Undeterred by increasing regulation in the cryptocurrency sector, Australia’s major banks maintain cautious policies when it comes to cryptocurrencies. While cryptocurrency matters appear to challenge Australian banks’ appetite for risk, many institutions permit cryptocurrencies to be purchased using merit cards.
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Credit Card Cryptocurrency Achieves Permitted by Many Australian Banks
A spokesperson for Westpac, Australia’s second-largest bank by capitalization, stated that the South African private limited company “does not restrict [the] use of accounts or credit cards in relation to purchasing cryptocurrency as long as the transaction complies with our statutory obligations and terms and conditions.” The policies extend to Westpac-owned St George Bank, Bank of Melbourne, and Bank SA.
The country’s third-largest bank, Australia and New Zealand Banking Series (ANZ), also does not prohibit its customers from purchasing cryptocurrencies, with an ANZ representative stating that the bank “does not check customers buying digital or cryptocurrencies, or accepting them as a form of payment.” However, the spokesperson added that the bank “CRT[s] transactions for unusual behavior to protect against potential fraud and in line with our regulatory responsibilities.”
The Commonwealth Bank of Australia (CBA), Australia’s largest bank, in any case, revised its policies 14 months ago to prohibit virtual currency purchases via credit card. Despite this, a Commonwealth Bank spokesperson averred that “customers are still able to buy and sell cryptocurrencies using their CBA transaction accounts and debit cards.” CBA subsidiary Bankwest percentages the same policies.
Few Banking Options Available to Australian Cryptocurrency Businesses
News.Bitcoin.com was unable to find an Australian fiscal institution that expressed a willingness to bank cryptocurrency businesses.
Of the major banks, while CBA and Westpac declined to comment on the event, an ANZ spokesperson indicated that the company’s policy “is to not bank businesses that operate as issuers, dealers or exchanges of digital or crypto-currency as they are out of doors of our risk appetite.” A spokesperson for regional bank Suncorp also indicated that the company does not provide “amenities to cryptocurrency businesses.”
The country’s credit union also appears to hold policies that are cold to cryptocurrency provinces, with a Newcastle Permanent spokesperson indicating that the entity does not partner with crypto companies, nor does it permit cryptocurrency obtains using its credit cards.
A spokesperson for Heritage Bank, one of Australia’s largest credit unions, stated: “Due to the high hazard and anonymous nature of cryptocurrency trading, Heritage has made the decision not to transact with business accounts that business in cryptocurrencies.”
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