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17 Jul 2023


NextImg:National Australia Bank Restricts Payments To High-Risk Crypto Exchanges
 Representation of cryptocurrency and representation of Ethereum cryptocurrency are seen in this illustration photo taken in Krakow, Poland on June 26, 2023. NAB claims crypto scams are a rapidly escalating security concern and cost Australians A$221 million ($151 million) in the previous year alone. PHOTO BY JAKUB PORZYCKI/GETTY IMAGES

National Australia Bank Ltd. (OTC: NABZY) has imposed restrictions on certain payments to crypto exchanges deemed as “high-risk,” citing concerns over scams.

This move aligns the bank with other major Australian firms that have also limited access to digital asset platforms due to similar apprehensions.

“These scammers are part of organized, transnational crime groups,” National Australia Bank (NAB) executive for group investigations and fraud Chris Sheehan said. “Increasingly, we’re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas.”

Westpac Banking Corp., Commonwealth Bank of Australia, and Australia & New Zealand Banking Group Ltd. have all implemented comparable measures.

NAB claims crypto scams are a rapidly escalating security concern and cost Australians A$221 million ($151 million) in the previous year alone. Nearly half of the scam funds reported to the Australian Financial Crimes Exchange over a recent 30-day period were associated with cryptocurrency.

Outside the entrance of a National Australia Bank (NAB) building in Docklands with a sign reading ‘Business Critical location’ on April 15, 2020 in Melbourne, Australia.These scammers are part of organized, transnational crime groups,” National Australia Bank (NAB) executive for group investigations and fraud Chris Sheehan. PHOTO BY ASANKA RATNAYAKE/GETTY IMAGES 

The bank has yet to provide further details on the specific crypto exchanges affected by this decision.

Westpac became the first among Australia’s big four banks to introduce new protective measures against crypto scams on May 18.

On the same day, Binance Australia announced that it could no longer provide Australian dollar deposit services due to a decision made by payment solutions provider Cuscal.

Cuscal’s primary concern is “protecting Australians from financial crimes and scams.”

Produced in association with Benzinga