Australian bank blocks some crypto payments to exchanges

SYDNEY Reuters - Commonwealth Bank of Australia (CBA) said on Thursday that it would block some payments to certain cryptocurrency exchanges as part of a suite of new anti-scam measures that would limit customer crypto payments.

CBA said it declined to name the crypto exchanges involved.

From Thursday, the bank said it would hold certain payments to crypto exchanges for 24 hours and soon introduce a monthly A $10,000 $6,666 transfer limit to crypto exchanges. The CBA spokeswoman declined to say whether these measures would apply to all crypto exchanges or a select few.

Customers who make payments to crypto-currency exchanges are currently facing a significantly higher risk of potentially being scammed, CBA's group fraud management services said in a statement.

Fellow big four bank Westpac blocked some cryptocurrency payments in response to a surge in scam losses. Binance Australia warned customers they would lose access to Australian dollar deposits and withdrawals because payments provider Cuscal cut access.

In the rush to exit, bitcoin on the Australian platform was traded at points at a discount of 20 percent to rival exchanges.

The world's biggest cryptocurrency exchange has pleaded guilty to U.S. regulators this week, alleging that Binance inflated trading volumes and diverted customer funds.