Coinbase has taken a louder stand against Australia’s biggest banks, saying those banks are shutting down or blocking services for legitimate crypto firms.
The exchange lodged a formal complaint with the House of Representatives Standing Committee on Economics and argues that the problem goes beyond occasional account closures — it has become a common barrier for companies that rely on bank accounts and payment rails to do business.
Coinbase Raises Formal Complaint
Based on reports, Coinbase asks for clearer rules and more fairness. It wants banks to explain why they close accounts, give at least 30 days’ notice before cutting services, set up dispute channels, and publish compliance checks.
Coinbase submitted a report to the House’s SCE, naming Commonwealth Bank, Westpac, ANZ, and National Australia Bank. It alleges the banks are closing accounts without warning and blocking crypto-related transactions.
Reports say the company also calls on lawmakers to make those rules mandatory so firms can’t be cut off without cause.
JUST IN: Coinbase files a complaint with Australia’s Parliament, accusing the big four banks of blocking services to crypto firms
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One study cited in coverage found as much as 60% of some fintechs were denied banking in recent years, and Coinbase uses figures like that to show the problem is widespread.
Banks Cite Risk And Compliance Concerns
Banks respond that they act to meet anti-money-laundering and counter-terrorism financing rules. They argue that some crypto activity is hard to monitor and that cutting ties can be a compliance step when risk can’t be clearly managed.
Bank customers and regulators want safe payment systems, and banks say they must weigh that against new business lines.
At times, actions by lenders are reactive; at other times they follow formal internal policies. That difference matters because it affects how easy it is for a firm to appeal a decision.
Who Gets Hurt When Banking Is Closed
Small exchanges, payment processors, and other crypto services feel the squeeze. When a bank ends a relationship, transactions slow, wages need alternative accounts, and trust gets strained.
Reports say some startups consider moving operations overseas where banking is more welcoming. That risk has policy implications: if local fintechs leave, jobs go with them and the country may miss out on new services. The result is a tug-of-war between financial safety and business access.
What Comes Next For Regulators
Parliamentary hearings are now a likely next step, and those sessions could press banks for more detail and push regulators to set clearer rules.
Australia’s financial watchdogs have discussed the issue before but stopped short of forcing banks to change. The committee will hear evidence, and it can recommend legal changes or stronger guidance to make sure account closures are tracked and justified.
Featured image by Jakub Porzycki/NurPhoto via Getty Images, chart from TradingView
