Australia’s crypto community is up in arms as the Big Four banks move to stop transfers to digital currency sites in the name of ‘protecting customers’ from scams.
Daily Mail Australia reported on Sunday that the Commonwealth Bank has set a strict $10,000 monthly limit on the amount a customer can transfer to crypto exchanges and related sites.
It can now be revealed that this follows similar moves by NAB, Westpac and ANZ.
Digital currency enthusiasts have accused the banks of ‘running scared’ from a competitor that threatens to muscle in on the traditional financial industry.
National Australia Bank announced in July that it would stop ‘transactions made to high-risk cryptocurrency exchanges’ to save customers from ‘a scam epidemic’.
‘If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, ‘Issuer Declined Transaction’,’ a Q&A on the announcement said.
Attempting to transfer funds directly or by using a PayID, the payment will lead to a notice of ‘Rejected’ on NAB Internet Banking or the bank’s app….