Australia’s Largest Bank Imposes Restrictions on Bitcoin and Cryptocurrency Exchanges

  • Commonwealth Bank of Australia (CBA) has announced that it will temporarily delay certain payments or transactions due to concerns about fraud risk.
  • Westpac, Australia’s third-largest bank, has also banned its customers from trading with the crypto exchange Binance.
  • CBA announced on June 8 that it would “reject payments made to certain cryptocurrency exchanges or apply a 24-hour waiting period.”

Commonwealth Bank, Australia’s largest bank, has introduced a new restriction on Bitcoin and cryptocurrency exchanges.

New Restriction from Australia’s Largest Bank

commonwealth-bank

Commonwealth Bank of Australia (CBA), the country’s largest bank, has announced that it will temporarily delay certain payments or transactions due to concerns about fraud risk. This decision comes after two major global exchanges recently faced legal challenges from the US securities regulator.

Additionally, Westpac, Australia’s third-largest bank, has banned its customers from trading with the crypto exchange Binance.

CBA announced on June 8 that it would “reject payments made to certain cryptocurrency exchanges or apply a 24-hour waiting period.” However, the bank did not specify which exchanges or payment types would be affected by these new measures.

In a statement, CBA said it had taken these measures to protect customers from fraud risks associated with making payments to cryptocurrency exchanges. It was also noted that in the coming months, the bank would impose a limit of AUD 10,000 (USD 6,650) per month on funds sent by customers to crypto exchanges to purchase cryptocurrencies.

Australia’s Efforts to Protect Customers Against Fraudsters

James Roberts, General Manager of Fraud Management Services at CBA, pointed out that scammers take advantage of the increasing interest in cryptocurrencies and “often appear as legitimate investment opportunities or direct funds to cryptocurrency exchanges.” CBA’s decision to introduce restrictions aims to prevent its customers from falling victim to such fraudulent schemes.

The bank stated that these measures would be subject to continuous evaluation and their impact would be continuously monitored. CBA is implementing these controls to reduce risks associated with cryptocurrency transactions and to ensure the safety of its customers’ financial assets.

In recent years, cryptocurrencies have attracted the attention of both legitimate investors and fraudsters. Regulators and financial institutions worldwide are fighting to protect individuals and businesses from fraudulent activities in the crypto space. While CBA’s move is in line with its commitment to customer protection, it remains to be seen how the crypto community will react to these measures and whether other financial institutions will adopt similar strategies.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.

Bitcoin Fees Skyrocket, Surpassing Ethereum – Could Ordinals Boost BTC Security?

Discover how Bitcoin fees have soared, the role of Ordinals in this trend, and the potential implications for Bitcoin's security model.

Bitcoin Halving Sparks Market Volatility: Demand Surge Meets Miner Challenges

Discover the key factors driving Bitcoin's trajectory after the halving. Get expert insights into the potential for a supply shock, the role of ETFs, and the challenges faced by miners.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Litecoin Could Be Preparing for a 20% Rise! Current LTC Analysis

Will Litecoin continue its upward trend? What should LTC investors expect? What are the targets in the current LTC analysis?

Ethereum Might Be Preparing for a Rise! Current ETH Analysis

Ethereum's daily chart has sustained a rise up to $3100 after strong buying in the $2867 - $2950 range. Current ETH Analysis

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
spot_imgspot_imgspot_imgspot_img

Bitcoin BTC’s Roller Coaster: Plunge and Surge Amid Halving Event and Market Volatility

Explore the dramatic shifts in Bitcoin's price as it navigates through halving aftermath and potential market recoveries.

Exploring Blockchain’s Future: Insights from Gateio’s VC & Web3 Ecosystem Party at TOKEN2049

Join industry leaders from Gate.io and Huawei Cloud as they delve into the future of blockchain and Web3 technologies, following a successful gathering at TOKEN2049 in Dubai.

Bitcoin BTC’s Post-Halving Era Begins: Dominance Stabilizes as Altcoins Rally

Explore the evolving dynamics of the cryptocurrency market following Bitcoin's latest halving, which could set the stage for altcoin success.