National Australia Bank joins crypto exchange boycott, cites ‘scams’

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One other “Massive 4” financial institution in Australia has mentioned it can put blocks on sure cryptocurrency platforms, citing excessive ranges of scams threat within the trade.

Nationwide Australia Financial institution (NAB) on July 17 formally announced a set of recent measures to guard prospects from fraud as a part of its “bank-wide rip-off technique.”

Alongside halting “thousands and thousands in funds” between March and July 2023, NAB will even introduce blocks on “some cryptocurrency platforms” with a purpose to assist defend prospects from scams.

NAB didn’t specify the names of cryptocurrency exchanges which are anticipated to face blocks from the financial institution. NAB government for group investigations and fraud Chris Sheehan solely talked about that the brand new blocks will have an effect on “high-risk” platforms the place “scams are extra prevalent.”

Sheehan famous:

“These scammers are a part of organized, transnational crime teams. More and more, we’re seeing them use cryptocurrency platforms to ship stolen funds shortly and infrequently abroad.”

In keeping with native studies, Sheehan hinted that NAB’s crypto blocks might have an effect on the Binance crypto alternate. “Our strategy goes to be in step with the remainder of the trade,” the chief reportedly mentioned. Over the previous few months, different “Massive 4” Australian banks, together with Westpac and the Commonwealth Financial institution, have additionally reportedly been blocking funds to Binance.

NAB and Binance didn’t instantly reply to Cointelegraph’s request to remark. This text will likely be up to date pending new info.

Associated: Binance Australia workplaces reportedly searched by native regulator

Within the announcement, NAB continued to reiterate the rising narrative by native banks alleging that just about 50% of rip-off funds reported in Australia are linked to crypto.

“Extra broadly, cryptocurrency scams are one of many fastest-growing safety threats, with Australians shedding greater than $221 million to them final 12 months,” NBA’s assertion reads. The authority additionally argued that 40% of Australians are “extraordinarily keen” for funds to be slower in the event that they had been “higher shielded from scammers.”

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