The Bank of Australia has imposed restrictions on transactions with cryptocurrencies


The Commonwealth Bank of Australia (CBA) has introduced measures that limit the ability of customers to send funds to cryptocurrency exchanges. This is stated in the press release.

“The CBA will decline or suspend certain payments to cryptocurrency exchanges for 24 hours. In the coming months, the bank will also introduce a monthly limit of $10,000,” the credit institution said.

The bank explained the new measures by increasing cases of fraud with digital assets and the desire to protect consumers. The CBA intends to review the restrictions on an ongoing basis.

“While these measures will not eliminate the risk that customers will suffer losses as a result of fraud, […] they are part of a series of initiatives designed to help clients reduce the risk of becoming a victim of intruders,” the bank emphasized.

Previously, the CBA indefinitely abandoned the second pilot program for the provision of cryptocurrency trading services and closed access to the first due to regulatory uncertainty.

In 2021, the CEO of the bank, Matt Comyn, saw the risks in not getting involved in the industry. Prior to this, the institution announced that it would be the first in Australia to offer customers access to digital assets.

Recall that in 2022, the inhabitants of the country lost $148 million as a result of fraudulent schemes related to cryptocurrencies, according to the local Competition and Consumer Protection Commission.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!


Leave a Reply