According to a survey released by Binance on Thursday, which covered 1,900 Australians, 58% of respondents wish to deposit funds into exchanges conveniently and without limits, while 22% of respondents switched banks for easier cryptocurrency purchases.
Matt Poblocki, General Manager of Binance Australia and New Zealand, stated in an interview with Cointelegraph that smooth access to financial services directly impacts market participation, confidence, and trust, while banking barriers hinder adoption speed and limit industry growth.
Despite years of progress in cryptocurrency regulation in Australia, banks still set up barriers. In 2018, Australia included cryptocurrency exchanges in anti-money laundering (AML) regulations, requiring them to register with the Australian financial intelligence agency AUSTRAC.
Australia's first exchange-traded fund (ETF) directly holding Bitcoin (BTC) will launch in June 2024, followed by an ETF holding Ethereum (ETH) in October 2024.
This Tuesday, Coinbase and cryptocurrency exchange OKX launched services for self-managed superannuation funds in Australia, providing a new channel for cryptocurrency to enter the national pension system.
Kate Cooper, CEO of OKX Australia, told Cointelegraph that she previously worked in traditional finance at Australia's major bank NAB and is now an executive at a cryptocurrency exchange, but banks still refuse to provide services to cryptocurrency businesses and block funds from flowing to related exchanges.
Australia's largest bank, Commonwealth Bank, announced a monthly transfer limit of AUD 10,000 (USD 6,527) for customers sending money to cryptocurrency exchanges.
Cooper stated, "We often receive calls from customers saying, 'My bank won't let me do this, do you know which bank supports it? What should I do? What are my options?'"
Australia's anti-money laundering regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC), released new guidance in March, stating that banks are not obligated to impose a blanket ban on cryptocurrencies.
Jonathon Miller, General Manager of Kraken Australia, told Cointelegraph that the exchange has also seen countless customers and employees lose access to their accounts due to their involvement in the cryptocurrency ecosystem.
Account closures by banks refer to banks shutting down accounts and refusing to provide services to individuals and organizations deemed potential risks. A typical case occurred during the U.S. "Operation Choke Point."
Miller noted that cryptocurrency businesses face similar dilemmas, "leading to concentrated risks—because local exchanges and startups usually have very few banks willing to cooperate."
Poblocki mentioned that Binance also encounters obstacles in Australia. Users can buy and sell cryptocurrencies using credit or debit cards but cannot deposit or withdraw Australian dollars via bank transfers. He believes this is actually a challenge faced by the entire industry, not just an isolated phenomenon.
He added that exchanges still maintain alternative deposit and withdrawal channels and continue to push for more sustainable solutions.
She stated that this remains a significant issue in the Australian cryptocurrency industry, as banks refuse to provide services to businesses in the sector.
Cooper emphasized that the most important factor is legislation that fits the purpose. She pointed out that a legislative draft may be released by the end of the month.
The current center-left Labor government in Australia proposed a new cryptocurrency regulatory framework before this year's federal election, aimed at regulating exchange operations and addressing the issue of account closures by banks.
Miller stated that clear legislation and regulatory guidance are crucial to addressing account closures by banks, while also ending restrictions on the cryptocurrency industry and its participants. Although some institutions have taken measures, the industry as a whole has not yet widely implemented them.
He said that what is currently needed is a more detailed due diligence approach—one that can distinguish between malicious participants and responsible legitimate businesses.
Meanwhile, Poblocki also stated that legislation is necessary, and there needs to be "collaboration between the government, banks, and the industry to provide regulatory clarity."
Related: Even with $300 million flowing out of the spot Ethereum ETF, ETH derivatives still turn bullish
Original article: “Despite years of development in the cryptocurrency field, Australians still encounter 'barriers' in banking services”
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