Commonwealth Bank halts launch of crypto trading services due to regulatory pressure. – Latest News

Australia’s largest bank is known for its positive stance on cryptocurrencies, the Commonwealth bank suspending the launch of its crypto-trading app amid the volatility and decline in the cryptocurrency market.

The Commonwealth bank stops the launch of the trading services of crypto

In November 2021, the Commonwealth bank caught the attention of the community crypto by announcing its intention to allow customers to buy, sell and trade cryptocurrencies on its application. As part of this plan, the bank has decided to offer ten cryptocurrencies, including bitcoin, Ethereum and the litecoin.

According to the announcement at the time, the bank aimed to conduct an initial pilot before the actual launch in 2022, bringing more features to more customers. However, recent reports from The Guardian suggest that the banking giant has stopped deployment without any sign for the recovery date. Due to the latest decision, customers of banks that participated in the initial pilot cannot continue trading services. crypto through the app.

Bonus: Coinbase co-founder Fred Ehrsam bought Coinbase shares for $75 million.

Efforts to restart the driver

According to a statement from CEO Matt Comynthe bank has worked hard to address the feedback it has received from customers, but it clearly needs more oversight before taking the next step.

Comyn added that it is working with several regulators to comply with legal requirements: “Our intention at this stage is still to restart the driver, but there are still a few things we want to work on regulatory-wise to make sure it’s the most appropriate.

In April, the Australian Securities and Investments Commission (ASICs) suspended the second phase of the pilot project. L’ASICs challenged the bank over product disclosure, consumer protection and markets targets. In particular, the bank has partnered with the cryptocurrency trading platform Gemini and the intelligence society chain analysis to better market their ideas.

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