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

Odaily News Coinbase has stated that it has filed a formal complaint with the Australian Parliament, accusing the country's four major banks, including Commonwealth Bank, Westpac, ANZ, and NAB, of systematically denying financial services to legitimate crypto companies. This account closure behavior has evolved into a systemic characteristic. As the four major banks control the majority of transaction accounts and payment channels, such actions effectively constitute an illegal regulatory ban. Data shows that in 2021, 60% of fintech companies faced banking service denials. Coinbase is calling on lawmakers to mandate that banks implement five transparency measures, including disclosing reasons for account closures, ensuring internal dispute resolution procedures, providing 30-day advance notice, and conducting self-compliance certification. These measures were proposed by the Australian Financial Regulators Council in 2022 but have not yet been legislated.