Australian cryptocurrency and fintech entrepreneurs are sounding the alarm about debanking, a growing threat to their businesses. Debanking occurs when banks shut down or suspend customers’ accounts indefinitely, with little explanation and no opportunity for response.
Industry experts claim that debanking is rife in Australia, affecting everyone involved in the sector – from service providers to investors. Ed Carroll, head of markets at MHC Digital, states that every person in the industry has been debanked or flagged at some point.
The lack of transparency and communication during debanking procedures has left victims feeling misled. With no clear explanation for closure, customers are forced to transfer their funds elsewhere without knowing what’s happening behind the scenes.
As the cryptocurrency market continues to boom, Australian entrepreneurs are urging caution and warning businesses about the potential risks of debanking.
Source: https://www.capitalbrief.com/article/debanking-threat-looms-over-australian-crypto-and-fintech-entrepreneurs-613631c3-7c80-4cad-9ab7-2b0117351f25/preview