Coinbase: Major Australian banks impose "illegal regulatory bans" on crypto companies

PANews reported on February 3 that, according to Decrypt, cryptocurrency exchange Coinbase has filed a formal complaint with the Australian Parliament, accusing the country's four largest banks (Commonwealth Bank, Westpac, ANZ, and National Australia Bank) of systematically refusing to provide financial services to legitimate crypto companies. The complaint states that this practice has become a "systemic characteristic," and given that the four banks control the majority of trading accounts and payment channels, this account liquidation effectively constitutes an "illegal regulatory ban," excluding legitimate industries from the formal economy. The complaint cites data showing that as many as 60% of fintech companies experienced bank denials in 2021, and the problem remains unresolved.

Coinbase is calling on lawmakers to mandate five transparency measures for banks, including requiring them to record and inform customers of the reasons for account closures, ensure affected customers can access internal dispute resolution processes, provide at least 30 days' notice before closing core services, and conduct self-compliance certifications. These measures were proposed by the Australian Financial Supervisory Commission in 2022 but have not yet been enacted.