According to Cointelegraph, Australia’s Bendigo Bank became the fourth major bank in the country to announce blocks for “high-risk crypto payments.”  It is expected this step is initiated in order to protect customers from investment scams.

According to the bank on July 31, 2023, it had implemented new rules on instant payments to crypto exchanges. It is believed that the new rules will add “some friction to certain genuine payments,” Jason Gordon, head of fraud department, explained.

A spokesperson from the Bendigo Bank told Cointelegraph that certain instant crypto transactions have been identified as a higher risk and are expected to be blocked. However, the bank is yet to disclose further details.

“Debanking as a risk tool should be reserved for individual cases of serious and unacceptable risk, not a general posture towards an entire industry or asset class,” Aaron Lane, senior lecturer, RMIT Blockchain Innovation Hub, told Cointelegraph.

(With insights from Cointelegraph)

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