Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation

The Commonwealth Bank of Australia (CBA), Australia’s largest bank, however, revised its policies 14 months ago to prohibit virtual currency purchases via credit card. Despite this, a Commonwealth Bank spokesperson stated that “customers are still able to buy and sell cryptocurrencies using their CBA transaction accounts and debit cards.” CBA subsidiary Bankwest shares the same policies.

Few Banking Options Available to Australian Cryptocurrency Businesses

News.Bitcoin.com was unable to find an Australian financial institution that expressed a willingness to bank cryptocurrency businesses.

Of the major banks, while CBA and Westpac declined to comment on the matter, an ANZ spokesperson indicated that the company’s policy “is to not bank businesses that operate as issuers, dealers or exchanges of digital or crypto-currency as they are outside of our risk appetite.” A spokesperson for regional bank Suncorp also indicated that the company does not provide “services to cryptocurrency businesses.”

The country’s credit union also appears to hold policies that are cold to cryptocurrency businesses, with a Newcastle Permanent spokesperson indicating that the entity does not partner with crypto companies, nor does it permit cryptocurrency purchases using its credit cards.

https://news.bitcoin.com/aussie-banks-cold-cryptocurrency-businesses/

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