{"id":36675,"date":"2023-07-17T07:43:42","date_gmt":"2023-07-17T11:43:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/national-australia-bank-halts-payment-to-crypto-platforms-where-scams-are-more-prevalent\/"},"modified":"2023-07-17T07:43:44","modified_gmt":"2023-07-17T11:43:44","slug":"national-australia-bank-halts-payment-to-crypto-platforms-where-scams-are-more-prevalent","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36675","title":{"rendered":"National Australia Bank Halts Payment to Crypto Platforms Where Scams Are \u2018More Prevalent\u2019"},"content":{"rendered":"<div>\n<p>\u00a0<\/p>\n<p style=\"text-align:justify;\"><strong>National Australia Bank<\/strong> (NAB), one of the \u2018big four\u2019 banks in the nation, has blocked some payments to \u201chigh-risk\u201d crypto exchanges, where scams are \u201cmore prevalent.\u201d<\/p>\n<p style=\"text-align:justify;\">In an official statement, detailing new measures to protect customers from scams, NAB identified crypto scams as the fastest-growing security threat costing Australians A$221 million (US$151 million) in 2022 alone.<\/p>\n<p style=\"text-align:justify;\">\u201cThese scammers are part of organized, transnational crime groups. Increasingly, we\u2019re seeing them use cryptocurrency platforms to send stolen funds quickly and often overseas,\u201d Chris Sheehan, NAB Executive for Group Investigations and Fraud, noted.<\/p>\n<p style=\"text-align:justify;\">In addition to blocking payments to certain crypto exchanges, the bank has introduced key measures such as payment prompts and stopping the use of links in unexpected text messages, as a part of NAB\u2019s \u201cbank-wide scam strategy.\u201d<\/p>\n<p style=\"text-align:justify;\">However, the Australian lender did not specify which crypto exchanges would face blocks from the bank.<\/p>\n<p style=\"text-align:justify;\">NAB joins the country\u2019s other big financial institutions including Westpac Banking Corp., Commonwealth Bank of Australia, and Australia &amp; New Zealand Banking Group Ltd, in curbing access to crypto platforms fearing high risks from scams.<\/p>\n<p style=\"text-align:justify;\">Last month, the <strong>Commonwealth Bank of Australia<\/strong>\u00a0(CBA)\u00a0introduced\u00a0measures to restrict customers&#8217; ability to send money to crypto exchanges in order to &#8220;help protect&#8221; them from crypto-related scams.<\/p>\n<h2 style=\"text-align:justify;\">Binance Australia Could Face More Pressure<\/h2>\n<p style=\"text-align:justify;\">According to local reports, crypto exchange Binance\u2019s Australia arm could face more pressure, following the announcement from NAB.<\/p>\n<p style=\"text-align:justify;\">Sheehan said that the banning of payments would initially apply to \u201cseveral\u201d crypto exchanges, with a scope to expand further.<\/p>\n<p style=\"text-align:justify;\">\u201cYou\u2019ve got \u2018crypto exchange A\u2019 that we have concerns with, and we\u2019re not going to allow payments go there. If we start to see, as always happens with these criminal groups, they pivot to start targeting something else, we can change our rule settings as we go.\u201d<\/p>\n<p style=\"text-align:justify;\">\u201cOur approach is going to be consistent with the rest of the industry,\u201d he told Financial Review, hinting that the ban would include Binance.<\/p>\n<p style=\"text-align:justify;\">Binance has been facing increased regulatory challenges in Australia. The exchange stopped facilitating all AUD withdrawals after Cuscal, payments facilitator for Binance Australia, winded down its partnership citing concerns over fraud.<\/p>\n<p style=\"text-align:justify;\">Other large Australian lenders, Westpac and the Commonwealth Bank, have reportedly blocked payments to Binance exchange. On July 5, the country\u2019s corporate regulator conducted searches at Binance Australia&#8217;s offices amid a US-led regulatory crackdown on the exchange.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/national-australia-bank-halts-payment-crypto-platforms-where-scams-are-more-prevalent.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 National Australia Bank (NAB), one of the \u2018big four\u2019 banks in the nation, has blocked some payments to \u201chigh-risk\u201d crypto exchanges, where scams are \u201cmore prevalent.\u201d In an official statement, detailing new measures to protect customers from scams, NAB identified crypto scams as the fastest-growing security threat costing Australians A$221 million (US$151 million) in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-36675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>National Australia Bank Halts Payment to Crypto Platforms Where Scams Are \u2018More Prevalent\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a0National Australia Bank (NAB), one of the \u2018big four\u2019 banks in the nation, has blocked some payments to \u201chigh-risk\u201d crypto exchanges, where scams are\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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