Summary:
- The measures introduced by the CBA include holds, declines, and limits on outgoing transfers to crypto exchanges.
- CBA will also introduce a monthly $10,000 limit on these transactions in the coming months.
- James Roberts, Commonwealth Bank General Manager of Group Fraud Management Services said that measures should combat crypto-related scams as consumer interest in digital assets grows.
The Commonwealth Bank of Australia has made the decision to limit payments to cryptocurrency exchanges and to introduce a monthly limit on outbound transactions to digital-asset trading platforms. Some transfers will be held for 24 hours or declined, all due to the increasing number of scams in the market, a spokesperson said in a statement on Thursday.
James Roberts, Commonwealth Bank General Manager of Group Fraud Management Services said that measures should combat crypto-related scams as consumer interest in digital assets grows.
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
In the coming months, the CBA will implement a $10,000 AUD ($6,663) monthly limit of bank payments to crypto exchanges. Today’s announcement further said that the CBA will conduct regular reviews to assess how well these measures work.
Binance Australia
Earlier this month, Binance Australia released a statement urging users to convert AUD balances to USDT stablecoin in order to ensure seamless transactions, stating that from the 1st of June, the company will no longer facilitate AUD deposits or withdrawals by bank transfer for Australian users.
Binance halted AUD deposits and transfers after filing a request with the Australian Securities and Investments Commission (ASIC) to cancel its derivatives license. The move came after 500 derivatives positions on Binance Australia were liquidated.
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