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'Sinister' debanking of crypto traders is often anti-competitive says Senator Bragg
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Australian banks have been dressing up anti-competitive behavior as regulatory compliance when de-banking crypto customers, Senator Andrew Bragg said.
“I 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,” the Liberal Senator for New South Wales said in a prepared address to the Tech Council of Australia tod.
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
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