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COINTURK NEWS > Bitcoin (BTC) > Australia’s Commonwealth Bank Places Crypto Transactions on Hold 
Bitcoin (BTC)Bitcoin NewsCryptocurrency News

Australia’s Commonwealth Bank Places Crypto Transactions on Hold 

In Brief

  • Australia’s Commonwealth Bank (CBA) recently announced that it would deny or temporarily hold specific payments to cryptocurrency exchanges, citing fraud risk as the reason for the action. ContentsCryptocurrency Statement from the BankBinance Banned! Cryptocurrency Statement from the Bank On June 8, the CBA clarified that it would either reject such payments or hold them for 24 […]
İlayda Peker
İlayda Peker 2 years ago
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Australia’s Commonwealth Bank (CBA) recently announced that it would deny or temporarily hold specific payments to cryptocurrency exchanges, citing fraud risk as the reason for the action. 

Contents
Cryptocurrency Statement from the BankBinance Banned!

Cryptocurrency Statement from the Bank

On June 8, the CBA clarified that it would either reject such payments or hold them for 24 hours. However, the bank did not disclose which exchanges or payment types would be affected by the new directive. It also indicated that in the coming months, a $10,000 AUD ($6,650) monthly limit will be applied to customers sending payments to cryptocurrency exchanges to purchase cryptocurrencies. This situation could potentially slow down cash inflows for cryptocurrencies, specifically in Australia. 

According to CBA’s general manager of fraud management services, James Roberts, scammers worldwide are exploiting the growing interest in cryptocurrencies. These fraudulent schemes often disguise as legitimate investment opportunities, directing user funds to crypto exchanges. The bank’s decision to impose restrictions is aimed at protecting its customers from falling victim to such fraudulent operations. 

The bank also said the order will continually be reviewed and its impact monitored. Through implementing these procedures, the bank aims to limit risks associated with crypto transactions and ensure the security of its customers’ assets. 

Binance Banned!

In the previous month, another significant Australian bank, Westpac, prohibited its users from transacting with the cryptocurrency exchange Binance. Earlier this week, two major global exchanges, Binance and Coinbase, were charged with lawsuits by the U.S. Securities and Exchange Commission (SEC). Australians lost millions in 2022 due to cryptocurrency fraud. 

The national competition regulator, the Australian Competition and Consumer Commission (ACCC), revealed in a report published in April how nearly 4,000 Australians were defrauded in 2022 while using Bitcoin and other cryptocurrencies as a payment method. 

These crypto scams resulted in fraudsters amassing as much as $148.4 million (221.3 million AUD) in 2022. Australians lost $56.3 million (84 million AUD) to crypto fraud in 2021 and $20.5 million (26.5 million AUD) in 2020. 

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 8 June, 2023 - 5:36 pm 8 June, 2023 - 10:29 pm
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