Akkonplatz was named in 1912 after the fortress of Akkon in Palestine. As part of the third crusade, the fortress was captured by Christian troops after a long siege (1189-1191). According to the (unconfirmed) legend, the red, white and red coat of arms of Austria was created. It is said that the white robe of Babenberg’s Duke Leopold V (“the Virtuous” (1157–1194)), who took part in the battle, is said to have been soaked in blood, except for a white stripe (the “bandage”), where he wore the sword belt.

As part of the siege, Duke Leopold V and Richard the Lionheart quarreled, which in 1192 led to the capture of the English king in Vienna-Erdberg.