Australian Banks Reject Crypto Industry Bullying Claims

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Source: Adobe / piter2121

Major Australian banks National Australia Bank (NAB) and Westpac reject accusations of discrimination against the country’s crypto sector, responding to allegations made by industry representatives during their testimony before the Australian Senate.

“This is one of the emerging issues that we are looking at – what should be our relationship, if any, with cryptocurrency,” said Ross McEwan, CEO of NAB, in a regular parliamentary hearing, as the ‘reported Reuters.

McEwan claims that the bank does not have a policy of withdrawing from crypto-related customers, but has not served such customers and would only engage in such cooperation if it was profitable and tolerable for the bank in terms of risk.

“We have to see where the cryptocurrency is going, as well as … the reserve bank and the regulators. And what is the risk inside the bank of dealing with cryptocurrency providers as well,” he said. he told lawmakers.

Meanwhile, Peter King, CEO of Westpac, said the anonymity of the cryptocurrency made it “very difficult” for the bank to comply with anti-money laundering and terrorist financing regulations.

The latest statements come in response to testimonials from Sydney-based crypto entrepreneur Michaela Juric, founder of peer-to-peer trading platform Bitcoin Babe, and Rebecca Schot-Guppy, CEO of local industry association Fintech Australia. Juric told senators she had been rejected by 91 financial institutions, being on a terrorism watch list, as well as “bullied” by the Australian Transaction Reports and Analysis Center because of its crypto-related business activities.

Also participating in the investigation into Australia as a technology and financial center, Schot-Guppy said she was aware of many similar incidents in which members of her organization were targeted by Australian banks. She also called on the committee to put an end to similar embezzlements which she described as “anti-competitive”.

Michael Minassian, vice president and regional head of consumer operations for Australia and Oceania at Nium, a Singapore-based payments and money transfer company, revealed that Australia was the only country where the company had been “de-banked” among the 40 states in which it operates. his company. ___

Read More: – Why Jack Dorsey’s Square Paid $ 29 Billion For Post-Payment – Australian SMEs Catch Crypto Wave As ETF Works

– Young investors lead to increase in Australian investment in Bitcoin and crypto – Banks protest crypto firms’ claim on Federal Reserve payment systems

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