Crypto Industry Fights Bank Restrictions in Australia

Local banks have instituted limitations on cryptocurrency payments, which has generated negative feedback from industry stakeholders. Blockchain Australia, the Australian blockchain industry’s representative organization, has opted to confront these limitations in order to address this issue.

In a recent statement, Blockchain Australia criticized these limitations and declared its intent to address the issue “head-on by using real data.” It is essential to recognize that the restrictions imposed by local banks are not baseless. Specifically, the Commonwealth Bank (CBA) has recently imposed partial restrictions on crypto payments, citing concerns over “scams and the amount of money lost by customers.” In addition, Binance Australia has suspended Australian dollar (AUD) deposits and withdrawals via bank transfers due to a decision by a third-party payment service provider.

The decision made by banking institutions to limit the ability of their customers to make payments to cryptocurrency exchanges has received widespread criticism from industry stakeholders, despite the reasons behind it. Jackson Zeng, the director of Blockchain Australia, has characterized these restrictions as a significant infringement on economic freedom within Australia. Zeng believes that every individual has the inherent right to determine how and where they utilize their finances, and banks should facilitate these choices rather than imposing constraints on them.

To tackle this problem, Blockchain Australia has opted to organize a roundtable discussion on June 27 during Blockchain Week in Australia, aiming to engage policymakers in a conversation about the issue. The industry organization intends to gain recognition for its consumer education program on cryptocurrencies and their advantages. This program will provide individuals with information on identifying scams and distinguishing reputable participants in the field.