- Commonwealth Bank in Australia is set to decline crypto payments.
- Sooner $10,000 limit/ month for customers’ crypto purchases will be brought.
Over this week, the crypto industry is at risk due to the back-to-back lawsuit from SEC against the major crypto firms. However, the Australian Commonwealth Bank (CBA) is prepared to shut the crypto payments to some of the exchanges or keep them on hold concerning the scams.
Following the CBA announcement on May 18 for reducing the crypto scams, the biggest four banks in Australia held on trial. From now on, this is said louder to process the decline or hold of crypto payments for a day.
Reporting from @jessicasier @FinancialReview that @CommBank have banned AUD transfers to “high-risk” crypto exchanges & limited transactions with others to $10k per month, with a 24 hr delay. $700k per day leaves CBA as scammed money heading to crypto. Banks & the crypto industry…
— Caroline Bowler (@CaroBowler) June 8, 2023
Surprisingly, the Banks in Australia will soon bring forth the 10K AUD ($6,650) limit for every month so that the users can make crypto purchases. However, this move turns out to be a newer measure of protecting the customers.
How Do Crypto Activities in Australia Work?
James Roberts, the general manager of fraud management at CBA said that the number of crypto scammers are increasing worldwide and added:
“legitimate investment opportunities or diverting funds into cryptocurrency exchanges.”
Consequently, the bank is yet to launch the crypto services on trading for a huge number of users through the CommBank app. Additionally, the CEO of CBA, Matt Comyn has informed that the bank will start the second pilot of crypto services as soon as clearing the regulatory prospects of its own, on May 2023.
And obviously, this would support the users to utilize their service thereby safeguarding their assets without any crypto scam through built-in protection from CBA.
