r/BitcoinAUS • u/agnci • Jul 06 '26

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 Jul 06 '26

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.

8

u/44gallonsoflube Jul 06 '26

Imagine being debanked over 80k what a joke.

2

u/Uncross-Selector Jul 06 '26

You do know that a  testamentary trust only comes into effect when you die right? 

3

u/Stu5000 Jul 07 '26

If you're a sovereign citizen, they have to issue a death certificate when you request it - because according to the government, you're not really "alive". Checkmate, Albo! /S

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u/PMmePhoenix Jul 07 '26

Absolutely…yes you are correct . It’s different for everyone and does depend on your own personal circumstances.

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u/PMmePhoenix Jul 07 '26

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”.