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Australian banks reject pressure to deal with cryptocurrency firms
12 Sep 2021

Two of Australia’s largest lenders, National Australia Bank (NAB) and Westpac, on Thursday rejected criticism that they are stymieing competition by refusing to do business with cryptocurrency providers.

Many of Australia’s top financial institutions have not engaged with the sector, despite its huge growth in the past year, due to its high risks.

The stock exchange ASX Ltd, similarly has not allowed cryptocurrency-related listings, forcing some firms to seek public listings overseas, including on the Nasdaq.

“It’s one of the emerging issues that we are looking at – what should our relationship be, if at all, with cryptocurrency,” NAB Chief Executive Ross McEwan told a regular parliamentary hearing.

By Paulina Duran, Reuters, 9 September 2021

Read more at Reuters

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