​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

 

[rob53]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

I agree we need more protection against scams. But who and what defines risky crypto exchanges? The banks are treating money like its their own. I recently changed banks after my main one stopped my transferring my money to a cex to invest and earn 25% apy capital guaranteed. I spoke with new bank, explained the sites I used and why, and they made notes stating no issues unless abnormal transaction. 25% is a lot better than 4.5%!

 

[rob53]

I agree we need more protection against scams. But who and what defines risky crypto exchanges? The banks are treating money like its their own. I recently changed banks after my main one stopped my transferring my money to a cex to invest and earn 25% apy capital guaranteed. I spoke with new bank, explained the sites I used and why, and they made notes stating no issues unless abnormal transaction. 25% is a lot better than 4.5%!

The cex I use are all licenced in Australia.

 

[donandviv77]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

The banks are to be congratulated, all of these complainers would be the first to sue their banks if they were to be scammed.

 

[donandviv77]

I agree we need more protection against scams. But who and what defines risky crypto exchanges? The banks are treating money like its their own. I recently changed banks after my main one stopped my transferring my money to a cex to invest and earn 25% apy capital guaranteed. I spoke with new bank, explained the sites I used and why, and they made notes stating no issues unless abnormal transaction. 25% is a lot better than 4.5%!

As the old saying goes, if it sounds to be too good to be true it is.

 

[mylittletibbies]

I agree we need more protection against scams. But who and what defines risky crypto exchanges? The banks are treating money like its their own. I recently changed banks after my main one stopped my transferring my money to a cex to invest and earn 25% apy capital guaranteed. I spoke with new bank, explained the sites I used and why, and they made notes stating no issues unless abnormal transaction. 25% is a lot better than 4.5%!

Have you ever heard the saying "if it sounds to good to be true, it usually is".
Really 25%!!!! If it looks like a duck and quacks like a duck then it's usually a duck.

 

[Dennis]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

I belong to the Beyond bank and pay all my bills by direct debit have no trouble when I draw cash for fortnightly use.

 

[mylittletibbies]

I belong to the Beyond bank and pay all my bills by direct debit have no trouble when I draw cash for fortnightly use.

So do I, great bank. When my husband and I were purchasing a rental property in shares with my daughter whom I have power of attorney for, this bank would not release her share of the funds without seeing all the appropriate paperwork, check with the settlement agent that her name would be on the title deed and an agreement in writing that she would receive her share of the rent.
Many family and friends felt I should feel angry that they didn't trust me
I, on the other hand, was more than pleased that they were doing due diligence in looking after my daughter's money.
I would highly recommend Beyond Bank.

 

[MaccaMan]

This is the next level of The Great Reset. You will have no say over your funds. You will be dictated to around what you spend your money on, and how much they will allow you to do that. Come on people, WAKE UP! This has NOTHING to do with protecting people's money but EVERYTHING to do with control.
Withdrawing your money from any of the big 4 is the best thing you could be doing right now...

 

[Rob44]

Cryptocurrency. It is a scam. It is simply another form of gambling that produces nothing and thus devalues our currency.

 

[Squizzy1]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

Strangely they can react to this, but money laundering it took a Royal Commission to do, and still it goes on imo. Speaking of which, whatever happened to those prosecutions, not even a raid or charge resulted. What of the OS transactions to Tax Havens and dodgy OS Banks, which 4Corners reported on recently. As we know, the Financial Industry is a law unto itself.

 

[Kelpie]

​

We know how important it is to feel secure about your finances and how unsettling it can be when new rules and regulations pop up.

Over the past few months, there’s been news of the ‘Big Four’ Australian banks—NAB, Commonwealth Bank, Westpac and ANZ—introducing changes to their payment systems. These changes reportedly involve increased control over the payments their customers can make.

It seems these new measures are due to the rise of digital currency and an increasing risk of fraud due to the world becoming increasingly ‘cashless’.

The banks are clamping down on payments going to ‘high-risk cryptocurrency exchanges’ and lowering payment limits to sites they may believe to be associated with cryptocurrency or digital assets. In other words, these banks are hoping to ensure their customers’ money doesn’t end up in places that may not be safe.

View attachment 26875

Is your money safe? Image Credit: Shutterstock

Naheed Gordon, a representative of the Commonwealth Bank, said the changes are all about protecting customers, saying: 'We're introducing new measures to help protect you from scams and fraud.'

Commonwealth Bank announced a $10,000 limit on monthly transfers to crypto exchanges, which is being rolled out at the start of September. Their revised terms and conditions state that customers who have requested higher payment limits must make a transaction from their increased limit within one month, or their limits may be reduced or revoked.

