Debanking dilemma
As debanking has become a major topic in US crypto circles, prominent investor Mark Carnegie told Capital Brief he too has had accounts closed by major Australian banks.
When Capital Brief spoke to investor, fund manager and crypto advocate Mark Carnegie for a story on his warning to Australian policymakers on digital currencies, he touched on another contentious issue making waves globally: the spectre of debanking.
“I spent 30 years in the banking system, I had accounts with all the big four banks, numbers of them, and [I] just get routinely debanked with no right of appeal,” he told us.
“It’s all fine and dandy, but if everyone says we’re not going to accept your money, what do you do?”
Debanking, which describes the practice of financial institutions refusing or withdrawing services, often due to perceived regulatory concerns or reputational issues, has become a cause célèbre for the crypto industry and its hangers-on in the US and globally.
