Commonwealth Bank of Australia restricts payments to crypto exchanges.

The Commonwealth Bank (CBA) will impose certain restrictions on payments made to cryptocurrency exchanges to protect customers from scams.

The Australian bank announced on Thursday that it will either decline certain payments to crypto exchanges or hold them for up to 24 hours, a time period that may vary.

The bank also intends to introduce a monthly payment limit of AUD 10,000 ($6,700) to crypto exchanges in the coming months.

“With the incidence of scams increasing and in many cases customers suffering significant losses from being scammed, the introduction of 24-hour holds, declines, and limits on outbound payments to cryptocurrency exchanges will help reduce both the number of scams and the amount of money lost by customers,” said James Roberts, Commonwealth’s general manager of fraud management.

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Commonwealth is following in the footsteps of fellow Australian bank Westpac, which last month banned transfers to Binance, the world’s largest crypto exchange, along with certain other platforms. A number of UK banks have also imposed limits on payments to exchanges.

Read More: UK Set to Ban Cold Calls Selling Financial Products, Including Crypto

Edited by Parikshit Mishra.

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