Australia’s Top Bank Sets Monthly Limit for Crypto Purchases
Commonwealth Bank (CBA) is implementing enhanced measures to safeguard customers when making payments to crypto exchanges.
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Effective immediately, the bank will either reject or temporarily withhold specific payments made to crypto trading platforms. Additionally, CBA is setting a monthly limit of A$10,000 ($6,664) for customer payments intended for purchasing cryptocurrencies from exchanges.
This move aligns with the recent trial initiated by Westpac, another Australian bank, to protect customers from potential losses due to scams.
The regulatory landscape in Australia is evolving, with proposed enforcement measures from the Labor government to address cryptocurrency regulations.
James Roberts, the general manager of group fraud management services at CBA, emphasized the importance of these measures in reducing scams and minimizing customer losses.
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