Australian Banks to allow Customers to Buy Bitcoin

Submitted by editor on Wed, 02/28/2018 - 23:55

In Australia there are four big banks and some smaller ones (owned mostly by the big four). These are Australia and New Zealand (ANZ), Westpac, Commonwealth Bank and National Australian Bank (NAB). With the exception of the NAB and Commonwealth all banks have advised they will allow their customer to purchase cryptocurrencies.

An ANZ spokesperson stated that they provide no support or banking services to unregulated businesses like cryptocurrency exchanges or issuers and Westpac has adopted a similar policy but they will not impose any bans or restrictions on the purchased of cryptocurrencies with credit cards.

This is contrary to some US banks, such as Bank of America, JP Morgan chase (despite one of its subsidiaries purchasing a cryptocurrency exchange recently) and Citigroup who have banned their customer from using credit cards to purchased cryptocurrencies.

The National Bank of Australia (NAB) and the Commonwealth Bank of Australia (CBA) have taken a different regulatory approach with the NAB stating that as the Australian Securities and Investments Commission consider most virtual currency exchange platforms not regulated. Customers may not be protected against possible frauds or scams. "To reduce the risk for our customers, and to help protect their money, some card transactions may not be processed," commented NAB. "We take the protection of our customers' information and accounts extremely seriously." However cash funds CAN be paid through bank to bank or billpay with all banks.

The CBA currently under investigation by ASIC for money laundering, has declined to respond to requests for comments and according to some reports, has prevented its customers purchasing cryptocurrencies in the most known cryptocurrency exchanges.

What seems to be over looked by some banks is that one can simply transfer funds from a bank that is unwilling to come to the party to a bank that is at the party and enjoying the benefits.

This article is for information purposes only and is not to be construed as financial information for any purposes such as investment or speculation and it is the responsibility of the reader to perform proper due diligence before acting upon any of the information provided. We recommend that you consult with a licensed, qualified investment advisor before making any investment decisions.