Coinbase Accuses Australia’s Big Four of Systematic Crypto Account Closures

Coinbase has lodged a formal complaint with Australia’s House of Representatives Standing Committee on Economics, alleging that the country’s Big Four banks — Commonwealth Bank, Westpac, ANZ and National Australia Bank — routinely close accounts and deny services to legitimate crypto firms. The exchange says banks apply blanket, high‑risk policies without firm-level risk assessments, provide opaque or no written reasons for closures, and cut services abruptly, harming small exchanges, payment processors and startups by disrupting payroll, slowing transactions and prompting some firms to consider moving offshore. Coinbase cites studies showing high denial rates for fintechs to argue the problem is widespread. It urges mandatory protections: written reasons for account termination, at least 30 days’ notice, internal dispute routes and published compliance checks. Banks defend actions as required anti‑money‑laundering and counter‑terrorism financing compliance. With new AML/CTF rules and tighter licensing for crypto providers coming into force in March 2026, Coinbase warns continued debanking could stifle competition and innovation. Parliamentary hearings and potential evidence requests are expected; the committee may recommend legal or regulatory changes to increase transparency and fairness. Short-term: heightened regulatory scrutiny and political pressure on banks. Medium/long-term: possible mandated protections for crypto firms or continued bank caution depending on regulator response.