Coinbase has taken a tougher stance against Australia’s biggest banks, saying these banks are shutting down or blocking the services of legitimate crypto companies.
The exchange has filed a formal complaint with the House of Representatives’ Standing Committee on Economics and says the problem goes beyond occasional account closures: It has become a common obstacle for companies that rely on bank accounts and payment channels to do business.
Coinbase files official complaint
Based on the reports, Coinbase is calling for clearer rules and more fairness. It wants banks to explain why they are closing accounts, give at least 30 days’ notice before removing services, set up dispute resolution channels and publish compliance checks.
Coinbase submitted a report to the House SCE, naming Commonwealth Bank, Westpac, ANZ and National Australia Bank. It alleges that banks are closing accounts without warning and blocking crypto-related transactions.
Reports indicate that the company is also calling on lawmakers to make these rules mandatory so that companies cannot be taken down without cause.
JUST IN: Coinbase files complaint with Australian Parliament, accusing big four banks of blocking services to crypto companies 👀 pic.twitter.com/cCsDSwasBG
– The Moon Show (@TheMoonShow) February 3, 2026
A study cited in the coverage found that up to 60% of some fintechs have been denied banking services in recent years, and Coinbase uses numbers like this to show that the problem is widespread.
Banks cite risk and compliance concerns
The banks respond that they act to comply with the rules to combat money laundering and the financing of terrorism. They argue that some crypto activities are difficult to monitor and that cutting ties can be a compliance step when risk cannot be clearly managed.
Bank customers and regulators want secure payment systems, and banks say they need to weigh that against new lines of business.
Sometimes lenders’ actions are reactive; at other times, they follow formal internal policies. This difference is important because it affects how easily a company can appeal a decision.
Who gets hurt when banks are closed?
Small exchanges, payment processors and other crypto services are feeling the pressure. When a bank terminates a relationship, transactions slow, salaries require alternative accounts, and trust is strained.
Reports indicate that some startups are considering moving their operations overseas, where banking services are more welcoming. This risk has political implications: if local fintechs leave, jobs disappear with them and the country could lack new services. The result is a tug-of-war between financial security and business access.
What comes next for regulators
Parliamentary hearings are now likely the next step, and these sessions could prompt banks for more details and push regulators to set clearer rules.
Australia’s financial watchdogs have previously discussed the issue, but have failed to force banks to change. The committee will hear testimony and may recommend legal changes or stricter guidelines to ensure account closures are tracked and justified.
Featured image by Jakub Porzycki/NurPhoto via Getty Images, chart by TradingView
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