Bitcoin News and Finance
Biggest Bank in Australia to Limit Transfers to Crypto Exchanges Skip to main content

Biggest Bank in Australia to Limit Transfers to Crypto Exchanges

Biggest Bank in Australia to Limit Transfers to Crypto Exchanges

Commonwealth Bank of Australia plans to restrict payments to crypto trading platforms, citing the threat of scams. The measure would deal another blow to digital asset exchanges operating in the country where it has been getting harder to deposit funds for cryptocurrency operations.

Crypto Traders in Australia to Face Another Restriction on Fiat Deposits

Australia’s largest lender intends to impose a monthly limit of 10,000 Australian dollars ($6,663) on payments made to crypto exchanges. In a statement quoted by Bloomberg, Commonwealth Bank of Australia (CBA) detailed that some of the transfers will be held for 24 hours or declined.

Scams around the world are “masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges,” said General Manager of Group Fraud Management Services at CBA, James Roberts, providing reasons for the upcoming move.

Australians have lost at least 3 billion Aussie dollars to scams in 2022, the report notes, which represents an 80% increase from a year earlier. Crypto has played a significant role in this trend, according to the Australian Competition and Consumer Commission (ACCC).

CBA’s announcement is another threat for the crypto trading industry in Australia where the banking sector has been making it harder to transfer fiat funds to digital asset exchanges, citing scam-related risks in most cases.

On May 18, Australia’s Westpac Banking Corp. said it had started trialing new customer protections for some crypto payments to reduce “scam losses.” Right after, Australia admitted it could no longer accept deposits through the Australian payment gateway Cuscal. The latter highlighted its focus on “protecting Australians from financial crimes and scams.”

In late May, another Bloomberg report revealed that Binance Australia users were selling bitcoin and other cryptocurrencies at discount rates. The price difference with other exchanges in the country was attributed to the decision of the popular Australian payment provider Payid to quit processing withdrawals in Australian dollars for the exchange’s customers.

Do you expect to see more banking restrictions for crypto trading in Australia? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory