The Big Four’s Deals in Australia Come under ACCC’s Scrutiny
Fintech and blockchain deals made by four major banks in Australia to be scrutinized by the Australian Competition and Consumer Commission. The Australian banking and financial sector has the knack of making into the news for controversial reasons. The latest one involves rapid acquisitions of fintech startups by the four major banks in the country. In a latest report, the Australian Competition and Consumer Commission (ACCC) has announced that it will be closely monitoring the acquisition spree of the “Big Four” namely, The Commonwealth Bank of Australia (CBA), Westpac, National Australia....
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A petition to collectively bargain and boycott Apple on Apple Pay by three of Australia’s “big four” banks is set to be dismissed by the Australian Competition and Consumer Commission (ACCC), the country’s antitrust regulator. Fintech is all the rage and Australia’s big banks want in, by demanding access to Apple’s in-house Apple Pay platform with their own terms. The Commonwealth Bank, the National Australia Bank and Westpac are three of Australia’s ‘big four’ banks complaining that Apple is barring them from gaining access to its Apple Pay platform, after negotiations between the banks....
Australia’s so-called “Big Four” banks will be closely monitored for any attempts to purchase Fintech or blockchain-based startups by the country’s competition regulator. The Australian Competition and Consumer Commission (ACCC) will scrutinize any dealings or attempts by Australia’s biggest banks to swallow Fintech companies developing technologies like blockchain solutions in the financial sector, revealed the body’s chairman Rod Sims. As has been the predominant narrative for well over a year now, the Fintech revolution is seen as the banking industry’s biggest disruptive threat.....
Executives from two of Australia’s “big four” banks have said they won’t allow their retail customers to trade crypto with ANZ, adding they’re happy they didn’t “go head long” into a cryptocurrency offering. Executives at two of Australia’s “big four” banks have ruled out allowing retail customers to trade cryptocurrency on their platforms, with one reasoning that customers don’t understand “basic financial well-being.”Speaking at the Australian Financial Review Banking Summit on Tuesday Maile Carnegie, executive for retail banking at Australia and New Zealand Banking Group (ANZ), said....
Amid regulatory scrutiny worldwide, global cryptocurrency exchange Binance has announced that it will cease offering futures, options, and leveraged tokens to Australian users in 90 days.
Changes Coming to Binance Australia
Cryptocurrency exchange Binance announced some changes to its offerings in Australia Tuesday. The exchange will cease offering futures, options, and leveraged tokens to existing Australian users. Binance explained:
Effective from 2021-09-24 09:00 AM (UTC), existing Australian users will have 90 days to reduce and close their positions for these products.....
The CBA stated that it will support 10 crypto assets in its banking app, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The Commonwealth Bank of Australia (CBA) is set to launch crypto trading services for the 6.5 million users of its CommBank app. The CBA will become the first bank in Australia to support crypto, and Blockchain Australia says it is “inevitable” that the other ‘big four’ banks including National Australia Bank (NAB), Australia and New Zealand Banking Group (ANZ) and Westpac will soon follow suit. According to a Nov. 3 announcement, the CBA has partnered with the....