Australian Banks Imposing 'Unlawful Regulatory Ban' on Crypto, Says Coinbase

In brief

• Coinbase has submitted a detailed complaint to the Australian parliament accusing the country’s major banks of making debanking “standard protocol.”
• The exchange says up to 60% of fintech businesses faced denial of banking services in 2021, an issue that persists today.
• Coinbase is urging lawmakers to legislate five transparency measures recommended by financial regulators in 2022 but never implemented.