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National Australia Bank Imposes Restrictions on ‘High-Risk’ Exchanges

Published 17/07/2023, 13:29
National Australia Bank Imposes Restrictions on ‘High-Risk’ Exchanges

  • National Australia Bank joins other major banks in restricting transactions to “high-risk” crypto exchanges.

  • Almost half of the funds related to scams reported to the Australian Financial Crimes Exchange were linked to cryptocurrency.

  • Binance was included in NAB’s measures to block payments, amid allegations of improper practices.

Bloomberg reported this morning that National Australia Bank Ltd. (NAB) has implemented restrictions on certain transactions to crypto exchanges classified as “high-risk.” The report suggested that this move aligns with other major banks in Australia that are also limiting customers’ access to digital-asset platforms due to concerns surrounding potential scams and associated risks.

According to an article published by NAB News, in a recent 30-day period, nearly half of the funds reported as part of scams to the Australian Financial Crimes Exchange were found to be associated with cryptocurrency. Cryptocurrency scams represent a rapidly increasing security menace, with Australians having lost over $221 million to such scams last year. Chris Sheehan, the executive in charge of group investigations and fraud at NAB, stated:

The…

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