Many of Australia's top financial institutions have not engaged with the sector, despite its huge growth in the past year, due to its high risks. The stock exchange ASX similarly has not allowed cryptocurrency-related listings, forcing some firms to seek public listings overseas, including on the Nasdaq.
The bank did not have a policy excluding crypto-related customers but did not service any of them and would only do so if it was profitable and the bank could tolerate the risks. Peter King, the chief executive of Westpac, said the anonymity of cryptocurrency made it hard to meet the bank's anti-money laundering and counter-terrorism financing requirements.
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