Australian Banks Imposing 'Unlawful Regulatory Ban' on Crypto, Says Coinbase
Coinbase has accused Australia’s Big Four banks—Commonwealth Bank, Westpac, ANZ, and NAB—of systematically denying banking services to legitimate crypto companies, which it argues threatens competition and erodes trust in the economy. In a submission to a parliamentary inquiry, Coinbase said “debanking” has become systemic, targeting fintech and digital asset firms through unilateral account closures and transaction restrictions. With these banks dominating payment systems, Coinbase warns that such actions can act as de facto regulatory bans, excluding lawful businesses from the financial system; in 2021, up to 60% of fintech firms reportedly faced service denial. While banks cite anti-money laundering compliance, Coinbase criticizes the lack of transparency and damage to public confidence. Coinbase urges lawmakers to mandate banks provide clear reasons, notice, documentation, dispute resolution, and self-certification for debanking decisions, referencing international models that secure basic banking access. The submission comes amid pending Australian crypto regulation, with the government acknowledging debanking as an issue and pledging greater fairness and transparency.
