Australia's Up Bank debanked me for making a complaint over crypto demands

tl;dr Up Bank closed my account in retaliation for refusing to explain the purpose of my fiat transfers to a crypto exchange (because it's MY money and I shouldn't have to explain what I'm doing with it) and then having the balls to make a complaint to an external mediation authority

Not long after my main bank (CBA) applied holding periods of minimum 24 hours to transfers to crypto exchanges, I decided I would start using my then fallback bank Up to make a $100 transfer to Crypto.com. It's important to note that I've done this several times with them previously, and had their `[[email protected]](mailto:[email protected])` PayId saved in Up's address book, and the reference I would use would also be the same. In other words, this was not a new transfer of any kind. Upon making the transfer, two things immediately happened:

1. My account was restricted, and Up's system demanded I redo my identity verification.
2. Up demanded for me to explain why I was making this transfer, and lectured to me about the "dangers" of crypto.

I compiled with the identity verification, and they lifted the general restrictions on my account, but I pointedly refused to explain what I was doing with my own money and replied that I was under no obligation to explain to them, and in turn demanded that they lift all restrictions immediately. Unsurprisingly, Up refused to do so, citing "my financial safety", and the ban on transferring remained in place. I then moved the money to a different bank and made the transfer.

Later that day, I also opened a complaint to the AFCA over the restrictions and my perceived impression of bank overreach, seeking a resolution of Up lifting all restrictions from my account. That complaint was processed this morning at 9:28am in an email to me from Up's controlling entity (Bendigo Bank) and later that same afternoon at 5:29pm I received an abrupt notification from Up that they were closing my account with the claim that my "activity" was in breach of their T&C - or rather, in retaliation for having the nerve to make the complaint to the AFCA, which they now need to process and respond to.

Could I have avoided the whole situation by just telling them what I was doing with the money (depositing to my CDC card for spending)? Sure, but a bank shouldn't have any right to dictate what you do with YOUR OWN money, and you shouldn't bank with this highly unprofessional bank in turn. Another reason we need crypto to get away from these thugs! The crypto crackdown in Australia is real.

https://preview.redd.it/s2szoojv4j7b1.jpg?1290&format=pjpg&auto=webp&s=3374d4511cd2f39a8a055819a3ef38831d7ca043