The largest bank in Australia, Commonwealth Bank (CBA), has announced its decision to reject or temporarily delay specific payments to cryptocurrency exchanges due to concerns about potential scammers. According to Les Roberts, the General Manager of Group Fraud Management Services at Commonwealth Bank, there is a significant prevalence of “investment scams” related to crypto exchanges on a large scale.
This decision comes in the wake of two prominent international exchanges being sued by the US securities regulator and shortly after another major bank, Westpac prohibited its customers from conducting transactions with the crypto exchange Binance. On June 8, Commonwealth Bank (CBA) announced its intention to reject certain payments made to cryptocurrency exchanges or place a 24-hour hold on them. The bank did not provide specific details regarding the exchanges or payment methods that would be affected by these new measures.
In a statement released today, Commonwealth Bank announced the implementation of new measures aimed at safeguarding customers against the risks of scams linked to specific payments made to cryptocurrency exchanges. Additionally, the bank stated that it plans to introduce a monthly limit of $6,650 (equivalent to 10,000 Australian dollars) on customer transactions for purchasing cryptocurrencies through these exchanges, with the implementation set to occur in the upcoming months.
Starting today, Commonwealth Bank (CBA) will reject or place a 24-hour hold on specific payments made to cryptocurrency exchanges. Additionally, in the coming months, the bank plans to implement a monthly limit of $10,000 for customer payments directed to exchanges for purchasing cryptocurrencies.
James Roberts, the General Manager of CBA’s fraud management services, emphasized that scammers worldwide are taking advantage of the crypto interest, presenting themselves as legitimate investment opportunities or redirecting funds to crypto exchanges. The bank intends to continuously evaluate the effectiveness of these measures and assess their impact.