{"id":144344,"date":"2021-11-11T01:27:22","date_gmt":"2021-11-11T01:27:22","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144344"},"modified":"2021-11-11T01:27:22","modified_gmt":"2021-11-11T01:27:22","slug":"sinister-debanking-of-crypto-traders-is-often-anti-competitive-says-senator-bragg","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/sinister-debanking-of-crypto-traders-is-often-anti-competitive-says-senator-bragg\/","title":{"rendered":"'Sinister' debanking of crypto traders is often anti-competitive says Senator Bragg"},"content":{"rendered":"

Australian banks have been dressing up anti-competitive behavior as regulatory compliance when de-banking crypto customers, Senator Andrew Bragg said. <\/p>\n

\u201cI believe many banks have been dressing up de-banking as a regulatory necessity. In fact it is often anti-competitive behavior and far more sinister and threatening than it appears on the surface,\u201d the Liberal Senator for New South Wales said in a prepared address to the Tech Council of Australia tod. <\/p>\n

Denial of banking, or debanking, is when a financial institution chooses to no longer offer banking services to a customer. No reason needs to be given, and banks have the ability to freeze an account instantly or shut it down with very little notice. For crypto customers banks often cite concerns around Anti Money Laundering (AML) and Counter Terrorism Financing (CTF) compliance.<\/p>\n

Senator Bragg told Cointelegraph that his Senate Committee heard evidence that the banks terminated accounts for \u201ccommercial reasons\u201d \u2014 a practice \u201clong been known and flagged by the ACCC [Australian Competition & Consumer Commission]\u201d. <\/p>\n

\u201cIn other words, they debanked customers to protect their entrenched market position. This is not good enough.\u201d<\/p><\/blockquote>\n

Giving evidence to the Senate inquiry into \u201cAustralia as a Technology and Financial Center\u201d in September this year, \u2018Bitcoin Babe\u2018 \u200b\u200bfounder Michaela Juric said that she had been banned by a total of 91 banks and financial institutions throughout her seven-year history in crypto.<\/p>\n

\u201cNo reasons given, no case-by-case assessments or discussions engaged and no recourse available,\u201d she said at the time. <\/p>\n

Another Aussie digital currency trader Allan Flynn won a settlement with ANZ for debanking him on Oct 15. While ANZ denied any liability, the bank offered him a chance to reapply for a bank account. Flynn also has a similar case against Westpac that\u2019s ongoing.<\/p>\n

In today\u2019s address to the Tech Council, Senator Bragg condemned the practice of debanking, saying it \u201cundermines Australia as a crypto hub.\u201d<\/p>\n

\u201cHow can you be a hub if you can\u2019t get a bank account as a trader, miner, exchange, custodian or investor? You can\u2019t.\u201d <\/p><\/blockquote>\n

Things are changing however. On Nov 3 The Commonwealth Bank announced it will become Australia\u2019s first bank to offer customers the ability to buy, sell and hold crypto assets through its CommBank app. According to Bragg, it will be difficult for banks to reconcile an anti-crypto position as they begin to enter the crypto world themselves. <\/p>\n

\u201cThe position the banks have historically taken will be hard to sustain with the recent entrance of banks into the crypto world. I will ensure it is not an opportunity for the banks to be hypocrites,\u201d he said at today\u2019s address. <\/p>\n

He added to this statement, telling Cointelegraph: \u201cI believe it would be hypocritical to allow and encourage customers to use crypto in the app, and then de-bank other customers for doing the same. I am pleased to see banks getting on board with cryptocurrency\u201d. <\/p>\n

The Senate committee\u2019s \u201cCrypto Report\u201d published Oct. 20 made 12 recommendations intended to tackle key issues pertinent to the cryptocurrency sector, including that the Australian government develop a \u201cclear process for businesses that have been de-banked\u201d. <\/p>\n

Related: <\/em><\/strong>Aussie crypto companies keen to embrace regulations, says senator<\/em><\/strong><\/p>\n

Following the report\u2019s release, the Australian Transaction Reports and Analysis Centre (AUSTRAC) released a statement which strongly criticized de-banking on Oct 29: <\/p>\n

\u201cThe effect of debanking of legitimate and lawful financial services businesses can increase the risks of money laundering and terrorism financing and negatively impacts Australia\u2019s economy,\u201d the report stated.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Australian banks have been dressing up anti-competitive<\/p>\n","protected":false},"author":3,"featured_media":144343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n'Sinister' debanking of crypto traders is often anti-competitive says Senator Bragg - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/sinister-debanking-of-crypto-traders-is-often-anti-competitive-says-senator-bragg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'Sinister' debanking of crypto traders is often anti-competitive says Senator Bragg - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Australian banks have been dressing up anti-competitive\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/sinister-debanking-of-crypto-traders-is-often-anti-competitive-says-senator-bragg\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-11T01:27:22+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/11\/x27Sinisterx27-debanking-of-crypto-traders-is-often-anti-competitive-says-Senator-Bragg.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/sinister-debanking-of-crypto-traders-is-often-anti-competitive-says-senator-bragg\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/sinister-debanking-of-crypto-traders-is-often-anti-competitive-says-senator-bragg\/\",\"name\":\"'Sinister' debanking of crypto traders is often anti-competitive says Senator Bragg - 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