June 28 (Cointime) - Australia's Treasury has acknowledged the seriousness of de-banking and the potential for it to drive businesses underground. The Council of Financial Regulators' previous advice on de-banking has been supported by the Treasury, which could bring about change for crypto-related entities.
The Commonwealth Bank and Binance Australia have both recently imposed restrictions on crypto platforms, citing scams and third-party payment service providers as reasons. The Australian government has agreed to data collection and supported recommendations for banks to improve transparency and fairness in relation to de-banking, as well as for major banks to publish guidance applicable to digital currency exchanges.
Blockchain Australia has committed to minimizing the intersection of crypto-assets and scams and collaborating with payment providers and banks to stop scams.
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