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Coinbase accused Australian banks of prohibiting cryptocurrency transactions., 2026/02/04 13:21:52
The American exchange Coinbase has accused the “big four” Australian banks—Commonwealth Bank, Westpac, ANZ, and National Australia Bank (NAB)—of systematically denying financial services to the cryptocurrency exchange, labeling this practice as a threat to fair competition.
Coinbase has submitted a complaint to the Australian House of Representatives’ economics committee regarding the banks’ refusal to serve crypto companies, which has “become a systematic feature of the Australian financial sector.” The exchange claims that local banks restrict access to their services in three ways: by closing accounts, imposing transaction limits on digital assets, and completely halting such transactions.
“In Australia, the four largest banks have implemented a policy that restricts individuals’ ability to use their own money at their discretion. This deprives private users and organizations of access to banking services. Such debanking policies have disproportionately affected the fintech sector and those utilizing digital assets and blockchain. Nothing undermines trust in the economy more quickly than a ban on the use of one’s own funds,” stated Coinbase.
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The exchange’s grievances against the banks arose due to new requirements from the Australian Securities and Investments Commission (ASIC), which mandate that crypto services must obtain a financial services license to operate legally in the country. The Australian government has prepared a corresponding bill, which was approved by the Australian Parliament in its first reading in November.
A significant volume of transactions is conducted through the four largest banks in Australia, and Coinbase refers to the account closures as an “illegal regulatory ban,” excluding companies that seek to comply with regulatory requirements from the economy. Coinbase reported that in 2021, up to 60% of fintech companies faced service denials from banks.
Recently, Coinbase CEO Brian Armstrong expressed satisfaction that not all banks view cryptocurrencies as a threat.
