Westpac to Limit How Much Customers Can Send to Crypto Exchanges, With No Exceptions
By Unchained
AI summary of the source article
Starting Dec. 1, Westpac will impose a cumulative A$10,000 monthly limit on customer payments to cryptocurrency exchanges. The bank will not grant exemptions, and in-branch payments to exchanges will no longer be supported.
Why it matters
Westpac tied the change to scams, saying criminals increasingly steer victims toward crypto because funds are hard to recover once sent.
Key facts
- Westpac will cap payments identified as going to cryptocurrency exchanges at A$10,000 per customer per calendar month starting Dec. 1.
- The bank stated it will not grant exemptions or raise the ceiling for any customer, and branch payments to exchanges will not be supported.
- Westpac tied the policy to scam prevention, noting crypto was involved in 46% of reported scam losses last year.
Source excerpt · Unchained
Australia's Westpac says that from Dec. 1 it may reject payments to the crypto exchanges it identifies once a customer has sent A$10,000 in a calendar month, and it will stop supporting them in branches. The post Westpac to Limit How Much Customers Can Send to Crypto Exchanges, With No Exceptions appeared first on Unchained .