"Is this Australian bank acting like this because the crypto market has a lot of problems?"
As part of its anti-fraud measures, the Commonwealth Bank of Australia (CBA), the country's largest bank, will reportedly block some payments to certain cryptocurrency exchanges.
In addition, the CBA will also limit payments to 24 hours and introduce a monthly transfer limit of $10,000 against crypto exchanges, however they declined to say whether the move applies to all companies or a select few.
According to James Roberts, general manager of CBA's fraud management services, customers who make payments to crypto exchanges currently face a high risk of being scammed.
Last month, Westpac took similar action when it blocked some crypto payments to reduce fraud losses.
It is widely known that the decision was made after Binance Australia announced that its customers would lose access to Australian dollar deposits and withdrawals following payment provider Cuscal cutting off its access.
Recently, the Securities and Exchange Commission (SEC) of the United States (US) not only sued the crypto exchange Binance for violating the country's securities laws but also sued Coinbase.
The streak, investors expressed their concern in determining whether the crypto market will recover or not after US regulators have recently acted aggressively against digital assets.
