Australia's Largest Bank Blocks Payments To Some Crypto Exchanges
On June 8, Commonwealth Bank (CBA), Australia's largest bank, announced that it would block some payments to certain cryptocurrency exchanges to prevent potential fraud in this high-risk market.
The bank will also withhold certain payments to crypto exchanges for 24 hours and apply a monthly transfer limit of 10,000 AUD for customers sending money to these exchanges.
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CBA did not disclose the names of the exchanges involved, nor did they confirm whether the measures would apply to all crypto exchanges.
This decision comes after Westpac bank blocked some cryptocurrency payments to reduce fraud losses. Additionally, Binance Australia suspended all transactions using the AUD after its payment service provider cut off support for the platform. The US Securities and Exchange Commission (SEC) also filed a lawsuit against Binance this week, accusing the world's largest cryptocurrency exchange of inflating customer trading volumes and remittances, along with other financial regulatory violations.
Australia\'s Largest Bank Blocks Payments To Some Crypto Exchanges
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