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Purchasing Crypto in Australia

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by COINS NEWS 91 Views

I have been DCAing from my Commonwealth Bank account for years until last Friday. I made multiple attempts to deposit to Binance and all were denied at the bank's end.

Anyway, after spending 2.5 hours on the phone and finally getting through to someone with an executive role I discovered the following.

Initially I was told that Aussies can no longer purchase Cryptocurrency from any exchanges using any of the four big banks. I then pointed out that the CBA's very own website said that there was a 24 hour waiting period for some deposits and that max deposits would be capped at 10K per month to avoid people being scammed out of their life savings.

/\ One of many transfers to another department happened here so 43 minutes later */*

I then discover that all the information I had received up until this point was actually incorrect except for the 10K cap. It turns out that you can deposit to certain exchanges but they have to be approved by the banks and are then whitelisted. I then asked for the names of the exchanges that I could use. After some umming and awwing I was informed that the blacklists/whitelists are secret and the executive I was speaking to didn't even know himself as he wasn't in the loop. The reason for the secrecy is to protect these exchanges from being utilised by scammers *SNORE*.

Noticing that Blakcrock announces their BTC ETF, the SEC then immediately goes after BinanceUS, then all of the major banks in at least one Western country stop deposits but not withdrawals. If I was a conspiracy theorist I might see collusion but that would be insane, right?

So, if any Aussies know how I and others can purchase Crypto and then get it into self custody please advise. My experience on the phone today with the PTB made it very clear that they want the waters muddy.

NOTE: Everyone I dealt with today was very nice and as helpful as the limited data they had been provided allowed them to be. It was only through dogged persistence that I finally got through to an executive level NPC. I hope I got the flair right.

submitted by /u/aardvarkbiscuit
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