Confessions of the Bitcoin Babe

Follow us on Google News:
 Confessions of the Bitcoin Babe
Image source: Seksan.TH,Shutterstock

Highlights

  • Bitcoin broker Michaela Juric claims there has been irreversible damage done to her livelihood as a result of 91 banks who have stopped dealing with her
  • Debanking is when financial institutions ban a crypto- based business from doing business with them
  • Banks say they ban crypto businesses as they believe the money could be used illegal activities like money laundering and even terrorism

A popular Bitcoin broker claims she’s been banned by several banks and says she’s even been put on a terrorist watch list.

Michaela Juric built her business, “Bitcoin Babe”, from her bedroom in Western Sydney into a digital currency empire.

According to Media reports, However, Juric, told the Australia as a Technology and Financial Centre Senate inquiry that there’s been irreversible damage done to her livelihood because 91 banks have stopped dealing with her.

The inquiry, lead by Senator Andrew Bragg, is looking into the practice of debanking. Senator Bragg will deliver the inquiry's report on October 31.

Bitcoin Babe

Juric launched her brokerage business, Crypto Babe, in 2014 creating the peer-to-peer trading platform from her bedroom.

Juric says she created the business after suffering from depression and feeling a certain lack of direction in her early 20s.

She says she liked the autonomy of running a business and later became interested in cryptocurrency in which she channelled all her energy towards.

Juric says her attraction to digital currencies is largely due to its unpredictable nature. She specified there is always something changing - from the price to regulation to the people.

It didn’t take long for Crypto Bank to become the number one local Bitcoin broker in Australia and New Zealand.

On Wednesday, Juric told the inquiry she was very grateful for the seven years she has been a part of the crypto community, saying she’d learned a lot and met a lot of people.

Image source: © Ruletkka | Megapixl.com

What is Debanking?

Debanking is when financial institutions ban a customer from doing business with them. The practice has allegedly grown out of the banks refusal to work with businesses involved in digital currency.

The banks claim they do this due to the lack of regulatory framework safeguarding cryptocurrency transactions. Banks believe the money could be used for illegal activities like money laundering and even terrorism. In fact, Juric claims some banks had reported her to certain databases as being a terrorist, which had subsequently prevented her from being able to get basic services like internet or a phone provider.

In a statement submitted to the enquiry by the Commonwealth Bank of Australia (ASX:CBA) it said the debanking process was a necessary step to mitigate and manage risk in instances where a customer’s source of money can’t be determined.

Andrew Brag told the inquiry on Wednesday that innovation from young entrepreneurs should be encouraged, and the cryptocurrency industry should be legitimised through greater regulation.

The Crypto Watchdog

Many crypto businesses in Australia, such as brokers and exchanges, attempt to garner legitimacy by partnering with the country's financial intelligence and anti-money laundering watchdog, called AUSTRAC.

However, Juric says her registration with the crypto watchdog didn’t stop banks shunning her business.

She even claims to have been harassed by AUSTRAC, telling the inquiry on Wednesday AUSTRAC had threatened to shut down her business if they found errors with the business’s compliance manual.

Juric’s business and its problems surrounding legitimacy are clear evidence Australia’s crypto industry has some way to go until crypto is seen as a mainstream space rather than a space which solely attracts money laundering or other criminal activity.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK