Coinbase accused Australia’s four major banks of systematically ‘de-banking’ crypto businesses.
Coinbase submitted a statement to the Australian House of Representatives Economic Committee, accusing the country’s four major banks (Commonwealth Bank, Westpac, ANZ, and National Australia Bank) of systematically refusing to provide banking services to legitimate cryptocurrency and fintech companies. Coinbase claimed that ‘debanking’ has evolved from isolated incidents to an industry norm, even constituting a ‘de facto illegal regulatory ban.’ The company stated that banks primarily enforce such restrictions by unilaterally closing accounts or limiting transfers related to cryptocurrency transactions. As early as 2021, approximately 60% of fintech companies had reportedly been denied banking services, and the issue remains…
