Australians still feel bank ‘friction’ despite years of crypto progress

Crypto bosses say the government now needs to bring in clear rules, so regulators and banks can distinguish the good from the bad actors.

Crypto users in Australia are still facing banking barriers when engaging with exchanges and other crypto businesses, according to a recent survey, while industry executives say clearer rules from the government could be the silver bullet that fixes the problem. 

A Binance survey of 1,900 Australians released on Thursday found 58% of respondents wanted easy access to deposit funds into an exchange with no limit, while 22% had changed banks to make buying crypto easier.

Matt Poblocki, general manager of crypto exchange Binance’s Australian and New Zealand operations, told Cointelegraph that seamless access to financial services directly affects participation, confidence and trust in the market, introducing barriers that can slow adoption and limit growth. 

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