Coinbase: Major Australian Banks Impose "Illegal Regulatory Ban" on Crypto Companies

According to Decrypt, the cryptocurrency exchange Coinbase has filed a formal complaint with the Australian Parliament, accusing the country's four major banks (Commonwealth Bank, Westpac, ANZ, and NAB) of systematically refusing to provide financial services to legitimate crypto companies, stating that this practice has evolved into a "systemic feature"; given that the four major banks control the majority of transaction accounts and payment channels, this account closure effectively constitutes an "illegal regulatory ban," excluding the legitimate industry from the formal economy.

The complaint cites data indicating that up to 60% of fintech companies faced bank refusals in 2021, and this issue remains unresolved. Coinbase urges lawmakers to mandate banks to implement five transparency measures, including requiring banks to document and inform customers of the reasons for account closures, ensuring affected customers can resort to internal dispute resolution processes, providing at least 30 days' notice before closing core services, and conducting self-compliance certifications. These measures were proposed by the Australian Financial Regulator in 2022 but have yet to be legislated.