Cryptocurrency: Diaries of a 'Bitcoin Babe': Cryptocurrency guru claims 91 banks refuse to work with her

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Officially Registered Small-Biz Independent Traders Canceled Debanked
Harassed Investigated Oppressed and Run Out of Biz by Big Banksters


https://www.dailymail.co.uk/news/article-9968723/Diaries-Bitcoin-Babe-Cryptocurrency-guru-claims-91-banks-refuse-work-her.html

Diaries of a 'Bitcoin Babe': Cryptocurrency guru claims 91 banks
refuse to work with her and she's on a TERRORISM watchlist – all
because of her trading business

    Michaela Juric, 28, built a bitcoin trading empire from her Sydney home
    She said the business had 'saved her life' after suffering depression
    Speaking at a Senate inquiry on Wednesday she said 91 banks have
shunned her

By Brett Lackey For Daily Mail Australia

Published: 07:01 EDT, 8 September 2021 | Updated: 07:01 EDT, 8 September 2021

A business whiz who 'wanted to be her own boss' and built a digital
currency empire from her bedroom claims 91 banks stopped dealing with
her, she was put on a terrorism watchlist, and was 'bullied' by
Australia's financial watchdog.

Michaela Juric from Western Sydney launched her 'Bitcoin Babe' peer to
peer trading platform in 2014 and quickly became the number one local
bitcoin broker in Australia and New Zealand.

However, the 28-year-old said the massive backlash from the financial
industry has significantly impacted her and put her business under
threat.
Michaela Juric (pictured) runs Bitcoin Babe and said she has been
blacklisted from more than 90 banks because she makes money from
digital currency
+5

Michaela Juric (pictured) runs Bitcoin Babe and said she has been
blacklisted from more than 90 banks because she makes money from
digital currency

'I've been very grateful for my seven years in the crypto community
and all that I've learned, and the people that I've met,' Ms Juric
told the Australia as a Technology and Financial Centre Senate inquiry
on Wednesday.

'But at the end of the day, the irreversible damage to my livelihood
has been done,' Ms Juric said.

The inquiry lead by Senator Andrew Bragg is looking at the practice of
'de-banking' in which financial institutions allegedly ban a digital
currency business.

Ms Juric received bank ban number 91 a day before she was due to speak
at the inquiry - leaving her with few options to deal with traditional
banks still essential to run her business.

'There's been instances where de-banking has caused me to be denied
from being able to get utilities or phone and internet services, which
I think is very concerning.' Ms Juric said.

She claimed some of her customers were also de-banked, or told by
their banks her Bitcoin Babe business was a scam.

'I've had family members who have been debanked as well, and that's
not because they've had anything to do with bitcoin, it's just a
matter of guilt by association, whether it be the same last name or
same address,' Ms Juric said.
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The banks claim they do this because there is no regulatory framework
safeguarding cryptocurrency transactions - which the inquiry hopes to
address.

The transactions of digital currencies, they claim, could be used for
money laundering or terrorist financing.

'I've had banks go as far as report me as being like a terrorist on
some databases, and that's what stopped me from being able to get some
of these services.'
Michaela Juric launched her business in 2014
+5
The 28-year-old said the company had helped her out of depression
+5

Ms Juric (pictured) said she had suffered depression in her early 20s
and building her company had given her direction and helped her
recover

Ms Juric previously told bitcoin.com.au she became interested in
digital currencies because she liked the idea of being her own boss
and was suffering depression and a lack of direction in her early 20s.

'When I found this way to work for myself and not have to answer to
anyone, I was really attracted me to it.'

'With bitcoin and crypto, it's always changing – whether it be the
price or the rules or the regulations or the people. It's evolving.
It's never a dull moment. I think that's why I love it so much.'

She said building her business had literally 'saved her life'.

Aus Merchant - another cryptocurrency trading platform - was also
represented at the inquiry on Wednesday and said they had been
de-banked by four institutions in the last year.

Managing Director Mitchell Travers claimed banks use the policy to
shut down competitive businesses.
Senator Andrew Bragg (pictured) is heading up the Senate inquiry into
cryptocurrency
+5

Senator Andrew Bragg (pictured) is heading up the Senate inquiry into
cryptocurrency

Ms Juric agreed and said she registered her business with AUSTRAC, the
country's financial intelligence and anti-money laundering watchdog,
but this made no difference to her getting shunned by the banks.

She added even AUSTRAC had threatened her.

'The way that I was approached was quite aggressive. It originally
came about as 'we want to review your compliance manual, and if we
find things wrong with it will shut down your business', and there
were all sorts of threats of legal action,' she said.

'I think there's definitely some bullying tactics going on, at least
from the small business perspective as opposed to the large ones, I
believe.'
The 28-year-old said Australia's financial intelligence watchdog
AUSTRAC had threatened her despite her company being legitimate
+5

The 28-year-old said Australia's financial intelligence watchdog
AUSTRAC had threatened her despite her company being legitimate

Commonwealth Bank gave a submission to the inquiry in which they said
de-banking was part of due diligence.

'In circumstances where a customer's source of funds and source of
wealth is unable to be determined, or their account activity is not in
accordance with known business activities, the group takes appropriate
steps to mitigate and manage its ML/TF risk,' CBA said.

Senator Bragg will deliver the inquiry's report on October 31.

He said on Wednesday 'innovation' from young entrepreneurs shouldn't
be shut down and wants to see more regulation around cryptocurrency to
legitimise the industry.
Diaries of a 'Bitcoin Babe': Cryptocurrency guru claims 91 banks
refuse to work with her.