Major Banks in Australia Compactly Block Crypto Exchanges, What’s Up?

Liputan6.com, Jakarta A number of major Australian banks have said they will block certain cryptocurrency platforms, citing the high level of fraud risk in the industry.

National Australia Bank is the latest bank to announce a blockade on certain cryptocurrency exchanges, citing the high risk of fraud.

On 17 July, National Australia Bank (NAB) announced a new set of measures to protect customers from fraud as part of the bank’s fraud strategy.

As well as stopping millions of payments between March and July 2023, NAB will also introduce blocks on several cryptocurrency platforms to help protect customers from fraud.

NAB did not specify the name of the cryptocurrency exchange that is expected to face a block from the bank. NAB executive for group fraud and investigations Chris Sheehan only mentioned the new block would affect high-risk platforms where fraud is more prevalent.

“These scammers are part of a transnational organized crime group. Increasingly, we are seeing them using cryptocurrency platforms to send stolen funds quickly and often overseas,” said Sheehan quoted from Cointelegraph, Tuesday (18/7/2023).

In its announcement, NAB continued to repeat the growing narrative of local banks, alleging nearly 50 per cent of fraudulent funds reported in Australia were crypto-related.

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