Aussie Bank Objects To Payments By Crypto Exchange
Due to worries about the possibility of frauds, Australia’s largest bank, Commonwealth Banks (CBA), recently announced the temporary postponement of certain crypto exchange payments.
The SEC filed a lawsuit against two large worldwide exchanges, Coinbase and Binance, which resulted in this ruling. This comes just a few weeks after Westpac, another major Australian bank, barred customers from transacting with cryptocurrency exchange Binance.
CBA announced on June 8 that it will deny or place a 24-hour hold on “certain payments to crypto exchanges.” However, the bank has yet to identify which crypto exchanges or payment methods will be affected by these new regulations.
According to a statement, CBA claims that the safeguards they’ve put in place protect their consumers against scams related with making payments to cryptocurrency exchanges.
The bank added that customers sending funds to crypto exchanges to purchase cryptocurrencies will have a monthly limit of AUD 10,000.
(With inputs from Shikha Singh)
You need to login in order to Like
