Background: We all know CommBank (aka CBA). They're the biggest of the big 4 banks, with nearly 16 million customers. Whaat?! And now, they're being sued by a Colombian-Australian remittance service called Colcambios Australia. This crew supports the transfer of money from overseas using crypto.

What happened: It's a thrifty idea. Colombian students in Oz get financial support from their families back home, and Colcambios converts it from Colombian pesos to a crypto, and then deposits it as AUD into their Aussie bank accounts.

What else: CBA has flagged these deposits as potential proceeds of fraud, and wrote letters to CBA customers, urging them to contact police in Colombia. So the group has sued CBA for defamation.

So what's the key learning?

💡The tensions between big banks and the cryptocurrency industry are getting more heated than an ep of Geordie Shore.

💡Big banks are regulated and reviewed very tightly by the crew at ASIC and APRA, who aren't afraid to whack the banks with massive fines. Remember when Westpac copped a $1.3 billion fine? And  CBA a $700 million fine?

💡It's fair to say banks are sensitive to any company that sits outside of the regulations...and we know cryptocurrencies do. Which is actually part of their appeal. So it will be interesting to see if anything changes after the Senate's inquiry into tech and finance, which is happening as we speak.