Coinbase: Major Australian banks impose "illegal regulatory bans" on crypto companies

Coinbase has filed a formal complaint with the Australian Parliament, accusing the country's four largest banks—Commonwealth Bank, Westpac, ANZ, and NAB—of systematically refusing to provide financial services to legitimate crypto companies. This account closure has become systemic, effectively constituting an illegal regulatory ban as the four banks control the majority of trading accounts and payment channels. Data shows that 60% of fintech companies faced bank denials in 2021. Coinbase is calling on legislators to mandate five transparency measures for banks, including informing them of the reasons for account closures, ensuring internal dispute resolution procedures, providing 30-day advance notice, and self-certification for compliance. These measures were proposed by the Australian Financial Supervisory Commission in 2022 but have yet to be implemented.