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NAB an Australian Lender Halts Payments to High-Risk Cryptocurrency Exchanges


Due to the high levels of cryptocurrency scams, last month June, the Commonwealth Bank of Australia made a move to restrict the ability of its customers to make payments to cryptocurrency exchanges due to the crypto-associated scams.

READ ALSO:Binance Suspends Trading for 9 Cryptocurrencies Including LTC, BTC, SOL, MATIC, ADA

Recently, almost half of the funds which were reported as scams to the Australian Financial Crimes Exchange are found to be related to cryptocurrency. This state of affairs happened just within 30 days.

NAB has currently joined all the other banks in Australia to become more careful regarding likely cryptocurrency exploits in the coming months.

Quick Take

  • The National Australia Bank announced publicly that as a part of the bank’s “wide scam plan,” it is setting a new standard that can safeguard customers from fraud.
  • Moreover, between March and July this year, NAB has halted millions in payments. At present, it is enforcing blocks on certain crypto platforms to assist in protecting customers from scams.
  • Meanwhile, NAB didn’t mention the names of the crypto exchanges which is expected to receive blocks from the National Australia Bank.
  • What Chris Sheelan, NAB group investigations executive hinted is that the latest block will impact “high-risk” exchanges which are more susceptible to scams.
  • In the wake of NAB’s actions, other giant financial institutions in Australia such as; the Commonwealth Bank of Australia, ANZ, and Westpac have followed suit. They are taking similar actions to NAB in the following weeks to show that they are committed to reducing the risks related to crypto transactions.

What is Happening in Crypto?

As of the time of this writing, Ethereum is trading at the price of $1,916.01. Its market cap experienced a decline of 0.78% and an increase in the trading volume by 20.75%.

Meanwhile, Tether sells at the price of $1.00 with an increase in market cap by 0.03% and an increase in volume by 18.27%.











































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