There are increasingly publicized challenges posed to the Australian cryptocurrency industry by the country’s ‘big four’ banks’ refusal to provide financial services to crypto companies. Many analysts are speculating that the issue will become the catalyst for the development of detailed regulations for the virtual currency era, arguing that the opaque nature of the current legislative apparatus pertaining to cryptocurrencies is to blame for Australia’s bitcoin banking embargo.
Many Australian Cryptocurrency Brokers Have Recently Suspended Their Services, Blaming Local Banks for Refusing to Provide Financial Services to the Industry
Last month, Coinspot became the most high profile Australian crypto brokerage to suspend its services, criticizing the nation’s banks for the being “unwilling to work” with the cryptocurrency industry. The company claims to have persistently experienced “frequent account closures” and the imposition of “strict limits” on their bank accounts.
Said complaints have been echoed by a myriad of Localbitcoins vendors, with Coindance data indicating that P2P trade via the platform more than halved for the week of the 30th of December when compared with the preceding week.
Australia’s Leading Banks Have Sought to Dismiss Accusations of a Banking Embargo Targeting Bitcoin Businesses
In response to enquiries regarding the policies of the big four banks with regard to the cryptocurrency industry, Australia’s banks have largely downplayed and avoided the issue.