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Australian Banking Giant CBA Takes Action Against Crypto Scammers

Australian Banking Giant CBA Takes Action Against Crypto Scammers

The largest bank in Australia, Commonwealth Bank (CBA), has announced that it will implement certain measures to safeguard its customers from potential scams associated with cryptocurrency exchanges.

In light of recent lawsuits faced by global exchanges and the decision of another major Australian bank, Westpac, to restrict transactions with Binance, CBA has decided to decline or temporarily delay specific payments to cryptocurrency exchanges.

On June 8, CBA released a statement explaining that these measures were being introduced to protect customers from scam risks when making payments to crypto exchanges.

The bank has not disclosed publicly or to its customers the specific types of payments that will be blocked or delayed, citing concerns that scammers may exploit this information.

Furthermore, CBA stated that it would introduce a monthly limit of $10,000 Australian dollars ($6,650) on customer funds sent to crypto exchanges for purchasing cryptocurrencies.

This limit will be implemented in the coming months. The bank emphasized that these measures would be continuously reviewed and monitored for their effectiveness.

READ MORE: Top Bitcoin Whales Accumulate as Crypto Market Faces Legal Woes

James Roberts, the general manager of CBA’s fraud management services, highlighted the global prevalence of scammers taking advantage of the growing interest in cryptocurrencies. These scammers often present themselves as legitimate investment opportunities or divert funds to cryptocurrency exchanges.

This decision marks a significant shift for CBA, considering that just a year and a half ago, in November 2021, the bank had plans to launch crypto trading services through its CommBank app.

The CEO of CBA, Matt Comyn, previously acknowledged the risks associated with participating in the crypto sector but believed that the greater risk lay in not participating.

However, regulatory concerns led to postponing the planned pilot for the crypto-trading product in May 2022.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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