Australia’s Commonwealth Bank Halts Crypto Trading Pilot

Commonwealth Bank (CommBank), Australia’s largest bank, is putting a brake on the launch of its crypto trading service.

There is no firm timeframe to resume the project.

First announced in November, the service would enable some 6.5 million CommBank app users to buy and sell up to ten cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

After the initial pilot, launched in partnership with crypto exchange Gemini and blockchain forensic firm Chainalysis, the bank planned to progressively roll out more features this year.

However, as the market plunged into chaos during the TerraUSD collapse last week, CommBank is now pausing the project, with no time set on when it will resume.

Last December, the Australian government announced plans to bring the crypto industry “out of the shadows” with a “world-leading” regulatory framework.

Part of the initiative includes the introduction of a licensing regime for crypto exchanges, with the federal Treasury currently holding consultations on the matter. Responses can be submitted until May 27, 2022.