Due to the possibility of fraud, the Commonwealth Bank of Australia intends to limit cryptocurrency trading platform payments. Digital asset exchanges in the nation, where it has become increasingly difficult to deposit funds for cryptocurrency operations, would be hard hit by the new law.
Another restriction on fiat deposits for crypto traders in Australia is coming: payments to cryptocurrency exchanges will be limited to $10,000 ($6,663) per month by Australia's largest lender. Bloomberg cited a statement from the Commonwealth Bank of Australia (CBA) stating that some of the transfers will be rejected or held for 24 hours.
According to James Roberts, CBA's General Manager of Group Fraud Management Services, scams are "masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges," which is one of the reasons for the forthcoming move.
According to the report, scams caused Australians to lose at least 3 billion Australian dollars in 2022, which is an 80 percent increase from the previous year. The Australian Competition and Consumer Commission (ACCC) claims that cryptocurrency has significantly contributed to this trend.
In Australia, where banks have been making it harder to transfer fiat funds to digital asset exchanges, citing scam-related risks in most cases, CBA's announcement is another threat to the crypto trading industry.
In an effort to cut down on "scam losses," the Westpac Banking Corp. of Australia announced on May 18 that it had begun testing new customer protections for some crypto payments. Just later, the Australian Exchange firm let it out that it could never again acknowledge stores through the Australian installment passage Cuscal. The latter emphasized its focus on "preventing financial crimes and scams for Australians."
Another Bloomberg report from the end of May revealed that users of Binance Australia were selling bitcoin and other cryptocurrencies at discounts. The popular Australian payment processor Payid's decision to stop processing withdrawals in Australian dollars for the exchange's customers was blamed for the price difference with other exchanges in the country.
(Lubomir Tassev, Bitcoin News, 2023)