BitCoin exchange Mt. Gox ends relationship with Technocash

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Australian BitCoin holders with accounts with Japanese-based BitCoin exchange Mt. Gox will no longer be able to deposit and withdraw cash in Australian Dollars from June 15 through Technocash, after its local money-transfer partner was linked to one of the biggest global money laundering schemes.

“After some deliberation and discussion with Technocash, an Australian service for Mt. Gox customer account funding and withdrawals, it has been decided that our customers in Australia will no longer be able to deposit and withdraw funds in AUD using Technocash starting June 15th, 2013,” Mt. Gox said in a statement.

“We apologize for any inconvenience this may cause, and look forward to evolving with the vibrant Australian market.”

The company also added that they are looking for alternatives to serve their Australian customers, but asked customers to use other methods such as international wire transfers. Withdrawals through Technocash will still be processed “as long as we possibly can”.

Last week, Technocash was named in an US investigation after three of its Westpac accounts were linked to Liberty Reserve, a Costa Rican company that is said to be at the centre of the world’s biggest money laundering scheme. Technocash has proclaimed its innocence, and said that it was appalled at the allegations.