Australian Commonwealth Bank said it is imposing restrictions on the volume of deposits on cryptocurrency exchanges. The bank cited customer protection as the reason for this decision.
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Largest Australian bank imposes restrictions on deposits to cryptocurrency exchanges
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According to the bank’s statement, all payments to cryptocurrency exchanges will be canceled or delayed. A little later, the financial institution will introduce a limit of 10,000 Australian dollars for deposits to cryptocurrencies. This is due to the large number of frauds in this area.
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“We are recording an increase in fraud, and in many of these situations our customers are incurring significant losses. To this end, we introduce a 24-hour delay for payments to cryptocurrency exchanges, as well as set limits on the size of outgoing payments. This should reduce both fraud and the amount of money lost by customers,” said James Roberts, the bank’s head of group fraud.
Earlier, the Australian Central Bank said that stabelcoins could play an important role in the country’s economy and financial system.