National Australia Bank joins crypto exchange boycott, cites ‘scams’

Another “Big Four” slope successful Australia has said it volition enactment blocks connected definite cryptocurrency platforms, citing precocious levels of scams hazard successful the industry.

National Australia Bank (NAB) connected July 17 officially announced a acceptable of caller measures to support customers from fraud arsenic portion of its “bank-wide scam strategy.”

Alongside halting “millions successful payments” betwixt March and July 2023, NAB volition besides present blocks connected “some cryptocurrency platforms” successful bid to assistance support customers from scams.

NAB did not specify the names of cryptocurrency exchanges that are expected to look blocks from the bank. NAB enforcement for radical investigations and fraud Chris Sheehan lone mentioned that the caller blocks volition impact “high-risk” platforms wherever “scams are much prevalent.”

Sheehan noted:

“These scammers are portion of organized, transnational transgression groups. Increasingly, we’re seeing them usage cryptocurrency platforms to nonstop stolen funds rapidly and often overseas.”

According to section reports, Sheehan hinted that NAB’s crypto blocks could impact the Binance crypto exchange. “Our attack is going to beryllium accordant with the remainder of the industry,” the enforcement reportedly said. Over the past fewer months, different “Big Four” Australian banks, including Westpac and the Commonwealth Bank, person besides reportedly been blocking payments to Binance.

NAB and Binance didn’t instantly respond to Cointelegraph’s petition to comment. This nonfiction volition beryllium updated pending caller information.

Related: Binance Australia offices reportedly searched by section regulator

In the announcement, NAB continued to reiterate the increasing communicative by section banks alleging that astir 50% of scam funds reported successful Australia are linked to crypto.

“More broadly, cryptocurrency scams are 1 of the fastest-growing information threats, with Australians losing much than $221 cardinal to them past year,” NBA’s connection reads. The authorization besides argued that 40% of Australians are “extremely willing” for payments to beryllium slower if they were “better protected from scammers.”

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