Australian Banks Deny Crypto Industry Accusations

Uğur Bayram

Sep 11, 2021

Australian banks National Australia Bank (NAB) and Westpac denied accusations of discrimination against the country's crypto sector in their statements.

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Australian banks National Australia Bank (NAB) and Westpac denied accusations of discrimination against the country's crypto sector in their statements.
NAB CEO Ross McEwan said in a statement:
"This is one of the newer issues we're looking at - what should our relationship be with cryptocurrency?"
McEwan also said the following in the document he gave to lawmakers:
“We need to look at where cryptocurrency is headed, with the reserve bank and regulators. And what is the risk of dealing with cryptocurrency providers inside the bank.”
Westpac CEO Peter King said that cryptocurrencies are difficult for the bank to comply with its money laundering and counter-terrorism financing regulations.

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