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Australia’s largest bank, the Commonwealth Bank of Australia (CBA), has announced a temporary drop in “fixed” payments to cryptocurrency exchanges as part of newly introduced measures to combat scams in the country.
according to an official release, CBA will decline or block crypto payments for 24 hours or more. As part of the scam risk measures, the bank will also impose a limit of A$10,000 ($6,650) on payments made to exchanges in the coming months.
CBA Will Block Some Crypto Payments
James Roberts, CBA general manager of Group Fraud Management Services, said:
“Consumer interest in cryptocurrencies is on the rise, and unfortunately, scammers globally are cashing in on this trend and diverting funds to cryptocurrency exchanges as legitimate investment opportunities. Paying customers of cryptocurrency exchanges currently face a high risk of potentially being scammed.”
Roberts said the introduction of 24-hour hold, decline and payment limits to crypto exchanges would help reduce both the number of scams and the amount of money lost by customers. The CBA will monitor the impact of the anti-scam measures, and they will be subject to review.
“Across Australia, tackling scams requires a whole ecosystem approach, and CBA is committed to helping keep customers safe as part of a wider national focus by government, regulators, banks and other industry sectors We are committed to being part of a wider solution with government, regulators, banks, telecoms and other industry sectors to keep Australians safe,” said Roberts.
a major change
The CBA move is a big change for the bank, which announced In November 2021, it will enable crypto trading for Australians on its banking app CommBank. CBA was to become the first Australian bank to launch such services supporting ten crypto assets including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).
However, a tussle with Australia’s financial regulators last year prevented the launch of a pilot of a crypto-trading service.
The CDA is not the only major Australian bank to block customers from transacting with crypto exchanges. Last month, Westpac banned its users from making payments to major crypto trading platform Binance as part of recent safeguards against scams.
Meanwhile, the Australian Prudential Regulation Authority (APRA) gave instructions To report their exposure to crypto-related ventures and start-ups to banks.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
Australia’s largest bank, the Commonwealth Bank of Australia (CBA), has announced a temporary drop in “fixed” payments to cryptocurrency exchanges as part of newly introduced measures to combat scams in the country.
according to an official release, CBA will decline or block crypto payments for 24 hours or more. As part of the scam risk measures, the bank will also impose a limit of A$10,000 ($6,650) on payments made to exchanges in the coming months.
CBA Will Block Some Crypto Payments
James Roberts, CBA general manager of Group Fraud Management Services, said:
“Consumer interest in cryptocurrencies is on the rise, and unfortunately, scammers globally are cashing in on this trend and diverting funds to cryptocurrency exchanges as legitimate investment opportunities. Paying customers of cryptocurrency exchanges currently face a high risk of potentially being scammed.”
Roberts said the introduction of 24-hour hold, decline and payment limits to crypto exchanges would help reduce both the number of scams and the amount of money lost by customers. The CBA will monitor the impact of the anti-scam measures, and they will be subject to review.
“Across Australia, tackling scams requires a whole ecosystem approach, and CBA is committed to helping keep customers safe as part of a wider national focus by government, regulators, banks and other industry sectors We are committed to being part of a wider solution with government, regulators, banks, telecoms and other industry sectors to keep Australians safe,” said Roberts.
a major change
The CBA move is a big change for the bank, which announced In November 2021, it will enable crypto trading for Australians on its banking app CommBank. CBA was to become the first Australian bank to launch such services supporting ten crypto assets including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC).
However, a tussle with Australia’s financial regulators last year prevented the launch of a pilot of a crypto-trading service.
The CDA is not the only major Australian bank to block customers from transacting with crypto exchanges. Last month, Westpac banned its users from making payments to major crypto trading platform Binance as part of recent safeguards against scams.
Meanwhile, the Australian Prudential Regulation Authority (APRA) gave instructions To report their exposure to crypto-related ventures and start-ups to banks.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
