Australia’s Top Bank Blocks Payments to Crypto Exchanges

In a
proactive move to enhance customer safety, the Commonwealth Bank (CBA) today (Thursday)
announced it has implemented new measures aimed at protecting customers from
fraudulent activities tied to cryptocurrency exchanges.

In
practice, this means that the bank will be able to block some outgoing
transfers to selected cryptocurrency exchanges. However, the institution has
not specified which platforms may be specifically concerned.

In an
attempt to minimize scam risks, from today onwards, the bank will decline or
hold for 24 hours certain payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term to crypto exchanges. In addition,
the CBA plans to impose an AUD 10,000 limit per calendar month on customer
payments towards cryptocurrency exchanges, where it can ascertain that the
payments are intended for cryptocurrency purchases.