Coinbase said it submitted a complaint to House of Representatives Standing Committee on Economics, warning that “debanking” has become a systemic feature of the country’s financial system.
The exchange said Commonwealth Bank, Westpac, ANZ, and National Australia Bank are cutting access via account closures and transaction limits tied to digital-asset transfers. It argued the concentration of payment rails means these moves can operate as an “unlawful regulatory ban,” adding that AML/CTF explanations often arrive without detail and have undermined trust; it cited that up to 60% of fintech firms were denied banking services in 2021.
Coinbase urged lawmakers to legislate five 2022 transparency steps, such as documenting and sharing reasons for debanking, providing dispute-resolution pathways, giving at least 30 days’ notice before closing core services, and self-certifying compliance. Watch for bank responses and whether policymakers move quickly, as Australian Treasury has said debanking risks stifling competition.
Source: Australian Financial Review
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