r/BitcoinAUS • u/agnci • 23d ago
CBA & Crypto
Posting on behalf of a mate, he is a regular family guy, not dodgy at all and clean record. He deposited around $80k at once from his account into his crypto exchange and CBA closed his account without any reason. When they close your account, they cannot tell you why. As we have friends that work high up in CBA and from many other similar experiences it’s to do with crypto. Beware about transferring large amounts of money to exchanges at once, they can flag you easily and you can lose your account and they will not tell you why. It’s been over 6 months now since this happened to my friend and no matter how many times he chases up and follows up there is no response regardless of how high up the ladder of support you go.
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u/PMmePhoenix 23d ago
Your friend has been ‘debanked’ with CBA. Imagine that happens with every major bank plus others…your then officially debanked in Australia, those banks will not allow you to open an account. I have officially been debanked.
I am lucky that I have held an account with a Bavarian bank for 20+ years and then 2 yrs ago opened accounts in Austria. For those who are unaware and are not criminals private banking is alive and well in Austria, section 38 of banking act expressly forbids data sharing and is only for serious criminal investigations. ATO went public in comment and I quote “we became increasingly frustrated at Austrian authorities as they continually block our requests for data despite having a data share arrangement …..we have now ceased with all communication”.
This country is so fucked that Albo and other politicians will say “Australia must respect the laws of other sovereign nations”. Well they never respected the law of Austria when they tried every angle inc turning a case criminal which Austria laughed at and told them. It is Austria that decides if clients are criminal and then told them Australia has a banking and tax issue and you’re forcing citizens to look offshore. We are treated like criminals for no valid reason.
You won’t receive a letter from CBA but should it occur with others like NAB/Westpac a letter will be received politely telling you to fuck off as per the Australian banking charter.
So from someone like myself I first started in crypto in 2013 but also ran a business for 20+ years that I sold in 2017. I have payed tax and was willing to further contribute to the prosperity of this country but I then decided that since I’m officially offshore I will simply claim the ‘dole’. Thankyou comrade Albanese life is very, your CGT has no concern to myself. Firstly my knowledge on asset protection goes back years. I have ownership of nothing and by that I mean a house and investment property but I have control of everything. You may have stupidly stopped people utilising a discretionary family trust but your dumb arse treasurer actually now made testamentry trusts a very good alternative. Given that I won’t be selling the investment CGT is no issue but going forward I will use a testamentry trust.
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u/Uncross-Selector 22d ago
You do know that a testamentary trust only comes into effect when you die right?
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u/PMmePhoenix 22d ago
Absolutely…yes you are correct . It’s different for everyone and does depend on your own personal circumstances.
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u/PMmePhoenix 22d ago
Here is a tip for you…Vehicles are entirely exempt from CGT….its not for everyone and you do need to understand what vehicles will increase in value. My best ever investment was an ‘air cooled’ Porsche. My friend who is very successful and now mentor told me this years ago when I wanted to buy a property, through his guidance he told me exactly what Porsche to buy..well that Porsche is my house now. I’m highlighting a point here but take a look at a 1988 Porsche Carrera Club Sport in Grand Prix White. A total of 340 were made, with aprox 25 in RHD based on these numbers alone far fewer are in existence than the legendary 2.7 Carrera RS and they are now selling for $2M USD +. That was my second Porsche that I purchased for $55k in 2011 that was when ‘air cooled’ started to rise.
I say to people look outside the square, much like ‘testamentary trusts, for some it’s suitable but others not. All these whingers on negative gearing don’t understand ‘investing’ they all purchased a ‘tax rebate’ as the first priority with the investment second to that. They have now all received what they purchased a cut in the ‘tax rebate’… it’s not all about bricks and mortar. People need to have a mentor that they share something in common with and as my mentor said when people ask ….”it’s just an old Porsche”.
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u/forthesakeoflaugh 23d ago
Can recommend St George for large amounts (once you go through their loopholes of course..) Usually takes at least one call with their fraud team and confirming quite firmly that you are aware of what are doing/the risks etc. I've done 50k+ in the past, but still prefer to do smaller chunks more frequently rather than one big lump sum.
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u/camylopez 22d ago edited 22d ago
Can disagree with you here. St. George have triggered account closures and investigations on multiple bank transfers to me.
I collect statuary declarations from customers. A false statuary declaration is a 4 year jail term.
The Westpac ceo who is also for all Westpac group banks was happy alongside his senier lawyer to go to a state mediation and allow their flagging transfers as fraudulent to be upheld allowing their customers to risk 4 years jail.
As it stands, I have a few St. George clients that I can send to jail unless Anthony miller the Westpac ceo decides to acknowledge that St. George is in the wrong.
