Coinbase Escalates Fight With Australian Banks Over Crypto Bans
Coinbase has formally complained to Australia's parliament, accusing the country's four major banks—Commonwealth Bank, Westpac, ANZ, and National Australia Bank—of blocking or shutting down services for legitimate crypto firms without warning. The exchange argues these actions create significant barriers for crypto businesses that depend on banking services. It calls for mandatory rules requiring banks to provide explanations, advance notice, dispute channels, and transparent compliance checks.
Banks defend their actions by citing anti-money laundering and counter-terrorism financing risks, stating that some crypto activities are difficult to monitor. The issue particularly affects smaller crypto firms, forcing some to consider moving operations overseas. Parliamentary hearings are expected to address the conflict between financial safety and business access, potentially leading to clearer regulations or stronger oversight.
bitcoinist02/05 08:02
