Commonwealth Bank of Australia (CBA) indefinitely abandoned the second pilot program to provide cryptocurrency trading services and closed access to the first. The reason was regulatory uncertainty.
The institution’s CEO Matt Comyn said that he remains in close dialogue with the authorities regarding the proper operation of the product being created. He said several unresolved issues have arisen that are preventing continued testing.
The CBA expects to be able to revisit the project. The top manager explained that he is waiting to hear back from regulators, but did not specify a timeline for the application.
According to Komin, the high volatility of the cryptocurrency market in recent days confirmed the need to suspend the first pilot program. For the second, claims were raised by the Australian Securities and Investments Commission regarding consumer protection terms.
The CBA did not rule out a change in the regulatory landscape after the May 21 federal election.
As a reminder, Australia will tighten controls on crypto investors.