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....
Related News
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.....
After navigating significant challenges in the United States regarding money laundering allegations that led to the resignation of its former CEO, Changpeng Zhao (CZ), cryptocurrency exchange Binance finds itself under scrutiny once again, this time in Australia. Binance’s AML And CTF Controls Under Fire The Australian Transaction Reports and Analysis Centre (AUSTRAC), the nation’s financial […]