The Commonwealth Bank of Australia Will Partial Limit Funds Transfers to Crypto Exchanges
The Australian bank said on Thursday that it would either immediately reject “certain payments” to cryptocurrency exchanges or hold them for 24 hours.
To safeguard its clients from fraud, Commonwealth Bank (CBA) has decided to prohibit consumer payments to cryptocurrency exchanges partially. On Thursday, an Australian bank warned it would stop processing “certain payments” to cryptocurrency exchanges or at least put them on hold for 24 hours.
In the coming months, the bank also aims to implement a cap of 10,000 Australian dollars ($6,700) every calendar month on payments to crypto exchanges.
Commonwealth’s general manager of fraud management, James Roberts, explained that the firm’s recent implementation of 24-hour holds, declines, and restrictions on external payments to cryptocurrency exchanges would help reduce the frequency of scams and the sums of money buyers lost due to falling victim to them.
After rival Australian bank Westpac blocked transactions to Binance, the biggest cryptocurrency exchange in the world, and a few others last month, Commonwealth has decided to follow suit. Several UK banks have implemented payment restrictions towards exchanges.