Australia’s Major Banks Confirm They Won’t Ban Buying Bitcoin

Some of Australia’s biggest banks confirmed they won’t prevent customers from buying and selling Bitcoin with credit cards, unlike some of their counterparts in the UK and US.

‘No Restrictions’

Following a different approach than Lloyds Banking Group, JP Morgan, Bank of America, and Citigroup, Australia’s biggest banks currently have no plans to bar their customers from buying and selling Bitcoin with credit and debit cards.

ANZ told ABC news that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”

However, ANZ’s spokesperson did reveal that the bank monitors transactions for  “unusual behaviour” to prevent potential fraud in accordance with its “regulatory responsibilities.” Moreover, the bank does not do business with companies “that operate as issuers, dealers or exchanges of digital or cryptocurrency.”

This is because ANZ considers such businesses to be “unregulated and therefore not within ANZ policy.”

Meanwhile, National Australia Bank suggested it could halt cryptocurrency transactions if security concerns arise, such as the still-too-common theft of funds stored on online exchanges. NAB’s spokesperson said:

ASIC advises that, as most of the virtual currency exchange platforms are generally not regulated, customers may not be protected or have any legal recourse if the platform fails or is hacked.

We take the protection of our customers’ information and accounts extremely seriously to reduce the risk for our customers, and to help protect their money, some card transactions may not be processed.

Meanwhile, a spokesperson from Westpac bank put it more simply, stating:

We currently have no restrictions on credit card use to purchase cryptocurrency.

Commonwealth Bank was also contacted for comment but did not respond by press time…

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