Australia’s largest bank imposes limits on cryptocurrency transfers

CBA imposes limits on crypto transfers.

Commonwealth Bank of Australia (CBA) has introduced measures limiting customers’ ability to send funds to cryptocurrency exchanges. The press release as stated.

“CBA will reject or suspend for 24 hours certain payments to cryptocurrency exchanges. In the coming months, the bank will also introduce a monthly limit of $10,000,” the lender said.

The bank said the measures are in response to rising cases of digital-asset fraud and a desire to protect consumers. CBA intends to review the restrictions on an ongoing basis.

“While these measures will not eliminate the risk that customers may incur losses from fraud, … they are part of a range of initiatives designed to help customers reduce the risk of becoming victims of criminals,” the bank said.

Earlier, the CBA refused to continue the second pilot program offering crypto trading services and closed access to the first due to regulatory uncertainty.

In 2021, the bank’s CEO Matt Comyn saw the risks of staying out of the industry. Prior to that, the institution announced that it would be the first in Australia to offer clients access to digital assets.

As noted, in 2022 residents of the country lost $148 million in cryptocurrency-related scams, according to the local Competition and Consumer Commission.