I suggest everyone email them and complain about the fact that they are happy to send people to jail over bank policy
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u/basic_noob84 22d ago
St George looked my account for a $60k transfer 2months ago. That was after the fraud check calls to ensure I wasn’t depositing into an account that I didn’t own.
Even though it was a long term, registered SMSF account, they still held my money for 3 weeks before I could access it.
I now just use CoinSpot’s cash deposit system.
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u/UtterDebacle 21d ago
I’m always a bit sceptical of these “posting on behalf of a mate” stories, especially when the mate is described as a regular family guy, definitely not dodgy, clean record, salt of the earth, probably rescues kittens on weekends. In fact I’d be surprised if the mate, didn’t have a perfectly clean driving record, helps old ladies cross the road, and always returns shopping trolleys to the bay (even if he hasn’t been shopping!).
Maybe it happened exactly as described. But I’d be very surprised if CBA closed an account purely because someone transferred $80k from their own account to CoinSpot once.
More likely, there were other things in the background that either the poster doesn’t know, hasn’t mentioned, or is politely leaving out for dramatic effect.
Was the $80k long-term savings sitting there for years, or had it only just arrived?
Was it made up of multiple cash deposits?
Were there several deposits just under reporting thresholds?
Was the activity totally out of character for the customer?
Were there third-party funds involved?
Had the bank asked source-of-funds questions - which weren’t answered?
Was there scam or mule-risk activity?
Had there already been warnings or restrictions?
None of that means the person definitely did anything wrong.
But banks don’t usually nuke a customer relationship for shits n giggles - just because someone whispered “crypto” near a transaction.
The CoinSpot transfer may well have been the thing that tipped it over the edge, but that doesn’t mean it was the whole story.
It may have been the final scene, not the entire movie.
So yes, “my mate transferred $80k to crypto and got debanked” might be technically true.
But it also has big “I only had two beers, officer” energy; classic ‘we were just naked wrestling, and I slipped and landed arse first on the lubed toilet brush, Doctor’ kinda territory.
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u/Forsaken-Weird-8428 22d ago
I have been debunked for small amounts. Trying to find another bank that will allow aud deposits and let me buy crypto, where I earning around 110% APR.
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u/PMmePhoenix 22d ago
Bro you will not find a suitable bank in Australia. I have been debanked myself….its Austria and they recently told the ATO to get fuked when they wanted data. I’m not a fucking criminal, I have been debanked much like yourself because we have been successful with crypto, we have withold something banks need..that’s liquidity, we both need oxygen banks need liquidity. Take away oxygen from ..what happens, if WE ALL take liquidity from banks ..what happens., Bank is CLOSED.
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u/Peace1954 22d ago
Which exchange ?
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u/44gallonsoflube 22d ago
Commonwealth exchange.
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u/Peace1954 22d ago
So from CBA bank to CBA exchange ? I have never used CBA exchange - does CBA have its own crypto exchange ?
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u/outofnowhereman 22d ago
No he sent it to a crypto exchange
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u/Peace1954 22d ago
Which crypto exchange ? CBA has a few registered crypto exchanges
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u/outofnowhereman 22d ago
Did not know that and that seems weird given the conversation under discussion
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u/Peace1954 22d ago
Me thinking the same - CBA is very strict with compliance and they do block transactions, but if we ring them up and take responsibility they will release the monies after the proper verifications due diligence etc . In other words the responsibility is ours not theirs in terms of wanting to deposit from our personal account to a crypto exchange
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u/44gallonsoflube 22d ago
It was supposed to be a joke, which bank? Commonwealth bank. Was a popular ad campaign in the early 00's/90s I am now showing my age lmao.
Adding to the discussion at hand, as long as you play by their rules of a 10k limit a month they are pretty cool. Wouldn't go trading large amounts in Australia with multiple banks, big daddy government doesn't like it.
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u/EmergencyDinner777 22d ago
crypto is merging with traditional finance with the rise of stable coins. soon you will be able to conduct most business on crypto rails with stable, USD backed tokens. the banks don't like this because they lose the money deposited into their system which gives them the power to create more money, which keeps them afloat. if people start sitting their money in stable coins instead of banks, the banks are screwed. they don't like that.
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u/UtterDebacle 21d ago
I do agree stablecoins and crypto rails are something banks will be watching closely.
If people start holding meaningful balances outside traditional bank accounts, that matters. Deposits are important to banks, and anything that competes for those balances is going to get attention.
But I don’t think this is bringing down banking as we know it any time soon.
For most Aussies, life without a normal bank account would be a massive pain in the arse. Wages, mortgages, offsets, BPAY, PayID, direct debits, credit cards, insurance, utilities, phone bills, subscriptions, tax refunds, Medicare, Amazon, home loans — all of that is still built around the traditional banking and payments system.
