According to Cointelegraph, another major bank in Australia announced that it will stop certain cryptocurrency platforms. It is expected that this step is taken in order to avoid high levels of scam risk in the industry.
Sources revealed that on July 17, 2023, National Australia Bank (NAB) mentioned the launch of a set of new measures in order to protect customers from fake and illegal activities as a part of its “bank-wide scam strategy,” Cointelegraph explained.
It is believed that apart from pausing all the payments initiated between March and July 2023, National Australia Bank (NAB) will also implement a ban on “some cryptocurrency platforms” in order to help protect customers from scams, Cointelegraph added.
Furthermore, “These scammers are part of a organised, transnational crime groups. Increasingly, we’re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas,” Chris Sheehan, executive, group investigations and fraud,National Australia Bank(NAB), told Cointelegraph.
(With insights from Cointelegraph)