• Fri. Jul 12th, 2024

Westpac And National Australia Bank Refuse To Do Business With Crypto Service Providers

Phillip Seefeldt

ByPhillip Seefeldt

Sep 24, 2021

Two from the largest four banks of Australia named Westpac and Australia bank has slammed the back at the condemnation leveled against them, stating that they are pressurizing the opposition through disagreeing to carry out any business with the providers of cryptocurrency across the country, according to a report. Although none of these banks has official policies regarding the exclusion of cryptocurrency from the business, Ross McEwan (the chief of NAB) stated that during a hearing of parliament, they opted not to serve any of the crypto-based business providers and clarified that they would only do the otherwise if the risks are manageable and the profits are recognizable.

He added that they require examining the complete roadmap of crypto being transacted and its endpoint in addition to the regulators as well as the country’s reserve bank. They would also be looking deep into the potential risks to be resulted in dealing with crypto providers. As per the report of the Financial Review of Australia, the aforementioned banks were giving their responses over the testimony to a hearing of parliament held by Nium (a unicorn in the global payments), stating that the country did not give any elaboration before shutting down the bank accounts.

The same hearing was also informed by Michaela Juric relating to Bitcoin Babe (an exchange of Bitcoin), saying that she got debunked up to 91 times by all of the above-mentioned banks all around the country. Michael Minassian (the consumer head at the Asia Pacific subdivision of Nium) explained during the Senate hearing that their company did its best to comply with the regulations, and its records can also be checked to verify it, even then they have frequently been de-banked.

In Australia, the main problem being focused on by the Committee selected by Senate would be concentrating on the pursuit of the re-establishment of the currently operating regulatory infrastructure of cryptocurrency. Michael Bacina, a collaborator at Piper-Alderman, (the person who is also a participant at Blockchain Australia), revealed that the position of the banks has become enormously powerful in Australia. During these continuous hearings, the Australian Commission for investments and securities has warned the investors against making investments for the financial products related to digital assets via unlicensed bodies. The wording and the time of the statement confused the country as the crypto does not require to be licensed there.

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Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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