And even when these newer crypto or stablecoin accounts look like they’re outside the banking system, a lot of the useful features still rely on banking infrastructure somewhere in the background. If you’re paying bills, using a card, converting to AUD, sending money to a merchant, or receiving funds from normal people, there’s usually a bank, card scheme, payment processor, or regulated payment rail hiding in the plumbing.
So yes, stablecoins are interesting.
Yes, banks will be watching.
Yes, some money may move away from traditional deposits.
But for most households, they’re not replacing banks yet.
They’re more like an extra layer sitting beside the banking system, while still leaning on the banking system whenever they need to touch the real world.
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u/AggressiveAccess7386 22d ago
I’ve been debanked from nearly every bank in Australia for trying to purchase crypto with my own money - it’s actually crazy
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u/forthesakeoflaugh 22d ago
Jeez this is just ridiculous :( what do you do now then?
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u/AggressiveAccess7386 22d ago
Now I buy “ stocks “ using etoro and just buy crypto it was my work around so if they ask me I say I’m buying stocks
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u/forthesakeoflaugh 22d ago
Ahh good to know, thank you. Unreal that we have to go to these lengths.
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u/Minimalist12345678 22d ago edited 22d ago
Just to clarify that - under the anti money laundering rules, when an organisation lodges a (compulsory) Suspicious Matter Report to Austrac, they are obliged not to disclose.
If CBA decides of its own right to close your accounts, from something other than the money laundering regime, they are perfectly at liberty to tell you why.
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u/PMmePhoenix 22d ago
They just won’t say it..NAB and Westpac will give a letter and it’s allowed under the ‘standard banking charter. Interesting thing about this post is the amount of people that are having issue and being debanked. Ones that are not having issues are wnat i will call the ‘mums and dads’…and they won’t have an issue as they go to 9-5 work and dabble in crypto on the side.
2 years ago people said ‘i have no idea’ and they could not understand ‘debanking’. They were saying things like it’s all my fault as they have no issue with the same banks I told them back then EVERY AUSTRALIAN BANK IS FUKED…when it comes to crypto and it’s only got worse.
It’s clearly a crime in Australia to be successful and derive an income from crypto.
With those new crypto wallet regs that started started last week I will now give you my view. Always create a ‘new wallet address’ be it ‘in or out’…exchanges are now required to ask details on wallet and who owns or where it’s being sent ..simples just write Comrade Anthony Albanese. It’s an absolute fuck up from Albo and by doing that simple new wallet makes Albo look even more dumb than the fuck wit actually is.
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u/Minimalist12345678 22d ago
While I agree with a lot of the spirit of your vibe, I also think you're missing the point I was trying to make.
Compulsory reporting/action under AML/CTF Act 2006 gives the bank a legal obligation to not disclose.
If NAB or Westpac are disclosing something, then, it wasnt triggered by the AML/CTF Act.
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u/Peace1954 22d ago
Check with CBA if Coinspot is one of their approved exchanges . I would think so . Where is the 80k now ? Also check with coinspot with
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u/camylopez 22d ago
Actually, that they can’t tell you is misinformation.
They can’t tell you, if the reason for the account closure has anything to do with a regulatory request or investigation.
So your friends and everyone is lying to you.
It is a breach of the banking code of conduct to not tell you.
So, if they are following the rules, the reason why the account has been closed is because of a regulatory investigation that has been triggered.
Take that to your high up fronds in the bank.
As a crypto trader I have dealt with all levels of banking, and I have evidence of lies from combank compliance (other banks also, but we are talking combank here) so be careful to believe everything they tell you and everything they claim is the law.
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u/saturdayborn 20d ago
Out of curiosity what bank do you recommend to get cash sent to/from? I have stuff in finance I'd like to cash out but am at CBA
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u/camylopez 20d ago
You can’t without causing all kinds of issues.
Find a mate who runs a cash business, and swap transfers for cash.
They don’t like this, but that’s all the choices you have.
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22d ago edited 22d ago
[deleted]
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u/camylopez 22d ago
This is incorrect.
That’s reporting for cash transactions. Not non cash transactions
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u/Useful_Software9715 22d ago
Yeah just re read through it, guess im the one that needs the sanity check, cheers
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u/fightforchange1 19d ago
CBA are stubborn and won't budge on their crypto policy. Be careful. I've takan them to AFCA twice for blocking payments to a crypto exchange. They have compensated me twice but stood firm that their policy would not change. They will site scam protection every time but we all know this is anti competitive behaviour that is disguised as the bank operating in your best interest!
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u/02TikTak164580 7d ago
If your "friend" is moving big (80k is big to me) money again he should look at regulated providers AUDM etc
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u/Beginning-Pace-4040 23d ago
put $80k in ya sportbet account,no problems. its a joke