- Commonwealth will freeze some payments for 24 hours
- They will reject suspicious transfers
- The bank also introduces a monthly limit on the purchase of cryptocurrencies.
Australian bank Commonwealth has temporarily suspended operations with crypto exchanges, citing the risk of fraud.
In their statement they wrotethat will reject or suspend for 24 hours “certain payments” with such partners. The bank did not specify which exchanges would be affected by the new measures.
“Commonwealth Bank today introduced new rules to help protect customers from fraud risks associated with making certain payments on cryptocurrency exchanges.”
In the coming months, the bank will introduce a monthly limit on the purchase of cryptocurrencies. It will amount to $6,650 (10,000 Australian dollars).
James Roberts, head of CBA fraud management, commented on the situation. He said that scammers around the world are cashing in on interest in cryptocurrencies. They pretend to be “legitimate investment intermediaries” and offer victims to invest in supposedly promising assets. As a result, Australians lose money.
Commonwealth added that it will be reviewing this new measure and monitoring its impact. Recall that recently Australia began tough checks and prosecutions of crypto firms. As a result, Binance had to curtail some products and operations here. Other crypto exchanges assured that nothing threatened them in Australia, and local banks remained their reliable partners.