One other main Australian financial institution has stated it is going to block some cryptocurrency platforms, citing the excessive degree of rip-off danger within the business.

On 17 July, Nationwide Australia Financial institution (NAB) introduced new measures to guard clients from fraud as a part of its “bank-wide rip-off technique”.

In addition to blocking thousands and thousands of funds between March and July 2023, NAB may even introduce blocks on “sure cryptocurrency platforms” to assist shield clients from scams.

NAB didn’t specify the names of the cryptocurrency exchanges which will face blocks from the financial institution. Chris Sheehan, NAB’s government for group investigations and fraud, famous solely that the brand new block would have an effect on “high-risk” platforms the place “scams are extra prevalent.”

Sheehan stated:

“These scammers are a part of organized, worldwide crime teams. More and more, we’re seeing them utilizing cryptocurrency platforms to ship stolen cash abroad rapidly and infrequently.”

In line with native studies, Sheehan indicated that NAB’s crypto block might have an effect on the Binance crypto trade. “Our strategy shall be consistent with the remainder of the business,” the official reportedly stated. Over the previous few months, different massive Australian banks together with Westpac and Commonwealth Financial institution have additionally reportedly stopped funds to Binance.

NAB and Binance didn’t instantly reply to Cointelegraph’s request for remark. This text shall be up to date till new info turns into obtainable.

Linked: Binance Australia places of work reportedly searched by native regulator

Within the announcement, NAB continued to reiterate a rising narrative by native banks, alleging that round 50% of rip-off funds reported in Australia are linked to crypto.

“Broadly talking, cryptocurrency scams are one of many quickest rising safety threats, with Australians shedding greater than A$221 million final 12 months,” the NBA assertion stated. The authority additionally argued that 40% of Australians are “extraordinarily prepared” to decelerate funds in the event that they had been “higher shielded from scammers”.

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