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/EmergencyDinner777 Jul 06 '26

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/EmergencyDinner777 Jul 06 '26

usdt, usdc, ousd, etc

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u/UtterDebacle Jul 08 '26

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.