Commonwealth Bank Will Turn Down ‘Certain’ Payments Towards Crypto Exchanges

Commonwealth Bank

Australia’s largest Bank, the Commonwealth Bank (CBA), has announced its intention to temporarily hold or turn down specific payments with regard to exchanges of cryptocurrency. They cited the risk associated with scammers as the major cause behind this intention.

Commonwealth Bank Untrustworthy Of Crypto

The announcement arrives as two major exchanges worldwide have been accused in a lawsuit filed by the securities regulator of the United States. Furthermore, a few weeks ago, Westpac, another of the Australian bank giants, barred its customers from holding any transactions with Binance, the crypto exchange.

On June 8th, the Commonwealth Bank of Australia stated that the institution will put a hold on 24 hours or decline certain payments addressed to crypto exchanges. This will be an effect of their latest measures that will seek to reduce the risk from scams associated with making such payments to crypto exchanges. The institution believes this will let them better protect their customers.

A spokesperson from the CBA, while speaking with a crypto news outlet, said that as of this moment, further information is not being made available to customers or the public on the exact types of payments that the Commonwealth Bank is going to hold or block. The reasoning is that this prior knowledge can help scammers circumvent the changes.

The CBA further explained that it was going to set a monthly limit of AU$10,000 (or $6650) on customers who send funds to cryptocurrency exchanges for purchasing cryptocurrencies and other digital assets. It said that the limit’s introduction will arrive in the approaching months,

James Roberts, CBA’s fraud management services’ general manager said that scammers all across the world are making the most out of the crypto interest. He explained that they would usually pretend to be investment opportunities that look legitimate.