Coindesk Logo

Australia's Commonwealth Bank Will Partially Restrict Payments to Crypto Exchanges

Australia's Commonwealth Bank Will Partially Restrict Payments to Crypto Exchanges

Australia's Commonwealth Bank Will Partially Restrict Payments to Crypto Exchanges

The Australian bank announced on Thursday that will decline "certain payments" to crypto exchanges or hold them for a period of 24 hours

The Australian bank announced on Thursday that will decline "certain payments" to crypto exchanges or hold them for a period of 24 hours

The Australian bank announced on Thursday that will decline "certain payments" to crypto exchanges or hold them for a period of 24 hours

AccessTimeIconJun 8, 2023, 12:30 PM

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Commonwealth Bank (CBA) will apply partial restrictions to payments to cryptocurrency exchanges as a means of protecting customers from scams.

The Australian bank announced on Thursday that it will decline "certain payments" to crypto exchanges or hold them for a period of 24 hours, a time period which it said could vary.

The bank also plans to introduce a limit of payments to crypto exchanges of 10,000 Australian dollars ($6,700) per calendar month in the months ahead.

“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," James Roberts, Commonwealth's general manager of fraud management, said.

Commonwealth is following in the footsteps of fellow Australian bank Westpac which last month banned transfers to world's largest crypto exchange Binance along with certain other platforms. A number of U.K. banks have also imposed limits on payments to exchanges.

Edited by Parikshit Mishra.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Jamie Crawley is a CoinDesk news reporter based in London.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.