On the basis of its inquiry, the Australian Competition and Consumer Commission (ACCC) has said that it did not find any evidence that suggests that banks colluded regarding blocking their services to local bitcoin companies.

The Australian Financial Review reported that ACCC chairman Rod Sims wrote to Nationals Senator Matthew Canavan that the findings suggested banks had individually decided to withdraw their banking services in order to manage their regulatory obligations and risks.

"It appears that banks have individually decided to stop providing banking services to digital currency businesses in order to ensure their ability to meet their regulatory obligations and manage their risk," Sims wrote.

However, the comments have drawn flak from bitcoin companies and Labor Senator who believe that the regulator did not properly investigate the matter, and has also not taken feedback from the companies affected by the banks’ decision.

Senator Sam Dastyari said that the ACCC's findings were "utterly astonishing", adding that they didn't reflect the situation described to him by debanked companies. Dastyari pointed out that besides closing business accounts, he came to know that banks were also blacklisting individuals from operating personal accounts.

The ACCC, however, rejected these allegations and Sims told the Financial Review that they have actually spoken to some debanked companies that claimed their businesses had full traceability to address AML/CTF requirements. He also added that there was no need to launch an in-depth investigation at present.

Sims said that it is highly important for bitcoin companies to show to banks that their business are in accordance with the AML/CTF requirements, and if banks still refused to deal with them after that then further investigation could be required.

However, Ron Tucker, chairman of industry body The Australian Digital Currency Commerce Association and founder of bitcoin exchange Bit Trade, pointed out that while the ACCC had met with the ADCCA, he was ‘unaware’ of any direct contact with affected businesses. 

Tucker further said that following the conclusions of the inquiry, he hadn't heard from the regulator, adding the digital currency companies now needed to work with the banking sector to properly work out the roadmap for the future.