns about debanking individuals and new crypto licensing reforms in Australia aimed at enhancing transparency and preventing banks from cutting off services to digital asset platforms.
Call Mishap and Apology
In a separate incident, a Westpac executive mistakenly left Tim a voicemail intended for a colleague, praising the staff member’s handling of the situation despite the controversy.
Miller addressed the situation on air with 2GB, apologizing to Tim and admitting that the bank mishandled the case. He emphasized Westpac’s efforts to combat fraud, revealing that one in five attempted crypto transfers flagged by the bank in the past month were linked to fraudulent activities.
While defending the bank’s anti-scam measures, Miller acknowledged the need for improved communication and handling of similar interactions in the future.
Following the ordeal, Tim decided to close his Westpac account and switch to another bank. Westpac has yet to comment on the matter.