Commonwealth Bank of Australia, a Sydney-based bank with multinational operations, has paused testing features allowing crypto sales on its app amid the crypto market downturn and regulatory uncertainty.
Commonwealth announced plans to pilot crypto trading and custody features in November of 2021. Users could purchase 10 assets of bitcoin, Ethereum, Litecoin and other cryptocurrencies, with the potential to add more features in 2022 after more tests.
However, Commonwealth paused rollout on Thursday with no current plans of resuming, according to Guardian Australia,
Commonwealth CEO Matt Comyn cited UST and Luna crashes as the main reason for current market volatility, adding that more regulation would be needed before re-activating and advancing crypto trading features.