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Westpac CEO Anthony Miller apologized after the bank blocked a $30,000 transfer to crypto exchange CoinSpot and froze a customer’s account. The incident highlights growing tensions between banks and crypto investors in Australia.
- Westpac froze a customer's account after blocking a $30,000 transfer to CoinSpot, citing unclear transaction intent.
- The bank's CEO admitted mishandling the case but defended its fraud prevention measures, linking 20% of flagged crypto transfers to scams.
- Australia is introducing crypto licensing reforms to reduce arbitrary debanking of digital asset platforms.
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