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Friday, July 1, 2022

Commonwealth Bank Has Benched Crypto Trading Trial

The Commonwealth Bank of Australia has decided to shelve its plans for crypto trading services and has also cut off the access to those involved in the first round of testing. A transcript was sent to Cointelegraph by CBA which consisted of a bank briefing on Tuesday where Matt Comyn, the CEO, stated that he was still waiting for some form of regulatory clarity. He also went on to state that he had been working with quite a number of regulators very closely- as one would imagine- about the treatment that would be considered appropriate for this particular product.

Commonwealth Bank Has Put Certain Plans On Hold 

The intention of the Commonwealth Bank was to restart the pilot- but there were still quite a couple of things that they needed to work on in order to bring out a regulatory front that would make sure the entire process was completely appropriate. Comyn also stated that there was a Treasury submission for the program- which was also already under review- but he did not really share any of the expected timelines for the completion of it.  

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The CEO of the Commonwealth Bank of Australia also mentioned that the wild volatility of the previous week did appear to provide much-needed support for the extended delay- even though the second pilot program had already been benched in April after quite a few financial regulators went on to balk at most of the regular users of the bank getting ready access to crypto. The Australia Securities and Investment Commission certainly had raised objections to the services of the CBA on the grounds that the consumer protections were completely absent. 

As a side note, Comyn also mentioned that the Commonwealth Bank was waiting for the results of the Federal election on the 21st of May. 

 

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