Westpac, on the other hand, announced in June that they are testing measures to lower the customer’s risk of falling victim to a scam.

Scott Collary, an executive at Westpac, claimed the security measures could save customers millions of dollars. He said: 'Often our customers only discover they've been scammed after the money has left the country, making recovery extremely difficult.’

‘The trial of our new security measures will better protect customers from scams. In particular, it will target investment scams, which have a devastating impact on our customers.'

NAB announced that they would cease 'transactions made to high-risk cryptocurrency exchanges' in an effort to save customers from what they've labelled a 'scam epidemic'. This action effectively stops the bank's customers from directly transferring funds to these exchanges or using a PayID for payments.

'If you attempt to make a payment using your NAB Visa credit or debit card to one of these exchanges, the transaction will be declined, and you will be shown a message which says, “Issuer Declined Transaction”,' a Q&A after the announcement clarified.

'If you still want to make a payment to this cryptocurrency exchange, you'll need to contact them to see what alternative methods of payment are available,' the bank said.

ANZ followed suit, confirming they will block some payments to ‘particular high-risk cryptocurrency platforms'.

A spokesperson continued, ‘ANZ is continually reviewing and adjusting our capabilities to keep customers safe as new scams emerge and scammers change how they operate.

But this news is not without its critics.

Drawing fire is CommBank’s revised terms and conditions stating the bank may 'suspend or close your account, cancel or suspend your card or other access method' to stop crypto-associated payments.

Self-proclaimed 'Crypto-King' Fred Schebesta is one vocal critic hitting back against the banks.

'Just got a notice from Commbank saying all of our Business Accounts will be frozen within 30 days if we buy more than $10,000 in crypto,' he posted.

'A Business Account? That's been doing Crypto Payments for 3+ years?’

'How does this actually help stop crypto scams? Blanket rules don't help anyone. Disgraceful.'

Speaking with Daily Mail Australia, Schebesta said: 'I'm not surprised that the Commonwealth Bank has announced they are limiting transfers to crypto exchanges.’

'The crypto market cap is estimated to be worth $1.87 trillion and there is a growing number of people getting into the crypto space.’

'Banks need to be careful not to hinder the evolution of digital finance.'

Many commenters on social media agreed.

'The banks are scared,' one user wrote.

'They know their days are numbered to defi (decentralised finance) so they think they can bully us out of it.'

'Clown world. The age of restricting where you can spend your own money is coming,' another replied.

A CommBank spokesperson quickly hit back, saying the move 'is all around protecting customers from scam risks that are associated with making certain payments to these crypto exchanges'.

'Basically it is just meant to help reduce the number and the amount of money lost by customers,' the spokesperson said.

'We are doing our best to strike a balance that keeps all customers safe whilst minimising the inconvenience to many.'

Key Takeaways

• The 'Big Four' banks in Australia—NAB, CommBank, Westpac and ANZ—are introducing new measures to restrict transfers to cryptocurrency exchanges, which has caused upheaval within the cryptocurrency community.
• The Commonwealth Bank has set a strict $10,000 monthly limit for transfers to cryptocurrency exchanges and related sites, and this limit is causing controversy amongst its customers.
• The banks argued that these measures aim to protect their customers from scams linked to such exchanges.
• Critics argued that these banks are impeding the evolution of digital finance and are acting out of fear of competition from the crypto industry.

These new rules are undeniably a bit of a mixed bag. For some, they represent an unfair move to control a new frontier of finance and restrict the freedom to invest as seen fit. For others, they offer a vital safety net in a world where fraud and scams are a real, serious concern. Irrespective of which camp you are in, one thing is clear: the landscape of banking and finance is shifting.

What do you think of these changes? Are you impacted by this news? Let us know in the comments below.

I agree and disagree at the same time with what the Banks are saying. It is very obvious to me that they are petrified of loosing the money their customers have banked with them because that is how the Banks are making their huge profits. And that is of course with their customers money by charging ridicuolus high fees and interests to some borrowers which has been covered by their customes funds by payng them pitiful interests, IF ANY, AND THEY DO NOT WANT TO LOSE THAT OPPORTUNITY.
They should be concentrating more on scams which effects their customers every day of the week, not just on the Cryptocurrency market. They are scared of the Crypto market and whta it can do to them, that's all.
I have been scammed in a very smart way and by a large amount (YES I ADMIT IT) even though I apply every possible avenue to protect myself and that wasn't with Crypto either. It simply was a mistake by the Bank that allowed that to happen.
Shame on them. Period.!!

 

[Kelpie]

As the old saying goes, if it sounds to be too good to be true it is.

