Stormrake says debanking is the biggest barrier to Bitcoin adoption in Australia

What happened

The Melbourne-based Bitcoin brokerage and custody provider reported approximately $8 million in blocked or delayed payments across January and February of 2026. Blocked payments across the wider industry during the same two-month window are estimated to exceed $50 million.

Debanking hinders Bitcoin growth in Australia, prompting firms to enhance compliance or explore overseas markets, impacting the crypto ecosystem. The cause, according to the company, is debanking by some of the country’s biggest lenders.

Stormrake director Bisher Khudeira is not mincing words about the stakes. On October 12, 2026, he said debanking is the main factor holding back Bitcoin adoption in Australia.

Millions stuck in the pipes The scale of the disruption goes well beyond one firm. Advertisement The affected transactions were not limited to big-ticket trades.

They ranged from small amounts all the way up to individual payments of over $750,000. Stormrake is led by CEO Michael Milmeister, with Khudeira serving as director. The company has positioned itself as a compliance-focused operator.