The Commonwealth Bank (CBA), Australia’s largest bank, said it will refuse or temporarily suspend certain payments to cryptocurrency exchanges, citing the risk of fraud.
The CBA’s move comes after the SEC has repeatedly opened up to Binance and Coinbase. Additionally, the move comes just weeks after Westpac, another major Australian bank, banned customers from trading with Binance. The CBA announced on June 8 that it will either refuse certain payments to cryptocurrency exchanges or put them on a 24-hour hold. The bank has yet to disclose which exchanges or payment types will be affected by the new measures.
Statements from Commonwealth Bank
The Commonwealth Bank (CBA) has announced new measures to help protect its customers from fraudulent activities related to making certain payments to cryptocurrency exchanges. Another statement from bank officials is that a limit of A$10,000 ($6,650) per month will be introduced in the coming months to customers sending money to crypto exchanges to buy cryptocurrencies.
Starting today, the CBA will reject certain payments to cryptocurrency exchanges or put them on hold for 24 hours. It will also introduce $10,000 limits in the coming months. It was stated that the bank can determine customer payments to exchanges for cryptocurrency purchases.
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