Australian crypto Companies tell Senate inquiry about being banned by banks up to 91 times
Three major crypto businesses of Australia urged an inquiry into the matter that why they get banned by the financial institutions of Australia.
In the present time, Australians are leading in terms of crypto adoption because of the crypto friendly laws, citizens feel huge confidence about their crypto activities on crypto platforms. But these crypto companies are not feeling well under this dramatic situation in Australia. Major crypto businesses claim that they are following all the guidelines, rules & regulations imposed by the regulators but still they are facing problems from the end of banking institutions.
On 8 September, Three crypto platforms Crypto investment firm Aus Merchant, global remittance provider Nium and small peer-to-peer crypto brokerage platform Bitcoin Babe talked about this matter in Australia as a Technology and Financial Centre.
These crypto companies said that they are running their operations under full regulation and also registered with AUSTRAC. But still de-banked many times without an exact explanation.
Michaela Juric, the founder of Bitcoin Babe, claimed that she has been banned 91 times by financial institutions in the last 7 years.
“As of yesterday, I have been banned and de-banked from 91 banks and financial institutions. That’s 91-lifetime bans. No reasons given, no case-by-case assessments or discussions engaged and no recourse available.”
Senator Andrew Bragg, responded & shared his point of view on this matter and stated
“I’ve had banks go as far as report me as being like a terrorist on some databases, and that’s what stopped me from being able to get some of these services.”
The answer of Andrew seems enough to satisfy the raised issues by these crypto firms. Because rules and regulations allow these crypto companies directly to use services of financial institutions, then why banks are not supporting them, whether they are in panic that they are lagging behind in this revolution of the crypto industry or something else.
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