'Sinister' debanking of crypto traders is often anti-competitive says Senator Bragg

Sinister debanking of crypto traders is often anti-competitive says Senator Bragg　　Senator Bragg says that his government wont let Aussie banks to practice anticompetitive de-banking against crypto companies.　　Australian banks have been dressing up anti-competitive behavior as regulatory compliance when de-banking crypto customers, Senator Andrew Bragg said.　　“I believe many banks have been dressing up de-banking as a regulatory necessity. In fact it is often anti-competitive behavior and far more sinister and threatening than it appears on the surface,” the Liberal Senator for New South Wales said in a prepared address to the Tech Council of Australia tod.　　Denial of banking, or debanking, is when a financial institution chooses to no longer offer banking services to a customer. No reason needs to be given, and banks have the ability to freeze an account instantly or shut it down with very little notice. For crypto customers banks often cite concerns around Anti Money Laundering (AML) and Counter Terrorism Financing (CTF) compliance.　　Senator Bragg told Cointelegraph that his Senate Committee heard evidence that the banks terminated accounts for “commercial reasons” — a practice “long been known and flagged by the ACCC [Australian Competition & Consumer Commission]”.　　“In other words, they debanked customers to protect their entrenched market position.