Debanking trend in Australia could drive crypto underground

Australia's Treasury is investigating the increasing trend of banks. 

They are restricting services to crypto exchanges over scam concerns. The authority warned that such actions could make the crypto sector less transparent. Debanking, the practice of banks refusing services due to issues like Anti-Money Laundering, is a growing concern. The government stressed the need for data to monitor the situation and guide policy responses. Among its responses, the Treasury advised the country's four major banks to publish clear guidelines for crypto exchanges. This move follows recent restrictions on crypto transactions by the Commonwealth Bank of Australia and Westpac due to scam risks.