Blockchain industry stakeholders in Australia denounced the recent restrictions imposed by local banks on crypto payments.
Industry establishment Blockchain Australia In an announcement Wednesday, June 14th, he pointed out the restrictions and said he wanted to address the issue directly using real data. Recently, Australia has faced some issues where its banking partners are blocking payments to crypto exchanges. last week Commonwealth Bank (CBA) applied partial restrictions, citing fraud and the amount of money customers lost. If earlier this month Binance Australiahas stopped depositing and withdrawing Australian dollars (AUD) via bank transfer due to a decision by a third-party payment service provider.
Institution Plans to Meet with Regulators
Blockchain Australia director Jackson Zengmade statements on the subject.
Zeng said in a statement: “The recent decision by the banking institutions to restrict millions of their customers from paying on cryptocurrency exchanges represents a profound curtailment of economic freedom in Australia. Every individual has the right to decide how and where to use their financial resources. “The main role of banks is to facilitate these decisions, not to impose restrictions on them,” he said.
Industry organization June 27Deputy Treasury and Financial Services Minister Stephen JonesAnd Australian Securities and Investment CommissionHe decided to meet with policymakers, including, to discuss the issue.
“Blockchain Australia considers that the general restrictions have very costly side effects, not only limiting consumers from using their own money but also shifting the behavior of those at risk of fraud and fraud to another type of fraud that may be more difficult to detect,” the announcement said.
The agency plans to launch a training program, including how to detect fraud and recognize good actors in the field.
