Crypto banking in Australia faces persistent barriers as banks restrict transfers and close accounts, creating “debanking” risks for exchanges and users; clear, fit-for-purpose legislation and coordinated guidance from regulators, banks and industry are needed to restore access and trust.
Major banks restrict transfers and impose limits on crypto deposits, creating friction for users.
Debanking incidents affect customers, employees and exchange operations, concentrating risk in a few willing banks.
Legislation, AUSTRAC guidance and industry collaboration can distinguish legitimate services from bad actors.
Crypto banking Australia: persistent bank restrictions and debanking risk hinder adoption—read how proposed legislation and regulator guidance can restore access. Learn more.
Crypto bosses say the government now needs to bring in clear rules, so regulators and banks can distinguish the good from the bad actors.
What are the current banking barriers for crypto users in Australia?
Crypto banking Australia is hindered by bank-imposed limits, account closures and transfer refusals that block deposits and withdrawals to exchanges. These actions reduce convenience, can push activity offshore, and create concentration risks by leaving a small set of banks to serve crypto businesses and customers.
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Recent industry surveys show many Australians face limits when sending funds to exchanges. One survey of 1,900 Australians reported 58% wanted unrestricted deposit access and 22% had switched banks to buy crypto. Major banks have set monthly limits for transfers to exchanges, prompting frequent customer enquiries and friction for retail participation.
Executives at major exchanges report ongoing denials of banking services. These actions include blocks on transfers, limits on deposit amounts, and, in some cases, account closures—often described as debanking—when banks consider a customer or business higher risk.
Debanking happens when banks close accounts or restrict services due to perceived risk from crypto-related activity. This creates concentration risk because local exchanges and startups often have a limited set of banks willing to work with them.
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