Industry leaders call for clear regulations to ease banking barriers
Australia has made major progress in integrating cryptocurrency into its financial system, but crypto users and businesses continue to face banking roadblocks that hinder growth. Industry leaders say clear government regulations are now essential to distinguish legitimate operators from bad actors and provide confidence for banks.
Survey highlights banking frustrations
A recent Binance survey of 1,900 Australians found that 58% wanted unlimited access to deposit funds into exchanges, while 22% switched banks to make crypto purchases easier.
Matt Poblocki, Binance’s general manager for Australia and New Zealand, explained that access to banking services is directly linked to adoption. “The lack of consistent access not only inconveniences users but risks driving activity offshore to less regulated venues — something that benefits neither consumers nor the broader financial system,” he said.
Banks still blocking services
Despite years of progress — including crypto exchanges coming under Anti-Money Laundering rules in 2018 and the launch of Australia’s first Bitcoin ETF in 2024 — banks continue to restrict activity.
Commonwealth Bank, the nation’s largest lender, has imposed a monthly limit of AUD 10,000 (USD 6,527) for customers transferring funds to crypto platforms.
OKX Australia CEO Kate Cooper said users frequently complain about banks blocking transactions. “We regularly field phone calls from customers asking what banks will allow them to buy crypto. The friction creates frustration, even though adoption remains high at over 30%,” she noted.
Debanking and business risks
Executives also raised concerns about debanking, where accounts are closed due to crypto-related activity. Kraken’s Jonathon Miller warned this creates risks by limiting the number of banks willing to work with exchanges, calling it “a stark reminder of why crypto exists in the first place.”
Regulatory clarity could be the solution
Industry leaders agree that fit-for-purpose legislation is the best way forward. Cooper emphasized that new draft laws could help “sort the wheat from the chaff” and give banks confidence to support regulated operators. Poblocki added that collaboration between government, banks, and industry is essential to create sustainable solutions.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
