Australian Bank Enforces Restrictions on High-Risk Crypto Exchange Payments

The post Australian Bank Enforces Restrictions on High-Risk Crypto Exchange Payments appeared first on Coinpedia Fintech News

National Australia Bank (NAB) has joined other major Australian banks in blocking payments to high-risk cryptocurrency exchanges due to concerns about crypto scams. NAB is increasingly worried about organized corruption groups using crypto platforms to quickly send stolen funds overseas. Crypto frauds cost Australians AUD 221 million last year, with nearly half of the scams reported in the last 30 days being linked to cryptocurrency. While the affected exchanges have not been named, NAB considers them “high-risk.”