More crypto news from the worldwide were brought to you by RoboticsOnline (reviewed here). This time they are connected with retail crypto traders and two rather big banking giants in Australia.
I remind you that RoboticsOnline has being monitored by EN for 343 days already and the whole time on market is already more than 957 days.
Here’s the news:
Australian banking giants ANZ and NAB say they will not support retail crypto trading
- Two of the largest banks in Australia have said they will not support retail crypto trading
- The two banks have cited the heightened risk of crypto products to customers
- The Commonwealth Bank of Australia is the only major bank in Australia supporting crypto trading
Officials from two of the largest banks in Australia have said that they will not allow their retail customers to start trading cryptocurrencies on their platforms. According to these officials, customers had limited knowledge about their financial well-being in crypto matters.
Aussie banks will not allow retail crypto trading
Maile Carnegie, an executive for retail banking at Australia and New Zealand Banking Group (ANZ), said that the opinions gathered from retail customers show that most of them failed to understand the basic concept of financial well-being.
“Are we really going to make it easier and less friction and implicitly endorse speculating on crypto when they don’t understand basic financial well-being? The answer was no,” Carnegie said.
Carnegie also added that ANZ had been considering having cryptocurrency products since 2017. She added that she was glad that the company had not gone long in offering these products.
The National Australia Bank (NAB) chief digital officer, Angela Mentis, said that the bank would not consider offering cryptocurrency trading “in the foreseeable future.” She also said that the bank had several applications for blockchain technology targeting institutional clients.
ANZ became the first bank in Australia to mint a stablecoin pegged to the Australian dollar. On the other hand, NAB is also planning to launch a stablecoin that will begin operations by the end of the year. The stablecoin projects launched by these two banks will target institutional clients that want to onboard cryptocurrency offerings.
Commonwealth Bank of Australia is focused on crypto products
The Commonwealth Bank of Australia is the only one among the big four banks that gas plans to launch a crypto trading product. The CEO of the bank, Matt Comyn, said that despite the challenges being faced, the bank was still committed to launching this service.
The CBA also announced it would support cryptocurrency trading through a partnership with Gemini. However, in April, the Australian Securities and Investment Commission delayed the product’s launch, saying there were concerns about consumer protections.
Towards the end of last month, the CBA said that the second pilot phase for its crypto product would be delayed. Comyn also said that the bank was waiting on regulatory clarity to proceed with the product’s launch.
In the recent summit, Comyn noted that if the bank went ahead to launch this product, it would restrict access to only those who understood the risks posed by the asset class. The remarks made by these banks saw the response of the founder and CEO of Blockchain Assets, Ian Love.
Love tweeted, “How will we ever reduce wealth inequality when our regulatory system has financial discrimination at its core? It’s time to remove the “Sophisticated Investor” discrimination rules that advisors use to hide behind and allow everyone access to financial advice and services.”
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