Westpac Customer Loses $6,500 Due to Cryptocurrency Account Freeze

Westpac CEO Anthony Miller has issued a public apology following the bank’s decision to freeze a customer’s account after a transaction involving cryptocurrency exchange CoinSpot. The customer, Tim, was left stranded with a missing $6,500 in Bitcoin gains, while facing a week-long account hold. This incident comes amid efforts by Australia to combat ‘debanking’ and implement new cryptocurrency licensing regulations.