Australian bank limits payments to crypto exchanges in light of scams

Quick Take

  • The Commonwealth Bank of Australia is making it harder for its customers to send money to crypto exchanges.
  • These measures are being taken in response to the growing number of crypto-related scams.

The Commonwealth Bank of Australia introduced measures to limit its customers' ability to send money to crypto exchanges due to crypto-related scams.

The bank said it would decline or hold certain payments to crypto exchanges immediately and plans to introduce a $10,000 (AUD) monthly limit that its customers can send to exchanges.

“With the incidences of scams increasing and in many cases customers suffering significant losses from being scammed, the introduction of 24-hour holds, declines and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers," said James Roberts, general manager of group fraud management services at Commonwealth Bank.

The measures will be reviewed on an ongoing basis.

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