Share this article
Bank of Queensland Rules Out Crypto Purchases With Mortgage Funds
The Australian retail bank has revised its loan agreements to prohibit borrowers from using mortgages to purchase cryptocurrency.
By Wolfie Zhao
Updated Sep 13, 2021, 8:09 a.m. Published Jul 12, 2018, 12:00 p.m.
An Australian retail bank has revised its contract terms to prohibit borrowers from using loans such as mortgages to purchase cryptocurrency.
According a report from Australia Finance Review on Thursday, Bank of Queensland, which is publicly traded on Australia's stock exchange and one of the country's oldest retail banks, has confirmed the change of the loan agreements, which now state that "any loan purpose that involves the acquisition of or usage of cryptocurrency is unacceptable".
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The move is the result of concerns over recent price volatility of the cryptocurrency market, as well as Australian regulators' increasing scrutiny over the nascent space, the report said.
As previously reported by CoinDesk, Austrac, the country's financial intelligence agency, announced a new rule mandating know-your-customer measures across crypto exchanges in April of this year. The Australia Taxation Office has also been seeking public feedback on how should best tax profits made from cryptocurrency trading.
Bank of Queensland's decision also comes as most other lenders in Australia are discouraging borrowers from using real-estate mortgages to make high-risk investments.
Citing an anonymous broker in the industry, the report said lenders in the country are currently monitoring borrowers' accounts for signs funds are being used to trade or purchase cryptocurrencies.
"They are concerned because the Australian Taxation Office, Treasury, the Reserve Bank of Australia and Austrac are crawling all over it," the broker was quoted as saying.
More widely, major banks globally – including JP Morgan Chase, Citi and Bank of America – have recently moved to ban users from using credit lines to purchase cryptocurrency over fears that a volatile market could leave borrowers unable to repay their debts.
Contract signing image via Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Storage token Filecoin rises on heavy volume
Trading activity was more than double the token's 30-day average, signaling heightened investor participation.
What to know:
- FIL rose from $1.52 to $1.60 over a 24-hour period
- Trading volume was 109% above the 30-day moving average.
Top Stories
