The recent crackdown by US banks on crypto traders and investors doesn’t seem to be popular among banks in other countries. Yesterday the biggest Canadian banks gave a blind eye on restricting its clients from making Bitcoin and other cryptocurrency related purchases. Similarly, top Australian banks don’t seem to be having any problem with cryptocurrencies. Australian banks not banning cryptocurrency transactions is yet another hope for the community.
Following the ban imposed by top UK and US banks such as Lloyds banking group and JP Morgan on their cryptocurrency clients, a big conversation was sparked among traders and investors in the crypto space with many speculating that other countries to follow suit. This is nevertheless, not proving to be the case as some top Australian banks are taking a similar approach as Canadian banks.
Some top Australian banks say they do not see any reason to ban crypto traders from going along with their regular activities. Following an interview with ABC news, ANZ bank said it “does not prohibit customers buying digital or cryptocurrencies or accepting them as a form of payment” They, however, declared their keenness in monitoring transactions.
“We monitor transactions for unusual behaviour to protect against potential fraud and in line with our regulatory responsibilities” ANZ bank’s Spokesperson continued
Westpac also weighed in with their point of view and said they are currently not considering any ban. “We currently have no restriction on credit card use to purchase cryptocurrency”
On the other hand, the National Australian Bank is taking a rather regulatory role by blocking some transactions “to reduce the risk for their customers”.
“We take the protection of our customer’s information and accounts extremely seriously… to reduce the risk for our customers, and to help protect their money, some card transactions may not be processed”.