Coinbase has taken its fight against crypto debanking to Australia’s parliament, filing a formal complaint that accuses the country’s biggest banks of shutting legitimate crypto businesses out of the financial system.
Here’s the scoop.
The submission, sent to the House of Representatives Standing Committee on Economics, names Commonwealth Bank, Westpac, ANZ, and National Australia Bank. Coinbase said these banks are closing accounts without warning and blocking transactions tied to digital assets.
“There is nothing that degrades trust in an economy faster than being told you cannot use your own money,” Coinbase wrote.
The exchange warned that debanking has gone from a rare problem to a “systemic feature of the Australian financial landscape.” With four banks controlling most of the country’s payment rails, losing access amounts to an “unlawful regulatory ban” on lawful businesses.
Data cited in the filing shows 60% of fintech businesses faced denial of service from banks in 2021. That problem remains unresolved.
Coinbase urged lawmakers to pass five transparency measures that regulators recommended years ago. The government backed these reforms in August 2022, but they were never put into law.
The measures would require banks to explain account closures, give 30 days’ notice, and provide access to dispute resolution.
Also Read: Why Was Coinbase’s Brian Armstrong Snubbed by Top US Bank CEOs at Davos?
The exchange pointed to how other countries handle the issue. The EU guarantees a basic bank account for all legal residents. Canada allows account access even with a bankruptcy history. In the U.S., President Donald Trump signed an executive order last August to stop crypto-related debanking.
Australia’s $4 billion fintech sector now waits on parliamentary recommendations expected later this year. The outcome could determine whether crypto innovation stays or moves elsewhere.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Tokenization keeps winning. Token prices, meanwhile, seem to have missed the memo. Over the last…
Digital collectibles on Telegram seems to be in trend. Today, Telegram founder Pavel Durov recently…
Markets have a strange habit of punishing certainty. Earlier this month, VELVET was widely dismissed…
Speaking at Futura Camp during Berlin Blockchain Week 2026, Coinspaid Dev Executive Leader Alexey Tulia framed the discussion through 11 years of…
The recent Bitcoin crash has hit BlackRock ETF investors much harder than many expected. The…
The dogwifhat price is rising by nearly 20%, reaching above $0.17 with a significant increase…
