Are Major Australian Banks Going To Suspend Payments To Crypto Exchanges?
When you can give an answer with yes, or no, that would be good. But you may not express everything with yes or no. There is more to talk about. How do you send payments to cryptocurrency exchange?
Probably, you use any banking channel. Now if there is some sort of limitations on crypto payment, you cannot do things normally that you plan to do before. Commonwealth Bank (CBA) is the largest bank in Australia that decides to decline or hold certain payments to crypto exchange temporarily.
The scams and frauds in the crypto space are increasing and they are taking these measures to protect people against scams and fraud. The bank can hold certain payments temporarily for 24 hours. They also plan to put a $10,000 Australian dollars ($6,650) limit on customers per month to make payments to crypto exchanges to buy cryptocurrency. This limit may be implemented in the coming months.
The Commonwealth Bank (CBA) spokesperson did not disclose further what type of payment would be declined or halted temporarily to mitigate the risk of scams. Westpac, another major bank in Australia, banned making transactions with the crypto exchange Binance.
The U.S. Securities and Exchange Commission took legal action and sued the leading crypto exchange Binance. Not only that, the SEC filed a lawsuit against Coinbase after Binance. It is for protecting investors. I was wondering what those centralized agencies did against FTX before its dramatic collapse. Many people would not lose money if they took action against FTX on time.
It is true that scams and fraud are on the rise in crypto. Hackers successfully hack and steal people's crypto assets. There are risks in investment and people invest in crypto checking out their risk tolerance level. It is up to you how much capital you will allocate to crypto.
It sounds good at the beginning that they are doing everything to protect investors against the risk of scams and fraud. Putting any limit to making payments to crypto exchange will prevent investors from implementing their investment decisions in cryptocurrency. Maybe we will see many things where you will be unable to make your decision to trade and invest in crypto independently.
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If for safety purposes that is good but somehow it would create an impact for crypto users there.