Commonwealth Bank Implements Measures to Safeguard Customers from Crypto Fraud

The growing popularity of cryptocurrencies has brought an increase in fraudulent activities within the crypto ecosystem . Numerous scams and malicious projects have caused significant financial losses for investors which encourages financial regulators to embrace stricter measures . Recent legal actions that were taken by the US Securities and Exchange Commission (SEC) against major crypto exchanges Binance and Coinbase have provided understandings into regulators’ future approach towards crypto companies .

Commonwealth Bank’s Proactive Customer Protection Measures

A multinational institution based in Australia; Commonwealth Bank has taken proactive steps to restrict payments to cryptocurrency exchanges . The bank’s official statement says that certain payments made to crypto exchanges may be subject to a 24-hour hold and some payments may even be rejected instantly . Additionally the bank is considering implementing a monthly payment limit for cryptocurrency exchanges in the near future .

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