opened by the SEC Binance And coinbase case cryptocurrency continues to have an impact on the industry.
Latest news in this context Commonwealth Bank, Australia’s largest bankIt came from
According to reports, the bank will refuse some payments to cryptocurrency exchanges, citing concerns about potential scammers.
The bank’s move comes after the SEC sued Binance and Coinbase, and again after Australian bank Westpac banned its customers from trading with Binance.
The bank made the following statement in its statement:
“Commonwealth Bank today introduced new measures to help protect customers from the fraud risks associated with making certain payments to cryptocurrency exchanges.
Starting today, the CBA will reject or hold certain payments to cryptocurrency exchanges for 24 hours.
In the coming months, the Bank will also introduce limits on AUD 10,000 per calendar month and set a limit where the Bank can set customer payments to exchanges for cryptocurrency purchases.”
Commonwealth Bank Group Fraud Management Services Manager James Roberts he said:
“Consumer interest in cryptocurrencies is growing, and unfortunately, scammers around the world are taking advantage of this trend and masquerading as legitimate investment opportunities or diverting funds to cryptocurrency exchanges.
As fraudulent incidents increase and in many cases customers suffer significant losses due to being defrauded, introducing 24-hour holds, rejections and limitations on payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost.”
The bank did not provide any details on which exchanges or payment types other than AUD would be affected by these new measures.
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