Australian Banks Are Preventing Lawful Companies from Accessing Basic Banking Services
This petition had 267 supporters
Australian banks are refusing and / or restricting banking services to crypto currency exchanges in Australia.
Exchanges are having deposit accounts frozen and customers are unable to deposit funds to fund their exchange accounts.
This activity is not illegal and the ATO have even set out guides as to how Cryptocurrency profits are taxed.
Many people (myself included) invest a small part of our Self Managed Super Funds in the crycurrency space as a hedge against inflation and as an alternate to the historically overpriced shares and property markets.
Banks appear to be using perceived risk as an excuse to limit services to a sector they see as competition (breaching anti corruption / collusion laws).
In doing so they are limiting the Australian public's ability to manage their own risk as they see fit.
We appeal to APRA and to Mathias Cormann to bring the banks in line and demand they provide basic banking services (Deposit Accounts) to Australian businesses carrying out lawful business.
We also assert, using perceived risk of Anti-Monetary Laundering, Anti-Terrorism Funding law breaches is unacceptable without specific and direct evidence.
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