Australia's four major banks block users from making payments to high-risk cryptocurrency exchanges.
2023-07-17 08:05
Odaily News: Australian authorities have strengthened scrutiny of cryptocurrencies, leading to banks refusing to collaborate with cryptocurrency exchanges and companies. Currently, National Australia Bank (NAB) has joined the ranks of major banks such as Westpac Banking Corp., Commonwealth Bank of Australia, and Australia & New Zealand Banking Group in blocking users from making payments to high-risk cryptocurrency exchanges.
NAB believes that cryptocurrency fraud is a rapidly growing security threat, causing AUD 221 million (USD 151 million) in losses to Australians last year. (CoinGape)
In earlier news today, National Australia Bank (NAB) prevented customers from making $270 million in payments to high-risk cryptocurrency exchanges from March to July, citing concerns about fraud risks. NAB stated that nearly 50% of the fraudulent funds reported to the Australian Financial Crime Exchange in the past 30 days were related to cryptocurrencies.
NAB believes that cryptocurrency fraud is a rapidly growing security threat, causing AUD 221 million (USD 151 million) in losses to Australians last year. (CoinGape)
In earlier news today, National Australia Bank (NAB) prevented customers from making $270 million in payments to high-risk cryptocurrency exchanges from March to July, citing concerns about fraud risks. NAB stated that nearly 50% of the fraudulent funds reported to the Australian Financial Crime Exchange in the past 30 days were related to cryptocurrencies.
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