Commonwealth Bank Limits Crypto Transactions

The Commonwealth Bank of Australia, the country's largest bank, has recently announced that it will decline or temporarily hold certain payments to cryptocurrency exchanges. This decision aims to mitigate the risk of scams that have seen a notable increase in the crypto sector.

This action follows recent lawsuits faced by two global exchanges from US securities regulators and Westpac, another Australian bank, banning transactions with the crypto exchange, Binance.

Starting today, CBA will either decline or place a 24-hour hold on specific payments to cryptocurrency exchanges. Moreover, a monthly limit of 10,000 Australian dollars for customers sending funds to crypto exchanges will be introduced soon. These measures are part of the bank's strategy to protect its customers from potential scam risks associated with cryptocurrency transactions.

If you found this informative, please give it a like. How do you feel these new measures will impact the crypto market in Australia? Leave a comment.