Two of Australia’s top banks (National Australia Bank and Westpac) have responded to criticism that they are stifling competition by refusing to do business with crypto-asset providers in the country, according to a published report.
Ross McEwan, CEO of National Australia Bank (NAB), stated in a parliamentary session that although banks do not have official policies, they choose not to serve and will only do so if they can manage risk and make a profit:
Clearing banks of crypto-related businesses is a central issue being reviewed by the Australian Senate Select Committee as the Australian Center for Technology and Finance, which aims to reassess the country’s current crypto regulatory infrastructure. Speaking to Forkast.News earlier regarding debanking, Piper Alderman’s partner Michael Bacina said banks in Australia were moving into an “incredibly strong position”.
Meanwhile, amid these ongoing hearings, the Australian Securities and Investment Commission has issued a warning to investors not to invest in crypto-asset financial products through unlicensed entities.
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