National Australia Bank (NAB) is reportedly set to shut down bitcoin-related accounts held by customers due to potential risk posed to its business.

According to NAB, all bitcoin-related customer accounts will be closed with effect from 2 May 2014.

As part of the move, the bank has teamed up with other banks, such as Bank of Ireland and BMO, to deal with bitcoin-related accounts.

NAB said that it will return any remaining funds with a bank cheque and will also offer a free customer support number to call with any questions.

Recently, NAB conducted a review of businesses that trade in digital currencies and has determined that digital currency providers pose an unacceptable level of risk, both to their business and reputation.