The Commonwealth Bank of Australia (CBA) will block certain payments to cryptocurrency exchanges as part of new anti-scam measures, limiting customer crypto payments.
The bank will also hold certain crypto exchange payments for 24 hours and introduce a monthly A$10,000 ($6,666) transfer limit. The measures come as customers making payments to crypto exchanges face a higher risk of being scammed, according to James Roberts, general manager of CBA's group fraud management services.
The bank declined to name the exchanges involved. Westpac also recently blocked some cryptocurrency payments to reduce scam losses.
