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How the fuck is shit like this legal and why is it not challenged in the courts?

(I'm not even talking about Australia specifically, this sort of arbitrary shit happens everywhere).

The banks got together and decided to impose these rules after a nonsense report last year about scams in Aus. I read the report and linked it here at some point, they basically lied and used it as justification when the reality is “crypto scams” are tiny - they just relied on no-one bothering to check up on them and people not having enough resources to take them to court (Aus Big 4 Banks are all in the Top 10 largest companies in the country).

That’s how the system works - do shit and hide behind an army of lawyers such that if anyone is harmed it’s gonna take years and millions of dollars to get through the courts to overturn it because there’s zero punishment for them even if they do lose.

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Discussion

hh 1y ago

Yeah I mean two banks I use(d) in Spain suddenly stopped allowing me

to send money to a centralized exchange, after years of doing it.

When I called them to ask for an explanation they said it was to protect me from scams. To which I obviously replied with a bunch of expletives.

It's ironic, because they did in fact manage to protect me from scams, i.e. they prevented me from transacting through them anymore, and forced me to increase my use of P2P.

But as I mention in the other note, places like Bisq sometimes have too little liquidity, unreasonable offers, or simply no offers that match my verified payment methods. So I just suck it up and pay the credit card commission to buy on a centralized exchange.