Coinbase dey accuse Australia Big Four say dem dey close crypto accounts yawa system

Coinbase don comot formal complaint put for Australia House of Representatives Standing Committee on Economics, dey accuse say the country Big Four banks — Commonwealth Bank, Westpac, ANZ and National Australia Bank — dey regularly close accounts and deny services to legit crypto companies. The exchange talk say banks dey use blanket high‑risk policies without checking risk for each firm, no dey give clear or any written reason for closure, and dem fit cut service suddenly, wey dey hurt small exchanges, payment processors and startups by disrupting payroll, slowing transactions and make some firms dey consider move go abroad. Coinbase show studies wey dey show high denial rates for fintechs to argue say the problem widespread. E dey urge mandatory protections: written reasons for account termination, at least 30 days’ notice, internal dispute routes and published compliance checks. Banks defend say their moves necessary to comply with anti‑money‑laundering and counter‑terrorism financing rules. With new AML/CTF rules and tighter licensing for crypto providers wey go start March 2026, Coinbase warn say continued debanking fit choke competition and innovation. Parliamentary hearings and possible evidence requests dey expected; committee fit recommend legal or regulatory changes to increase transparency and fairness. Short‑term: more regulatory scrutiny and political pressure on banks. Medium/long‑term: possible mandated protections for crypto firms or banks still dey cautious depending on regulator response.