Australian Bendigo Bank restricts transfers to Bitcoin exchanges

One of Australia’s largest banks — Bendigo Bank — announced the blocking of ‘high-risk crypto payments’ to protect customers from fraud. This is reported by Cointelegraph.

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Representatives said that Bendigo Bank has introduced new rules — some transfers to cryptocurrency exchanges are flagged as high-risk and blocked. The bank did not disclose details and did not specify which platforms’ transactions might be affected by the restrictions.

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On the organization’s site in the ‘Scams’ section, it stated that investment scams will masquerade as offers to buy cryptocurrency (for example, Bitcoin), business projects, pension schemes, managed funds and the sale or purchase of shares or property.

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Earlier, measures limiting customers’ ability to send funds to cryptocurrency exchanges were introduced by the Commonwealth Bank of Australia.

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In April, the Australian regulator revoked the Binance subsidiary’s license. Later, the authorities took a similar step against the local unit of the collapsed cryptocurrency exchange FTX.

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In July, Bloomberg sources reported searches at the Binance Australia office as part of a probe into derivatives.

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Earlier, the division notified of the suspension of top-ups to accounts in local dollars due to actions by the payment service provider.