Payments to Crypto Exchanges Restricted by Major Australian Bank

Commonwealth Bank (CBA), Australia's largest bank, has announced that it will decline or temporarily hold certain payments to cryptocurrency exchanges due to the risk of scams. This decision follows a recent ban by another major Australian bank, Westpac, on transactions with crypto exchange Binance. CBA will implement a 24-hour hold on specific payments to crypto exchanges and plans to introduce a $10,000 monthly limit on customer transactions for cryptocurrency purchases. James Roberts, CBA's general manager of fraud management services, highlighted the global rise of crypto-related scams and emphasized the need to protect customers. The bank's measures will be continuously reviewed and monitored.