IMHO, It is of no use whatsoever in trying to protect the Banks here. They are the ones who are pushing us to the digital economy, not the Customers, and they have created this environment where the scammers can get all your details and scam you.
That has been pushed and created by the Banks themselves for the simple reason to increase profits and the bottom line of the Executives running the show with huge bonuses while investors get fleeced more and more.
If a person want to invest and even lose his money by investing in Crypto (BY THE WAY I DO NOT INVEST IN CRYPTO AT ALL), that is his choice and it is his money that he is going to lose or multiply, not the Bank.
You have come up with a very poor excuse in trying to support the Banks when they do no qualify for it in any ways or form.
It is very obvious to me that Banks are trying anything possible to stop customers money being removed and shifted elsewhere where it will be out of their control.
I REPEAT WHAT I SAID IN A PREVIOUS POST...........HOW DO BANKS MAKE MONEY IF NOT FROM THEIR CUSTOMERS DEPOSITS.?

 

[Kelpie]

This is the next level of The Great Reset. You will have no say over your funds. You will be dictated to around what you spend your money on, and how much they will allow you to do that. Come on people, WAKE UP! This has NOTHING to do with protecting people's money but EVERYTHING to do with control.
Withdrawing your money from any of the big 4 is the best thing you could be doing right now...

You are 100% correct. It is about time people remove those rosed couloured glasses even if it was for a short time and see the real light.
Someone a short while ago said the following.: "( YOU WILL OWN NOTHING AND BE HAPPY)".
Think about it folks because that is where we are heading.

 

[Kelpie]

Cryptocurrency. It is a scam. It is simply another form of gambling that produces nothing and thus devalues our currency.

Rob 44, perhaps it might be a scam but what you fail to understand or explain properly here, is that it is their own money, not yours, not mine, and especially NOT THE BANKS. Banks are petrified of loosing the customers money because that is their main if not their sole, source of generating income. PERIOD.!
And that is a fact.

 

[Kelpie]

Cryptocurrency. It is a scam. It is simply another form of gambling that produces nothing and thus devalues our currency.

Wrong mate. The currency is devalued by bad Government policies not by the investors who are willing to gamble WITH THEIR OWN MONEY.
If you are old enough you would remember when WHITLAM devalued our currency not once but twice in a very short period of time causing huge heartaches to many Australian Citizens (I remeber it because I was overseas and no Banks were willing to exchange my AUD dollars, and I was forced to get a job to pay my ongoing costs), and that was not created by the Cryptocurrency which might never existed at the time. It was created by the then Labour Government.

 

[Kelpie]

Strangely they can react to this, but money laundering it took a Royal Commission to do, and still it goes on imo. Speaking of which, whatever happened to those prosecutions, not even a raid or charge resulted. What of the OS transactions to Tax Havens and dodgy OS Banks, which 4Corners reported on recently. As we know, the Financial Industry is a law unto itself.

Yes they are and they are pulling the string of the puppets Government.

 

[Linwar]

IMHO, It is of no use whatsoever in trying to protect the Banks here. They are the ones who are pushing us to the digital economy, not the Customers, and they have created this environment where the scammers can get all your details and scam you.
That has been pushed and created by the Banks themselves for the simple reason to increase profits and the bottom line of the Executives running the show with huge bonuses while investors get fleeced more and more.
If a person want to invest and even lose his money by investing in Crypto (BY THE WAY I DO NOT INVEST IN CRYPTO AT ALL), that is his choice and it is his money that he is going to lose or multiply, not the Bank.
You have come up with a very poor excuse in trying to support the Banks when they do no qualify for it in any ways or form.
It is very obvious to me that Banks are trying anything possible to stop customers money being removed and shifted elsewhere where it will be out of their control.
I REPEAT WHAT I SAID IN A PREVIOUS POST...........HOW DO BANKS MAKE MONEY IF NOT FROM THEIR CUSTOMERS DEPOSITS.?

Cryptocurrency is not money, it is a digitalized form of betting but giving you the thought, it is investing. It's just the same as putting money in poker machine, buying a lottery tick or buying cryptocurrency, they are all forms of betting. They have no substance and in the long run if your crypto makes you lose more then you own you could be in for an awful shock.

 

[chips]

My husband got scammed a coupe of months ago as soon as he realised it he cancelled his account but there was 5000.00 pending in the account the fraud squad got involved. In the end everything got cleared up and he has cancelled all of his accounts, but the $5000.00 is still there and is still pending it states here in $8000.00 but can only use $3000 and the bank cannot help him the peope in the branch have no idea what to do

 

[gordon1940]

As the old saying goes, if it sounds to be too good to be true it is.

There is a Mediterranean Country offering 20% on their Government backed Bonds . Sounds great apart from the fact the Country is Technically Bankrupt.